Avoid these estate planning mistakes with the help of The Millman Law Group!
Estate planning can be a complicated process. However, there are a few major estate planning mistakes you should be careful to avoid. These mistakes can lead to faulty estate planning, unpleasant outcomes, and unhappy beneficiaries. If you want to avoid these mistakes, contact your estate planning lawyer at The Millman Law Group. We can guide you through this process and ensure satisfying results.
Procrastinating
Many people agree that having an estate plan in place is crucial. However, even when they know the importance of an estate plan, people procrastinate when creating their plan. People may feel intimidated by this process or believe they need to have a valuable or large estate first or reach a certain point in their life, such as marriage or parenthood. The truth is that an estate plan is for everyone. Every adult can benefit from having at least a basic plan in place. If you do not have an estate plan, you will be disadvantaged when an untimely accident or illness occurs.
DIY Estate Planning
Legal documents can be easily found online, making it seem like legal processes like estate planning can be done at home by yourself. Regarding estate planning, it is strongly recommended to work with an experienced estate planning lawyer specializing in this arena. If you make estate planning mistakes, you may have no idea. Your heirs will be left to deal with the errors and missteps in your estate plan and may fail to receive their intended inheritance. If you want to ensure your wishes are honored, and your beneficiaries are treated well, work with an estate planning lawyer instead of attempting a DIY estate plan.
Ignoring the Potential for Incapacity
One of the biggest estate planning mistakes is ignoring the potential for future incapacity. Your Will allows you to dictate what happens to your estate assets in the event of your death. However, those terms do not dictate what happens in the event of your incapacity. Who will handle your finances or health? Without an incapacity plan, a judge will decide who steps into those roles. If you want to make your personal health and financial wishes known, you can use your estate plan to clarify what happens if you are incapacitated yet still alive.
Selecting the Wrong Fiduciaries
Selecting the wrong fiduciary is a significant estate planning mistake. People often name a spouse, best friend, or family member as personal representative or executor of their estate. Or, they select these folks as a trustee. However, if you only choose these roles based on your long-standing relationships, a person may not always be the best choice.
Appointing someone with relevant skills or experience to their role is the best way to ensure a smooth process. Your personal representative will need to devote a lot of time to probate and execute your estate. A Trustee will need to understand how to administer your trust correctly. If you do not know someone with the appropriate skills for these roles, you may also use your estate planning lawyer as a trustworthy, objective fiduciary for your estate.
Failing to Revise and Review Periodically
If your estate plan is out-of-date, this may create problems in the future. Failing to update your plan can leave ex-spouses in control of your estate or leave a large inheritance to a beneficiary with addiction or mental health issues that leave them unable to use these funds appropriately. To prevent any unwanted or troublesome outcomes, be sure to update your estate plan regularly or whenever you experience a significant life change, such as marriage, divorce, birth, or death.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.