Learning from Common Estate Planning Mistakes
Estate planning is an important process for all New Jersey residents who have reached adulthood, whether you are 18 years old or already at retirement age. In an ideal world, every adult would have components of an estate plan from an early age, and they would revisit their estate plan and make revisions or add new tools and documents as their needs change over time. Yet many people either avoid estate planning altogether, or they do make an estate plan but make common mistakes that are avoidable. You can learn from some of those common mistakes so that you do not make them yourself. Consider the following information from our Summit estate planning lawyers.
You Should Always Consider “Alternates”
One common mistake that people make in estate planning is failing to consider “alternates.” Ideally, the executor you have named in your will is going to be able to administer your estate for you as planned, and the party you have named as an agent in a health care or financial power of attorney will be able to perform that role for you. Similarly, it would be ideal if your named beneficiary is still living and can accept the assets you want to leave them. However, things happen, and situations change. It is always a good idea to consider alternates in nearly all circumstances.
Considering Options Beyond a Will
Failing to consider options for estate planning beyond a will is a common error. It is also a common mistake that people make when they decide to do their own estate planning. While there is will-making software available, it does not cover complex situations, and furthermore, it does not attend to the wide range of estate planning tools that people would often benefit from that go beyond the will.
Having Difficult Conversations About Asset Protection and Long-Term Care Planning
Most people do not want to think about the possibility of needing long-term care in the future. Yet the data suggests that a majority of older adults will need long-term care at some point, and many for two years or longer. If you wait too long, you can lose out on the ability to take advantage of certain asset-protection strategies.
Importance of Working with an Estate Planning Lawyer
One of the most common mistakes people make in estate planning is trying to do it themselves. While it can be possible to complete some estate planning documents on your own, the best way to ensure that all of the complications associated with your circumstances are properly accounted for is by working with a lawyer. An experienced estate planning lawyer
Contact a New Jersey Estate Planning Lawyer
If you have any questions about estate planning in New Jersey, or if you want to find out more about getting started on your estate plan today, one of the experienced Summit estate planning attorneys at Dempsey, Dempsey & Sheehan is here to help. Contact our firm to find out more about the wide range of estate planning services we provide in New Jersey.
Source:
law.justia.com/codes/new-jersey/title-3b/
