We’ve been talking a lot recently about the mistakes we see in estate planning because now, more than ever, we are finding that people feel uncertain, and they want to know their loved ones are secure. Despite the best of intentions, sometimes estate plans just don’t work because they were not set up or maintained properly (or you never had one to begin with). While we all want to feel good about our planning, we also want to make sure it is not a false sense of security. The next few blogs will address the mistakes we often see, and how you can make sure that you don’t fall prey to them!
Mistake #1: Procrastination
One of the biggest and most common mistakes that we see in estate planning is procrastination. For many, creating an estate plan (or updating the one they did 15 years ago) is something they are always meaning to get to but never actually do. The biggest mistake you can make is not having an estate plan, because the probate court has one for you. And for those who do have a plan, their biggest mistake may be not having looked at it in years. Changes in the law, changes in what you own, family changes, job changes, changing your residence, and changing your wishes can all keep an old plan from being effective if it is not updated. In our experience, most estate plans fail because they do not reflect what you want to have happen now.
The solution to this mistake is simple: create an estate plan or update your existing estate plan. Even if you are not quite sure who you want involved or the exact details you want to be included in your plan, someone who specializes in estate or elder law planning will be able to help you with that. Additionally, if you work with a firm that has an ongoing care program, you can always update your plan if you change your mind or if your situation changes. [Read more…]