When handling your estate planning, it can be easy to make mistakes that may cause problems in the future. Review the following do’s and don’ts for pointers on how to handle your affairs. If you have any questions, or if you’d like to begin or update your estate planning, meet with an estate planning attorney.
Do hire an estate planning attorney to make sure that your entire plan is legally valid and does what you want it to do. Estate planning is not a one-size fits all; your plan must be customized to your individual needs.
Don’t put off your planning. It can be sooo easy to become sidetracked. Handle your estate planning affairs as soon as possible, so that you and your family are always protected. If you fail to begin your planning, your affairs may not be handled in the way that you wish.
Don’t let planning expenses stop you from handling your affairs. Estate planning is an investment. While you will need to spend money to handle your affairs now, it can actually save you a lot money in the future.
Don’t only create a will. All people need more than a will. Speak with an attorney about your individual estate planning needs so that you can have all of the right documents and tools in place. A will is a powerful planning tool, but it can only do so much. Basic estate plans typically include a will, power of attorney for finances, power of attorney for medical care, living will, and an organ donation authorization. Some basic plans also include a revocable living trust.
Take a look at our next blog post (part 2 of 2) to learn more do’s and don’ts. This will allow you to properly plan so that you’re able to achieve all of your goals.
If you have any questions, or if you’d like to begin your estate planning, consult with a qualified estate planning attorney.
Latest posts by Michael Robinson, Estate Planning Attorney (see all)
- Beneficiary Designations, etc., Aren’t a True Substitute for a Trust - April 17, 2019
- What Are 529 Plans and What Are Their Advantages? - April 17, 2019
- Have You Heard of These Trusts? - April 16, 2019