The idea of creating an estate plan can seem daunting. However, it is incredibly important for all people to do so, especially in today’s world. There are many parts that can be included in an estate plan and the process can often be complicated. As a result of this, there are several mistakes that can be made throughout the process. This can include the following:
- Not hiring a California estate planning attorney for assistance. While there are a variety of ways an estate plan can be created on your own or online, a proper attorney can provide guidance dealing with such complicated matters. Having an estate plan set up correctly is imperative, and some mistakes can result in these documents becoming void. This also includes having an estate planning attorney at your aid to change any documents that need to be updated overtime.
- Not updating your estate plan. Life changes as time goes on, which is why your estate plan should as well to reflect it. This may be in the event of any gains or losses, such as family members or income. An estate plan should be reviewed about every five years.
- Not understanding your will. A will is an important document, as it controls the assets that are in your name. Contrary to popular belief, jointly held assets or assets with beneficiary designations are not controlled in a person’s individual will.
- Not creating a revocable living trust. This is a trust that can be modified overtime without the permission of a beneficiary. With this, you can save your family time and money by avoiding probate after you die.
- Not transferring assets to the living trust. It is important to be sure your assets are owned by the living trust by funding it.
- Having a living will in addition to discussing the wishes you have for your estate with family members or loved ones. This ensures your end-of-life wishes are known so that they can be carried out.
- Not taking the cost of long-term care into account. Within an estate plan should include how assets should be protected from the cost of long-term care. If you find yourself in a situation where you need in-home care or need to be in a nursing home, many of your assets can go to the cost of this care. Your estate plan should detail how you wish to protect this from happening to your assets.
Contact our 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. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.