1. Not having an Estate Plan in
Place and Waiting until the Last Minute
We can’t plan for every little
thing that occurs in our lifetime and there is certainly no ‘right’ time to
start planning. Thinking you’re too young to make one is no excuse for not
having a plan. What are you waiting for? If you wind up in the hospital or
become incapacitated, what happens next? With no guidelines and no plan you
will be at a dead end. Seek a professional to help draft and review your estate
plan. Which shall include a trust, a will, and a healthcare proxy.
2. Not Seeking Professional Help
With today’s technology and wide
results easily provided by the Internet, there has been a huge increase in the
number of people who take to the Web to prepare their documents. But there are
many laws and issues that only a professional can provide accurate help and
information with. Experience, knowledge, and skill are something the Web cannot
provide. Moreover, only an attorney can notarize a will!
3. Failing to Update Your
Documents
If you start, something be sure
to finish it, or at least keep up with it. Having estate planning documents is
one thing, making sure they will be correct is another. There are too many
changes that can happen over the course of a lifetime to rely on the same
documents you started with.
4. Not Being Aware of Taxes
If you anticipate that your
designated beneficiaries will owe large sums to tax, you might want to look
into efficient strategies to minimize estate and income taxes. For better
insight, seek an experienced estate attorney to best negotiate your plan.
5. Not Focusing on the Basic
Components
Don’t beat around the bush.
Declare who gets what, what goes where, what happens when. Carefully and
clearly draft how you want your assets to be distributed. The more detail, the
better. After all, these are your life possessions at hand.
Call or visit the Law Office of
Inna Fershteyn today.
(718) 333-2394
1517 Voorhies Avenue Suite 4
Brooklyn, NY 11235
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