ESTATE PLANNING MISTAKES

ESTATE PLANNING MISTAKES

20:15 22 March in Estate Planning

ESTATE PLANNING MISTAKES

POSTED BY MARK & BROWN, P.A. || 10-JUNE-2015

Estate planning mistakes can have serious and unforeseen consequences, but estate planning itself is essential.  This is especially true if you have minor-aged children, long-term care needs, or other major financial concerns to consider.  An attorney specializing in estate planning can be a great help to you in trying to find the best solutions to your estate planning questions.

Common Issues

A comprehensive estate plan must include provisions which account for not only the known, but also the unknown.  In cases where people fail to consult with an estate planning professional, mistakes are often made which can adversely affect not only one’s own financial situation later in life, but also those of family members.

For example, a person who fails to update important estate planning documents like a will may inadvertently end up leaving personal belongings or assets to an ex-spouse or estranged relative.  As an individual ages, it is important to update one’s estate plan to account for family births, deaths, marriages, and divorces.

Not planning for one’s own disability is another common estate planning mistake.  Say, for example, that a 45 year old father with young children is involved in a car accident.  He is left with a severe and debilitating injury.  He could potentially be left with brain damage, or he might even be left comatose.  Such an event can have significant financial repercussions that adversely impact an entire family, and if he had no living will or power of attorney already prepared, then an already tragic situation could easily become catastrophic.

It’s not always easy to think about our own mortality, but planning for the future is absolutely necessary.  Long-term care needs, potential disabilities, and eventual death are all things which need to be taken into account.  By procrastinating, you can end up putting a tremendous and unnecessary amount of stress on your family and friends.

Contact Us For More Information On Estate Planning

Please feel free to contact our offices for more information on estate planning options.  We would be happy to schedule you a free consultation with an estate planning attorney.