Your estate plan may be the most important set of documents you create during your lifetime. When designed and set up correctly, an estate plan can protect you, your assets, and your loved ones. A mistake, however, during the creation of your estate plan can have a devastating effect on you, your assets, and/or your loved ones. Making matters worse is the fact that you may be unable to correct a mistake in your estate plan given that much of the plan will not activate unless you are incapacitated or dead. To help you create a successful estate plan, the Essex Junction attorneys at Unsworth LaPlante, PLLC discuss how to avoid making the top five estate planning mistakes.
Estate Planning Mistakes to Avoid
To ensure that your estate plan works as intended and accomplishes everything you hope for it to accomplish, make sure you avoid the following common mistakes:
- Forgoing the advice and guidance of an estate planning attorney. Avoid buying into the mistaken belief that online legal forms are an adequate substitute for the advice and guidance of an experienced attorney. Often, the use of fill-in-the-blank estate planning forms leads to the failure to fully distribute your estate, a failed interaction between documents, or costly litigation that could impact your loved ones for years to come. To avoid making this mistake, always work with an experienced estate planning attorney.
- Procrastinating. Despite understanding the numerous benefits to having an estate plan in place, people often put off creating one. Whatever your reason has been for procrastinating, now is the time to get started on your estate plan because you simply have no way to know when the components of an estate plan will be needed.
- Choosing the wrong fiduciaries. You may have several fiduciary roles within your estate plan, including the Executor of your estate appointed in your Last Will and Testament, the Trustee of a trust appointed in a trust agreement, or an Agent appointed in a Power of Attorney. A common mistake is to jot someone down for these positions based simply on the fact that you know them well and you trust them. While those are important qualities, they may be insufficient to successfully fulfill the role. Take the time to understand the role and choose the right person to avoid this estate planning mistake.
- Failing to consider incapacity. A comprehensive estate plan will not only plan for your eventual death but also for the possibility of your incapacity. If you do become incapacitated for any reason at any time, someone may need to legally assert control over your assets and make healthcare decisions for you. If you didnât plan for that possibility, your loved ones may end up battling it out in court to determine who will control your assets and make those decisions. An incapacity planning component in your estate plan can prevent this mistake.
- Failing to update your estate plan. Creating a comprehensive estate plan is only the first step to a successful plan. Unfortunately, another common mistake people make is failing to update their estate plan which can lead to the use of outdated estate planning documents when you become incapacitated or die. To ensure that your current wishes are honored regarding your estate assets and decision-making in the event of incapacity, be sure to review and update your estate plan regularly.
Can We Help You Avoid Making Estate Planning Mistakes?
For more information, please attend one of our upcoming FREE webinars. If you would like assistance with your estate plan to avoid making costly estate planning mistakes, contact an experienced Essex Junction estate planning attorney at Unsworth LaPlante, PLLC by calling 802-879-7133 to schedule your appointment today.
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