When handling estate planning affairs, or by putting off the need to plan, many people make errors. These errors can create 3 disasters in the future. It’s important to work carefully throughout the planning process, so that you’re always prepared. Take a look at the following information to better understand estate planning disasters that you will likely want to avoid. If you have any questions, or if you’d like to begin your estate planning, contact an estate planning attorney.
- Assuming that you don’t need a will. If you’re like most people, you may not understand the full importance of a will. Many people assume that if their loved ones know their wishes, these wishes will be respected after death.
Unfortunately, this isn’t the case. A will is used to determine how your affairs are handled. Without this document, the probate court and your state laws will make decisions for you.
Your will gives you the opportunity to choose how your assets will be distributed, who will care for your minor children if any, and who will help to handle your affairs. Don’t put off the need for a will.
- Putting off the need for emergency medical planning. You never know when a medical emergency may occur. With the right legal documents in place, your wishes will be respected, and your loved ones will be able to assist during your time of need.
It’s important to create a living will, so that you can outline your end of life treatment wishes (i.e. avoid being hooked up to machines.)
You should also create a power of attorney for healthcare, so that you can appoint an agent who will help to make medical decisions on your behalf, during incapacity.
Without medical planning, the court takes control.
- Not understanding how your planning works. It’s important to work with an attorney, so that you can get advice during the planning process. An attorney will be able to guide you in choosing the right documents, as well as informing you of the different uses for documents. Make sure that you ask questions and get your concerns addressed. This will allow you to have the best plan possible!
Without good legal advice, your estate plan will likely fail.
By avoiding these 3 disasters, you will be able to have a solid plan in place. If you have any additional questions, or if you’d like to start your estate planning, consult with a qualified estate planning attorney.