Some people take the time to begin their estate planning, while others never even get around to it. If you want to be prepared throughout your lifetime and after your death, it’s important to have an estate plan in place. Take a look at the following estate planning don’ts for advice on what not to do when creating your estate plan
- Don’t put off your planning! Many people put off planning because they are fearful of the process, they think they don’t need planning, or they are busy and assume that there will always be time to plan in the future. You NEVER know what will happen during your lifetime. It’s important to have a plan in place as soon as possible!
- Don’t forget to tell your loved ones about your planning. An estate plan is only effective if your loved ones know that it exists. You will be able to give yourself and your loved ones peace of mind, knowing thing that your affairs are handled. Your loved one will also know that you have a plan, if they ever need to reference it in the future.
- Don’t do your own planning. While it may be tempting to try to save money and make your own plan, it will likely end of costing more in the end. If you want an error-free, legal, and individual plan that meets your needs, work with an experienced and qualified estate planning attorney. You wouldn’t want an orderly (or yourself) to perform your heart surgery, would you?
- Don’t forget to review and make updates. Many people assume that estate planning is a one time thing. You should remember to look back at your planning every few years. Your estate planning attorney will be able to review your documents with you so that you can be assured that it still meets your needs. If you’ve experienced significant life changes, you may need to make changes sooner.
- Don’t forget to organize your planning. It’s important to keep your plans in a safe and organized place. This will allow you to have easy access to your document and will also help to keep all of your documents together.
If you have any questions, or if you’re ready to start your estate planning, consult with a qualified estate planning attorney.
Timothy P. Murphy is an estate planning and elder law attorney whose practice emphasizes helping people to build, preserve and pass on their wealth. He works with his clients to accomplish their goals while avoiding unnecessary court proceedings and minimizing or eliminating exposure to death taxes.
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