Estate Planning Don’ts

  • Jun 2 2014

By Roy Schneider, Esq.

Preparing for the future is an uncertain business, but there are steps you can take during your lifetime to simplify matters for your loved ones after you pass, and to ensure your final wishes are carried out. Planning for what happens to your property, or who cares for your family members, upon your death can be a complicated process. To simplify things, we’ve created the following list to help you avoid some of the pitfalls you may encounter before, or even long after, you create your estate plan.

Don’t assume you can plan your estate by yourself. Creating an estate plan from an online source or “estate planning kit” may not result in the plan you thought you were getting. Estate planning involves rather complex legal issues and a simple misplaced word may completely invalidate the plan or have totally unintended consequences. Get help from an estate planning attorney whose training and experience can ensure that you minimize tax implications and simplify the process of settling your estate.

Don’t put off your estate planning needs because of finances. To be sure, there are upfront costs for establishing the estate plan; however establishing your estate plan is an investment in the future well-being of your family, and one which will result in a far greater cash savings over the long term.

Don’t make changes to your estate plan without consulting your attorney. Changes in one area of your estate plan could impact other provisions you have made, triggering legal or tax implications you never intended.

Don’t assume your children will intuitively know your wishes, and handle the situation appropriately upon your death. Money and sentimental items can cause a rift between even the most agreeable siblings, and they will be especially vulnerable as they deal with the emotional impact of your passing.

Don’t assume that once you’ve prepared your estate plan it’s set in stone. Estate planning documents regularly need to be revised, often due to a change in marital status, birth or death of a family member, or a significant change in the value of your estate. Beneficiary designations should be periodically reviewed to ensure they are up to date.

Don’t forget to notify your family members, friends or other beneficiaries of your estate plan. Make sure your executor and successor trustee have access to your end-of-life documents.

Don’t assume your spouse will handle everything if something happens to you. It’s possible your spouse may be incapacitated at the same time, for example if you both are injured in the same accident. A proper estate plan appoints alternate representatives to handle your affairs if both you and your spouse are unable to do so.

Don’t automatically use the same person as your agent under both the financial and healthcare powers of attorney. Using the same individual gives that person an incredible amount of influence over your future and it may be a good idea to split up the decision-making authority.

Don’t forget to name alternate agents, executors or successor trustees. You may name a family member to fill one of these roles, and forget to revise the document if that person dies or becomes incapacitated. By adding alternates, you ensure there is no question regarding who has the authority to act on your or the estate’s behalf.

Generally, a well devised estate plan will include a Family Revocable Trust, Pour-Over Will, Powers of Attorneys for Financial Matters and for Health Care, and Assignments of Assets. Also, an estate plan must be funded with your assets. Therefore, deeds may need to be prepared as well to transfer real estate to the Trust. The estate planning attorneys at Schneiders & Associates have the expertise and experience to assist any family situation in devising and implementing the most suitable plan. Please contact our office and ask for an Estate Planning Questionnaire for you to complete. Once completed, you are invited to make a no-charge consultation with one of our knowledgeable estate planning attorneys to go over the Questionnaire and advise you of the best plan for you and an estimate of the cost. Planning your estate is an important step in assuring your future and the future of your family, so don’t delay and please call today for your Estate Planning Questionnaire.

Posted in: Estate Planning

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