5 Biggest Estate Planning MistakesSunday, March 12th, 2017, 2:57 am
Creating an estate plan for your successors to follow is a great way to ensure all your property, assets, and belongings fall into the right hands after you pass. But just creating your estate plan isn’t always enough.
If you’re making mistakes when creating your estate plan, you may actually be creating a bigger headache for your family or beneficiaries. To ensure you’re creating the best estate plan possible, here are some major mistakes you should avoid.
- Not Using a Professional: Many people believe they are capable of creating their estate plan themselves. While they may think they’re saving money by using a DIY estate plan template, they’re actually just creating more work for an attorney in the future. Always use a Brooklyn estate planning attorney when creating your will.
- Not Writing a Will: Even if you don’t have sizable assets or property, you still should create a will. Taking the time to write a will can ensure your belongings fall into the right hands after you pass.
- Forgetting Retirement Accounts: If you have a large retirement fund, there is a strong chance there will be money left over after you pass. Be sure to use your estate plan to designate where this money should go.
- Not Creating Trusts: If you are leaving money to children under the age of 18, you typically will want to create some kind of limitation to the money they receive. Whether it is an accomplishment such as graduating collect or a certain birthday, setting restrictions for when they can receive the money can ensure it is used appropriately and when the child is ready
- Not Being Flexible: If your will is too rigid, it may make it difficult for your loved ones to get the benefits you’ve left for them. Because of laws and regulations that may change from year to year, it is difficult to know exactly how to word your will so that you can have total control over the way the funds are allocated. For this reason, remaining flexible is always the best option.
If you need help creating your estate plan, contact the attorneys at Michael F. Kanzer, P.C. to get started today.