Your estate plan is an incredibly important document that you need to be accurate. As an outline for how your loved ones, belongings, and assets should be taken care of after you pass away, you can’t afford to have your estate plan be poorly written or incorrect.
Unfortunately, many individuals make mistakes with their estate plans that could cause serious confusion and problems. However, when you know what those mistakes are, you can be less likely to make them.
Let’s take a look at a few common estate planning mistakes you may be guilty of.
1. Not Using a Professional
Many people assume they can create their own will and trust. Unfortunately, this can lead to a number of mistakes, making the will confusing and complicated to follow. If you’ve created your own will or trust without the help of a professional attorney, it could cost your family members.
2. Not Having a Will
Not having a will is a major mistake that many people continue to make. Many individuals assume that being unmarried, not having children, or not having major assets means they don’t need to have a will. Unfortunately, this means your belongings may fall into the hands of family members you’re not close with. Having a will ensure your items are given to the right parties after you pass.
3. Not Considering Your Children’s Age
It is extremely common to leave your assets to your children within your will. However, if your children are still minors, you may want to state that they cannot secure those assets until a certain age. When children receive assets before they are mature enough to handle it, they may spend money inappropriately or sell important items.
4. Not Including Some Flexibility
While you want your will to be clearly defined, you also want it to include some flexibility. If someone within your will chooses not to accept or the person you’d like to leave your items to is unable, you need to have a backup plan.
To create an estate plan free of mistakes, contact the estate planning team of attorneys at Michael F. Kanzer & Associates, P.C. Reach out to our Brooklyn office for a free consultation at 718.769.7200.