Estate planning might seem a little complicated, especially when you consider all the various forms and tools you might use. Yet, while every estate plan is different, there are some common mistakes you’ll always want to avoid:
Stopping At A Will
Many people believe that if they have a Will, their estate plan is complete. But this simply isn’t true. You might have a disabled dependent you need to plan for or children from more than one marriage – the point is, there are a number things that a Will can’t do and that means you might need to expand your estate plan.
Writing Your Own Documents
These days, you can find a wide variety of do-it-yourself forms on the Internet. Want to write your own Will? There’s a form for that. Create your own trust? There’s a form for that too. Unfortunately, these forms are generic in nature and can’t always address all your concerns, or answer your questions. Add to that the fact that laws change all the time and you can see why using a do-it-yourself form is risky business.
Not Planning for Disability
We’re all very concerned about making sure our loved ones are provided for after we’re gone but what happens if we become disabled? Who will pay the bills? Will our family have access to your money? Will they know what medical treatments you want or don’t want?
One of the most common estate planning mistakes people make is forgetting to plan for disability. And that’s a big mistake to make because experts estimate that 60% of Americans will need some sort of long term care during their lifetime. If that long term care is needed because you’re mentally incapacitated, you won’t be able to tell your loved ones how to log into your computer or where the checkbook might be hidden.
To learn more about what should and shouldn’t go into your estate plan, give us a call today.
Larry Parman
Attorney at Law
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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