Estate planning is one of the most important things an individual can do. Not only will a comprehensive estate plan help individuals attain the peace of mind they need, knowing their assets will be distributed as intended upon their passing, or while alive, but their families will also benefit, both financially and emotionally as well. Please read on to learn more about some of the most common mistakes individuals make when creating their estate plan.
- Failing to plan for incapacitation or disability: Though this is a rather gloomy aspect of estate planning, it is also one of the most important. Nobody wants to think about the day where they can no longer make important decisions on their own, however, if that day comes, wouldn’t you rather have somebody you trust in charge of making those decisions on your behalf?
- Trying to create your own will: Since there are so many free online will-writing options at your disposal, it can be tempting to save the money and hassle of hiring an attorney. However, you should know that anyone with any knowledge regarding the estate planning process will tell you that is a bad idea. When you try and create these documents on your own, you very often open yourself up to various potential legal pitfalls, which will only hurt you and your family in the long run.
- Not creating a will at all: This is perhaps the biggest mistake an individual can make. When you fail to create an estate plan, you will almost certainly cause your family to lose out on a significant amount of the assets you own. Though many people feel they are simply not old enough to create an estate plan, the truth is, the sooner you create one, the better. Do not put your family through all the hassles associated with dying intestate.
- Failing to revisit and update your estate plan: When you create an estate plan, it can be tempting to put it to bed and never look at it again. However, as life changes, your plan may need to be adjusted accordingly. As your family adds or loses members, or as federal or state law changes, your estate plan may need a reevaluation. If you need any help adjusting your estate plan, or creating one from scratch, do not hesitate to reach out to our compassionate estate planning firm.
Contact our experienced California firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Do not delay. Estate planning is a more urgent matter than you may think. You never know what the future holds. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.
