People often have this common misconception that they don’t need to write a will because they just don’t own as much as the rich. It is important to understand that estate planning is for everyone, and there is no better time to create an estate plan than now. There are also certain things that you can and cannot do through different estate planning tools. State laws may also vary. For instance, in New Jersey, you don’t need to notarize a will for it to be a valid document. Below are some estate planning mistakes that you must avoid.
Not hiring a lawyer
Hiring a South Jersey estate planning lawyer is your personal choice, but an important one. Yes, online automated services allow you to create a will without an attorney, but the one-idea-for-all approach can be risky when it comes to such crucial matters. You need an attorney who can advise you on the various aspects of estate planning and what type of documents you should consider after considering your estate assets.
Delaying the process
As we mentioned earlier, it is never too early or late to create an estate plan. People often delay seeking advice on estate planning because they believe that it is for seniors. Yes, older people need to take action immediately, but you have no reasons not to consider the idea right now. You can always rethink your decisions and make changes when necessary.
Not reviewing the estate plan
With time, things change, and you may not have the same equation with your family members and loved ones after a while. We hope the best, but if family dynamics change, you may have to consider rewriting your will. Similarly, if you want to change the guardian for your minor children or assign a new executor for the will, you have to revise your estate planning documents. Talk to your lawyer about streamlining the process.
Not mentioning all details
No matter the circumstances, you have to consider mentioning all details related to your end-of-life care and funeral. An advanced healthcare directive is one of the key estate planning documents that every person should consider. You can make provisions for your funeral and burial expenses in your trust or will. This just ensures that your wishes are honored, and there is no unwanted confusion among your family members.
Call your lawyer to discuss how you can create a rounded, well-drafted plan with all relevant estate planning documents.