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Estate Planning Mistakes to Avoid

People who are looking to plan their estates, often have a lot of questions about what they should do. However, answering those questions can be like putting the cart before the horse.

Most estate planning mistakes can be avoided if people would ask what they should not do instead. A large percentage of messy estate administration cases in probate courts would go away if people would do that.

 

Market Watch recently discussed some of the things not to do in “7 common estate planning disasters and how to avoid them,” including:

Do not pass away without a will. It should be obvious. If you have no estate plan at all, you have made an estate planning mistake. However, this is a common mistake because people think they will live longer than they do and will have time to make plans later.

Do not forget to plan for incapacity. A good estate plan will include documents planning for a time when you can no longer take care of things by yourself.

Do not think you can get a good estate plan by purchasing a form and filling it out. Mistakes made when people do this are costly and time-consuming to fix.

Do not make beneficiary designations on your financial accounts, without considering how those designations fit into your other estate plans.

Do not forget to review your estate plan from time to time to make sure it is still appropriate for your family.

Do not neglect to get a new estate plan, if you get remarried. This is especially important if you have children from a previous relationship.

Do not keep any secrets from your estate planning attorney. Your attorney cannot make proper plans if all relevant information is not disclosed. It can lead to problems in administering your estate.

Reference: Market Watch (April 26, 2018) “7 common estate planning disasters and how to avoid them.”

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“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

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Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

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I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

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