Some people make estate planning mistakes that jeopardize their dreams and goals. It’s important to avoid common estate planning mistakes so that you and your family are well prepared for the future. With the right plan in place, your wishes will be followed and you will remain in control.
Take a look at some of the common mistakes below. If you have questions about your individual estate planning needs, meet with an estate planning attorney.
- Put off estate planning for the future. MISTAKE. Many people choose to ignore the need for estate planning. If you continue to put off your planning, you will be unprepared for a tragedy.
- Decide that a will is not for you. MISTAKE. A will is an important legal document that can help you achieve a variety of goals. To start, you’re able to outline how your assets will be distributed after your death. Additionally, you’re able to appoint someone who will be responsible for handling your estate affairs. Lastly, you can appoint a guardian to care for your minor children.
- Title your assets carelessly. MISTAKE. It’s important to speak with an estate planning attorney about how your assets are titled. While joint ownership may be a good idea for some of your assets, it may not be for others. Titling your assets with care will allow you to protect yourself, your children, and your assets now and in the future.
If you have any questions about the above estate planning mistakes, or if you’d like to avoid these mistakes in your estate planning, consult with a qualified estate planning attorney. And, please be sure to read part 2 of the 2 part article where we discuss the mistakes of failing to update beneficiary designations, failing to plan for medical emergencies and incapacity, and doing your own estate planning.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
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