Avoid these 5 estate planning mistakes

Avoid these 5 estate planning mistakes

Contrary to popular belief, estate planning is for everyone. With numerous documents and tools, you can plan your estate and let your wishes be known. There are different types of estate planning documents – wills, living wills, living trusts, and powers of attorney, and each one has its pros and cons. Below we have enlisted the mistakes you must avoid. 

  • Not hiring an attorney. You have to consult an estate planning attorney Cherry Hill to know your options. Online services promise to automate the process, but everyone’s circumstances are so different that the one-solution-fits-all approach never works. Contact an attorney who will suggest the right ways to manage and protect your estate. 
  • Not taking immediate action. As we mentioned at the start, a lot of people assume that estate planning is for the rich and old. That’s not true. Given the unpredictable nature of life, it is absolutely important that you take estate planning on priority. You could consider all documents/tools depending on your circumstances. 
  • Not considering special circumstances. Many people assume that creating a will to specify the beneficiaries is enough. Estate planning, however, is much more than that. You have to consider special circumstances. For instance, what if you become incapacitated or cannot make healthcare decisions on your own? If you had a living will, which outlines your wishes, your family and medical personnel would have to respect that. 
  • Not updating the estate planning documents. In NJ, you can revise and revoke your will as you want. All you need to do is create a new will, which states that the old one is now revoked. Circumstances change, and your estate planning documents should be revised from time to time as needed. Talk to a lawyer if you have changed your mind. 
  • Not paying enough attention to drafting estate documents. Creating an estate plan involves considerable work, and you should not be doing that online. Every word should be transparent and easy to understand. Do not rush in creating estate planning documents. Let your attorney check and review every document before you sign. 

Check online for top estate planning attorneys near you. Don’t make the mistake of assuming that you don’t have enough assets to create an estate plan. You should plan for contingencies and everything else that is in your control. Most attorneys charge a nominal fee for discussing your case, and some law firms even offer the first consultation for free.  

Frances F. Beal

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