By
Robert E. Fravel Jr., Esq.
People often assume estate plans are only for the wealthy. That could not be further from the truth. Even if you only own one item of substantial value, such as a bank account, vehicle, or real estate, you could greatly benefit from an estate plan. Setting up an estate plan will allow you to make informed decisions about how your assets will be handled (while you are still alive!) and it also enables you to maximize the value you pass along to your beneficiaries. Here are some common estate planning mistakes to avoid:
- Failing to have an estate plan in place
Unfortunately death is unavoidable. It is always a very emotional time whenever a friend or family member passes away, and when these emotions are combined with money – stress, tension and animosity are almost certain by-products. Having an estate plan in place will not help ease the pain of those who lost a loved one, but it can go a long way to alleviate some of that stress, tension and animosity. We all work hard to acquire our assets over the course of our life, and we all deserve the right to pass on those assets to whomever we see fit. Having an estate plan in place allows you to determine how your affairs will be handled once you pass on.
- Ignoring the possibility of becoming disabled or incapacitated
Estate planning can also be used to manage situations in which a person becomes disabled or incapacitated (even temporarily). If you become disabled or incapacitated for any extended period of time, who will take care of your children, handle your finances and make healthcare decisions on your behalf? Having a durable power of attorney, healthcare directive and/or living trust in place will help solve these problems.
- Not updating your Will periodically
Families and businesses frequently undergo changes ranging from births, deaths, divorces, marriages and/or subsequent property purchases. If you want to ensure that your assets are being left to those you intend, update your Will periodically.
- Not meeting with an experienced professional
Not meeting with an experienced estate planning attorney or other related professional is a huge mistake, especially if you have diverse and/or complex assets. An experienced attorney can help to spot and remedy potential issues before they become a problem and they can also provide you with a tax planning/savings estate plan.
Robert E. Fravel Jr., Esq. is a licensed Pennsylvania attorney at Timby Hunt law firm in Doylestown, Bucks County. Send him an email at ref@timbyhunt.com or call him at (215) 230-7626.
Timby Hunt, LLC 