What common mistakes and failings do people normally make when considering the important issue of estate planning?
The four most common mistakes made when considering estate planning are listed here:
1. A failure to do anything. Some people think about making a plan, are urged by spouse and children to do something but still fail to plan or take any action.
2. Some people don’t even think about planning. They’re living their lives and it just doesn’t occur to them to plan for what will happen when they are no longer here.
3. A third group is aware of the need to do something, but are not sure what. Surprisingly, they do not consult with an estate planning attorney to talk about goals or objectives and to find out what it would take to implement their plan.
4. Some people go so far as to meet with a lawyer, find out what they can do and yet still choose not to go forward. This is frustrating to their family and their lawyer who can see the negatives surrounding not writing and administering an estate plan.
It’s a fifth group, the doers, the people who find out what they should do and set their plan into action that are the ones that benefit from a well thought-out estate plan. They make life for their heirs easier and more seamless when they are no longer here. In our opinion, this is the greatest gift of all to leave to their loved ones.
<< Back to Questions
- Elder Law
- Medicaid Planning &
Long Term Care Planning
- Nursing Home/Assisted Living
Facility Residents' Rights
- Special Needs Planning
- Asset Preservation Planning
- Planning for VA Aid & Attendance Eligibility
- Estate Planning
- Guardianship, Fiduciary &
- Personal Injury Litigation