We understand why many people put off estate planning. It forces people to confront matters surrounding their death, which doesn’t seem like the best use of time. However, establishing an estate plan can save family members and loved ones the stress, heartache, and cost associated with one’s passing.
Rather than approaching estate planning with your mortality, think of it as a way to take control of the situation. Before getting started with your estate plan, be sure to avoid these common mistakes.
1. Only focusing on your assets
Avoid being too narrow in your approach to estate planning. Remember that it doesn’t only involve who receives your assets after you pass. This is an opportunity to figure out how your finances should be managed if you were to become incapacitated, among other significant decisions. You may also want to consider incorporating the power of attorney and healthcare directive.
2. Not planning for disability
Many people aren’t aware that estate plans should include long-term care. Facing these decisions at the moment can have consequences on one’s financial and personal affairs. It’s wise to determine who will handle your finances, make medical decisions, and raise your children if anything were to happen.
3. Assuming your estate plan does not need to be updated
Your estate plan should not be something that you take care of once and then forget about it. As your life changes, your estate plan should be updated to reflect your current situation. Significant events such as births, deaths, divorces, and new property are examples when your estate plan should be reviewed again.
4. Not consulting an experienced estate planning attorney
Estate planning evaluates some of the most important aspects of one’s life. Therefore, it must be handled with care and by a skilled estate planning lawyer. At Russo Law Offices LLC, we focus on your unique goals and will construct a plan to fit your specific needs. We know how emotionally trying it can be to think about the future, which is why we want to help take the stress off your shoulders.
Contact our estate planning firm today at (630) 608-6697 to schedule your consultation.