Estate planning involves more than just creating a will—there are many different elements to consider to ensure your wishes are carried out as you intended. Proper estate planning not only protects your assets and can provide for your family after you are gone, but vital documents such as powers of attorney can also protect you in the event of incapacitation. Sitting down with an estate planning attorney and creating a plan can give you peace of mind and help to safeguard your assets and loved ones. Here are some common mistakes you might be making while creating your estate plan. Assuming You Are Too Young To Need An Estate Plan One of the most common misconceptions about creating an estate plan is that only older people need to have one in place. Accidents and illnesses happen, and just because you are young it does not mean that you are immune to suffering debilitating injury, illness, or death. If you have children, it is even more critical to create an estate plan, regardless of whether you have substantial assets. The last thing you want is for the court to decide who will care for your children. If you do not name guardians for minor children, they could end up with someone you would not have chosen. Having adequate life insurance, a will, powers of attorney, trusts, and other estate planning tools in place is one of the best gifts you can give your family. A probate lawyer can also advise you on the most effective way to enable some of your assets to avoid going through probate, which can save your loved ones time and money. Failing to Create Powers of Attorney and an Advance Directive It may be unpleasant to think about, but you never know when something could happen that leaves you incapacitated and unable to make decisions for yourself. These three vital documents can help to ensure that someone with your best interests at heart is responsible for making important decisions on your behalf:
Planning your estate can be daunting, but it doesn’t have to be difficult. Whether you need help updating your estate plan or you are starting from scratch, our full-service law firm in West Chester can assess your circumstances and advise you of the most effective course of action to protect your rights and interests. This blog was originally posted at https://carosella.com/estate-planning-errors-that-you-need-to-avoid/
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