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Common Assumptions About Estate Plans

17 February 2023

Lawrence Ross

Preparing for your eventual passing may not be a comforting thought, but it can provide your loved ones with essential protections. Furthermore, it can help to give you peace of mind. Yet, assumptions about this process can lead to you making poor decisions.

Assumption: Estate Planning Is Only Suitable For Individuals With A High Network 

Individuals can greatly overestimate the amount of wealth they will need to have estate planning to make sense. In particular, a person could believe this option is only for the wealthy. Those with more modest means can still benefit from using estate planning. This is because an estate plan can offer them a much greater degree of control over the distribution of their assets. Furthermore, estate plans may help individuals avoid the need for probate court. Depending on the court's caseload and the complexity of the deceased's assets, these proceedings could take weeks or longer to resolve fully.

Assumption: Online Services Can Take The Place Of An Experienced Estate Planning Attorney

Many online services can provide individuals with some of the tools needed to create an estate plan. Unfortunately, it is a common mistake for individuals to assume that these services can take the place of a knowledgeable estate planning attorney. This could result in them attempting to use these services to make their estate plans. If there are errors in this plan, they may only be discovered once it is too late to be easily corrected. Working with a professional estate planning attorney can avoid these problems. These professionals will avoid common mistakes that could compromise the estate plan. Furthermore, they can help their clients to understand each step in the process of making this plan. By gaining a deeper understanding of the estate plan, a person can be better informed when making decisions, adjustments, or explaining to loved ones what to expect.

Assumption: An Estate Plan Will Not Have To Be Updated

Your financial status will change over the years, which means the estate plan needs to be updated to reflect these changes. Unfortunately, going for years or longer without reviewing and updating this plan is a mistake many people will make. As a result, their loved ones could be left with an incomplete plan. One step to avoid this issue is meeting with your estate planning attorney every year. In addition to these periodic reviews, individuals should schedule this type of review whenever they acquire or sell significant assets.

Consult an estate litigation attorney to find out more. 

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