Estate planning is a smart step for just about everyone, regardless of the size of the estate and one's income level. Making plans for the future is not easy, and it can be difficult to make choices regarding important legal, financial and medical issues that may not affect you for years to come. Despite these things, it's a good idea to have a plan in place.
It may surprise you to learn that there are mistakes that could derail your entire estate planning efforts. It's in your interests to ensure that you have a strong estate plan and that you avoid issues that could cause problems down the road. Even a small, common misstep during the planning process could cause issues for you, your beneficiaries and your loved ones in the future.
What mistakes could you be making?
Having a strong estate plan involves more than just outlining what you want to happen to your property after your death. You can accomplish many things with a plan, including detailing the type of medical care you do or do not want in case of incapacitation or planning for the care of special needs loved ones. However, some of the mistakes you will want to make sure you avoid include:
- Failing to update your will -- Wills need updating after major life changes, such as a divorce, remarriage or death in the family.
- Not taking steps to reduce taxes -- Estate taxes can be expensive, but you can take steps to plan well and reduce the burden on loved ones.
- Not planning on a disability -- You should include plans that will provide for you and explain what you want in case of a disability in the future.
- Not choosing the right executor for your estate -- You will want to think carefully about the person you want handling your estate and overseeing the process of settling your affairs.
These are only a few of the many mistakes people often make when it comes to estate planning. You will find it beneficial to take the time to review your plans and ensure that there are no issues that may cause problems for you down the road.
An assessment of your case with an experienced New Jersey estate planning attorney can help you understand what you need regarding your estate plan. With guidance, you can put plans in place that will allow you to look to the future with confidence.