Estate planning is about being as prepared for the future as you possibly can be. With that in mind, we’re going to tell you about three of the mistakes people commonly make, so you can avoid them.
Mistake #1 – Not Planning at All
The biggest mistake you can make is deciding estate planning is not for you. People make all sorts of excuses – I’m too young, I’m in good health, I don’t have that much money – but the fact is that it hurts the ones you leave behind if you don’t have a plan in place.
Mistake #2 – Not Keeping the Estate Plan Up to Date
There are certain events that should always trigger a review of your estate plan. These would include life-changing events such as a marriage, divorce, birth, adoption, the death of a successor, and the like. It would also include major financial events like suddenly receiving or losing a large asset or sum of money.
Mistake #3 – Not Preparing for Incapacitation
Many people only make plans for death and not for temporary incapacitation during life. Should you be affected by mental illness, become unconscious due to an injury or accident, or even suffer from dementia later in life, you want plans in place for the sake of both your finances and your medical care. That means appointing individuals to implement your wishes for you.
Getting Your Affairs in Order in Southern California
If you live in San Diego or any of the surrounding communities, the Petrov Law Firm would be happy to help you plan effectively for your future. Talk to our estate planning attorneys now by calling 619-344-0360. We can help you to avoid the pitfalls of trying to plan for your estate on your own.Read More
Estate planning is an important way to ensure the future of your loved ones and protect them from having to make difficult decisions without knowing your wishes. However, there are some common pitfalls that many fall prey to when it comes to estate planning. Here are some of the biggest estate planning mistakes.
- Waiting – No one wants to think about death. And the younger a person is, the more he or she is likely to put off estate planning. However, life is uncertain. If a tragic accident were to befall you tomorrow, what would happen to your family? Estate planning is a kindness to your loved ones, and the sooner you take care of it the better.
- Never Changing It – Our lives change. Things like divorce can dramatically affect how your estate plan should be set up. You don’t want to accidentally leave something to a beneficiary whom you no longer have a personal or business relationship with simply because you forgot to change the paperwork.
- Not Including Medical Wishes – Most people associate estate planning with financial matters and funeral arrangements. But having an advance healthcare directive is also vital. This allows you to make healthcare decisions in advance should you ever becoming incapacitated. It also allows you to select someone trustworthy to execute those decisions for you.
- Lack of Communication – Your executor shouldn’t see your will for the first time after you have passed away. Benefactors need to know how you have chosen to divide things so that no one is shocked or hurt by your decisions. When you clearly communicate with your family, there will be fewer disputes over your will.
Effective Estate Planning in California
Don’t make the common estate planning mistakes we’ve outlined here. Contact the Petrov Law Firm to speak with an experienced estate planning attorney in the San Diego or Chula Vista areas. Call 619-344-0360 today to get started.Read More