Everyone needs an estate plan. In fact, failing to draft an estate plan can negatively impact your family for years to come. However, when drafting an estate plan, there are several pitfalls to avoid. Therefore, when embarking upon the estate planning process, it is advisable to first consult with an experienced Kentucky estate planning attorney. In this article, we discuss several common estate planning mistakes.
Mistake #1: Failing to Update Your Estate Plan Regularly
If you already have an estate plan in place, congratulations, you’re ahead of the game! However, estate planning isn’t a one-time endeavor. Rather, proper estate planning requires periodic review and updates. For example, you should consider updating your estate plan following the birth of a child, the purchase of a home, the start of a business, a marriage, a divorce, and any other significant life event.
Mistake #2: Failing to Plan for Disability and Incapacity
When most people think of estate planning, the disposition of assets is usually the first thing that comes to mind. However, another important aspect of estate planning is planning for disability and incapacity. Through the estate planning process, you can determine who will make decisions on your behalf should you ever become unable to do so yourself. Although it isn’t pleasant to think about becoming incapacitated or disabled, failing to plan for these events is a huge mistake.
Mistake #3: Failing to Plan for Nursing Home Care
Like disability and incapacity, considering life in a nursing home is something many people would rather avoid. However, even if you are in great health, you must arrange for your long-term care. No one can predict the future, and by planning for nursing home care, you will help alleviate the burden on your family tremendously.
Mistake #4: Choosing the Wrong Person to Handle Your Estate
Finally, one of the biggest mistakes you can make during the estate planning process is choosing the wrong person to handle your estate. When choosing a representative for your estate, you must select a person who is not only trustworthy, but also organized, level-headed, and capable of understanding financial issues. And although many people choose a family member to fill this role, you may want to consider choosing someone who is not emotionally invested in the outcome of the estate proceedings, as he or she will be more capable of making objective decisions.
Mistake #5: Failing to Contact an Experienced Shelby County Estate Planning Attorney
Finally, the biggest mistake you can make during the estate planning process is failing to obtain legal representation. At Berkley Oliver PLLC, our lawyers provide comprehensive estate planning services to clients in Shelby County, Spencer County, and throughout Central Kentucky. Although estate planning may seem challenging, it doesn’t have to be when you have an experienced estate planning lawyer on your side. Regardless of your estate planning needs, the attorneys at Berkley Oliver are here to help. If you are ready to begin the estate planning process, please contact our office today to arrange a confidential consultation.