Estate planning is an incredibly important process. Planning for your estate can help ensure that your wishes are followed and your loved ones are cared for in the future. You will want to take your estate planning seriously in order to create documents that will cover all of your needs and be considered valid in the eyes of the law. Read on to learn the top 3 estate planning mistakes to avoid.
Failing to Create a Will
A will is an incredibly important document. It declares how your assets will be divided in the event of your passing. Creating a will allows you to allocate your assets to family and friends. Click here to learn more about the importance of creating a will. Some people do not create a will. There is a common misconception that a will is only for people of a certain net worth. This is not the case. A will can benefit anyone, regardless of your assets. For example, a will also allows you to leave gifts and mementos to friends and family members. If you fail to create a will, your assets will likely be divided by your state, meaning they will not be divided the way you intended. This can cause a lot of problems for your loved ones who may argue over your assets, leading to a lot of tension and sometimes even litigation.
Trying to Create a Will on Your Own
Many people attempt to create a will on their own. There are cheap, quick, and easy online templates. But, this can be a big mistake. Because a will is so important, there are certain requirements that must be met in order for your will to be considered valid. If you create your will on your own, there is a high probability that something will go wrong. To avoid this, you should contact a skilled estate planning attorney who can help you create a valid will and all of the other documents you will need to properly plan for your estate.
Failing to Update Your Will
Sometimes, people create a will and then fail to update it. Your life changes and your will should reflect those changes.
Some common reasons to change a will include the birth or adoption of a child, marriage, divorce, and the death of someone included in your current will, among other situations. You will want to make sure your will is updated to fit the current circumstances of your life and the people in it.
If you are interested in creating a will, contact our firm today to get started.
Contact our Firm
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Offices 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.