Estate planning requires individuals to navigate complex legalities and sophisticated financial decisions—and even basic errors can leave you with an estate plan that doesn’t quite accomplish what you want it to. For this reason, it’s imperative to seek the guidance of an estate planning attorney, someone who can help you maneuver through these complex processes and documents.
What are the Most Common Estate Planning Errors?
In particular, an estate planning attorney can help you avoid some of the most common roadblocks and errors—including the following:
- Not putting a plan in place at all. Some mistakenly believe that their assets will simply pass on to their kids after they die. That’s not necessarily true, however, and without an estate plan, those assets may go into probate court, incur steep tax penalties, etc.
- Not including any directives. Another common error is assuming estate plans to be all about physical assets. Estate planning is also about determining what you want to happen to you should you become medically incapacitated, which means putting health care directives and powers of attorney into place.
- Not selecting the right guardian for children. It’s important to make a sound choice for the person who will take care of your kids should you and your spouse both die. An attorney can help you consider all the important factors.
- Failing to revise documents. Estate planning requires regular review and revision. An estate planning attorney can help you ensure your estate plans are totally up to date.
- Ignoring digital assets. Cryptocurrencies and online banking information are sometimes overlooked in the estate planning process. Your estate planning lawyer can make sure you remember everything—all your assets and liabilities.
There are a number of ways in which your estate planning can be tripped up—but the right attorney can help you keep your plan smart and effective. To speak with a lawyer today, reach out directly to Singh Law Firm.