Common Estate Planning Mistakes
Your estate is your life story, it’s what you’ve been working toward your entire life in order to leave behind for your family. Tragedy can always strike at the least expected moment, so having an estate plan in order means you’re prepared in case the worst should ever happen to you. Even so, there are still mistakes people make when it comes to planning their estate, here are the two most important of them.
First and Foremost: Not Having a Will
By far, the easiest mistake people make when it comes to their estate is not taking the time to write up a will. Yes, discussing your death can be an unpleasant experience, and yes, trying to figure out who-gets-what can be discomforting, but the consequences of not having a plan ready could be far worse. Without the proper preparation, your property will tumble into probate after you die, and the state will take complete control in determining how to divide your property. If the prospect of writing a will still seems unpleasant, think of it like pulling a decayed tooth: painful to sit through, but an intense relief to have finished.
Second: Not Establishing a Power of Attorney
There are two main areas that you need to have a power of attorney established before anything should happen to you: health-care needs and financial matters. Having an established power of attorney for your health-care means someone you know and trust will be in charge of determining whether or not to “pull the plug” in the event that you are in a vegetative state. Having a power of attorney established over your financial matters means your assets will also be in the hands of someone you trust if you should ever become mentally incapacitated. The alternative to both, however, would mean that someone chosen by the state would be in charge of your finances and your life, leaving you with no say in the matter.
The best plan for life is to be prepared, and an estate plan is just that. Although you can always try to create an estate plan on your own, it’s always safest to have a professional attorney involved in the matter in order to assure that everything is in order. The larger your estate, the more important it is to have a legal professional handling the complex paperwork.
Our estate planning attorneys are here to help you with protecting your estate, ensuring that your life’s work will be properly dealt to your beloved family members. Call us today to take the first step in protecting your legacy from being destroyed by tragedy.