Top Estate Planning Mistakes

Estate planning attorneys at Parman & Easterday will help you make plans for your legacy…plans that ensure your family will be protected and your wishes respected after you are gone. 

Unfortunately, many people try to create estate plans on their own without proper help and support — and end up making serious mistakes. You work too hard for your money and property not to be able to use it to create the legacy you have dreamed of leaving behind.

You should give us a call to find out how the estate planning attorneys at our firm can help you to create an estate plan that is right for you. You can also read on to learn about common estate planning mistakes that could jeopardize the legacy you hope to leave.

Mistake: Waiting Too Long To Make An Estate Plan

Many people think they don’t need to worry about creating an estate plan until they are a senior. Unfortunately, there is no guarantee you won’t become incapacitated or pass away before you get a chance to complete your plans. When you have a young family, it’s very important to make sure your loved ones will be protected and provided for if tragedy strikes and something happens to you. This means it is especially essential for young people to make an estate plan. If you wait too long, you could lose the chance to determine what happens to your wealth, and you don’t want default laws guiding the distribution of your assets. You should take action today and reach out to Parman & Easterday so we can help you make an estate plan appropriate for your current life situation.

Mistake: Making Only a Will and Not Using Other Estate Planning Tools

Another common error is thinking that you’re finished with the estate planning process after you have created a last will and testament. While a will is an important part of many estate plans, it is often not the only tool you need. Other tools such as trusts give you much more control over assets and allow you to protect your wealth while providing for loved ones in the most appropriate ways. You should talk with estate planning attorneys to find out what types of tools need to be part of your plan.

Mistake: Failing to Protect Your Assets and Autonomy

Making an estate plan is not just about specifying what will happen after you pass away. You may also want to create a Medicaid plan so you don’t lose all of your wealth in the event you face costly nursing home care.   You certainly need advanced health care directives so you have control over the kind of medical care you receive in an emergency. Parman & Easterday can help you to address all of the other important estate planning issues that you may not think about on your own.

Mistake: Not Taking the Needs of Heirs Or Beneficiaries Into Account

Your loved ones may have unique circumstances or special needs that require you to take a different approach to providing an inheritance. For example, if you want to leave money to someone who is disabled and who receives means-tested Medicaid or Supplemental Security Income benefits, giving them a simple gift in your last will could be disastrous.

Directly transferring assets to someone receiving means-tested benefits could lead to the loss of those benefits. Instead, using tools such as a special needs trust could allow a responsible person of your choosing to manage assets owned by a trust in a way that would enhance the quality of life of the disabled person.  By using this technique, you ensure money is managed wisely and preserve access to benefits.

This is just one of many situations where the use of a special trust may be required. You may also want to take additional steps in planning an inheritance for heirs or beneficiaries who are irresponsible with money, who are under the age of 18, or who have other unique circumstances.

Getting Help from Estate Planning Attorneys

Estate attorneys at Parman & Easterday can help you to avoid all of these mistakes and any other errors that could affect your plans for your legacy. To find out more about how our legal team can help you to create a comprehensive plan that is right for you and your family, join us for a free seminar. You can also give us a call today at (405) 843-6100 or contact us online at any time.