Estate planning is a very important part of anyone’s life. It is possible to make mistakes, especially if you are doing so without the assistance of an experienced Maryland estate planning attorney. Reach out to our attorneys today to answer any questions you might have regarding the process. You don’t have to do this alone; we are here to help. Continue reading to discover the most common estate planning mistakes and how to avoid them.
The Most Common Estate Planning Mistakes to Avoid
Before you begin your estate planning process, it is important to be aware of the most common mistakes to avoid:
- Failure to hire an experienced and knowledgeable estate planning attorney. You do not need to go through this process alone. It can be detrimental to use online will-writing plans. Going through this process alone is the number one way to have errors in your will. Even the smallest misphrasing can affect your estate plan.
- As your life goes on, things change. It is important to keep up with your estate plan as life progresses. A common estate planning mistake is failing to consistently update your estate plan. In circumstances such as having a child, getting married, getting divorced, getting a new job, retiring, and more, you will need to adjust your estate plan. It is suggested that you update your estate plan once every five years at the minimum.
- Failure to recognize that a will does not cover everything. A will can only control assets in your name. It is important to be aware that wills are not used typically for jointly held assets, life insurance policies, or IRAs. With the assistance of an experienced estate planning attorney, they will be able to help you understand what is covered and not covered under a will.
- Failure to create a recoverable living trust is a common mistake. Creating a recoverable living trust will help your family avoid probate after you pass away. This can save your family valuable time and money.
- Failure to create an advance healthcare directive or a health care power of attorney. These documents can appoint a trusted individual to handle receiving medical care upon incapacitation or while unable to decide medical treatment for yourself. This appointed individual will handle these medical decisions on your behalf according to your wishes.
If you have any further questions regarding your estate planning process, do not hesitate to reach out to our experienced firm. We are here to help you through this process. We want to give you and your family peace of mind when it comes to your future.
Contact our experienced Montgomery County, Maryland firm
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.