All over the world, people make estate plans every day using different types of methods. Some make this plan with the help of an estate planning lawyer New York, some plan their estate using online sources, while some plan theirs themselves.
Regardless of how you plan your estate, there is a possibility that your estate plan will be marred by a mistake, be it small or significant. However, one thing I can assure you is that, if you plan your estate with the assistant of an estate planning lawyer 14223, Buffalo, New York, the possibility of a mistake is very small. I can’t say the same for other methods.
Estate Planning is Important
You see, estate planning is important and it’s surprising to realize that lots of people aren’t aware. Some people live and die without planning their estate while others plan their estate anyhow without putting several things into consideration.
Estate planning is one of those plans that could make or mar your life and those you care about. For this reason, you cannot afford to make a mistake, regardless of how small, when planning your estate. A single mistake on your estate plan could end up ruining the estate plan and the plans you have for those you care about.
Can you identify a mistake when you see one?
Some people make mistakes while planning their estate and they don’t even realize what they have done because of ignorance. For this reason, we’ll be outlining some common mistakes that people make so you can easily notice them when planning your estate.
Estate Planning Mistakes People Make
One thing you don’t want to have on your estate plan is mistakes. Mistakes can ruin your estate plan and you may not even be alive to witness its drastic effects. Below are some of the common mistakes people make when planning their estate:
- Failing to designate guardian for minor children
Here is one common mistake people make when planning their estate. If you somehow fail to designate a guardian for your minor children when planning your estate, the court will be the one to assign guardian for them in the event of both parent death. This can affect the upbringing of the children in so many ways. By including a guardian in your estate plan, you’ll have the opportunity to designate a good, relatable and familiar guardian for your minor children. That is why it is important you contact an estate planning lawyer 14223, Buffalo, New York when planning your estate. An estate planning lawyer will definitely help you avoid this huge mistake by bringing to your knowledge the importance of selecting a guardian and the consequences of not doing so.
- Having no plan
Failure to plan is indeed planning to fail. One of the greatest mistakes you could make as far as estate planning is involved is failing to have a plan. Before you contact an estate planning lawyer, you need to come up with a plan first. It is then the job of the estate planning lawyer to scrutinize the plan and inform you of its viability. If the plan is viable, this professional will help in the implementation. However, if you have no plan, you will end up creating an estate plan that has several errors and loopholes.
- Depending on joint ownership
Several individuals (adults especially) include their child (an adult) to the title of their assets, to escape probate. However, they aren’t aware that this move create several issues. When you make this move, you tend to loose authority of your assets. Jointly-owned assets can be mismanaged, they can be at the mercy of the co-owners creditors, etc. In addition, this type of assets can make things hard for the actually owner because before he or she can make a transaction, the individual will need the approval of the co-owner. Also, there could be gift or tax problems. And in the situation where you have over one child but decide to name just one as the co-owner, fluctuating values could lead to your child getting unbalanced or unplanned inheritance.
- Failing to plan for incapacity
Since you aren’t a machine, there is every chance that you would become incapacitated probably due to old age or a certain sicknesses. Thus, one huge mistake you can make is failing to plan for your incapacity. If you peradventure you end up making this mistake, the court will assign an individual who will oversee your health care, including your business while incapacitated.