4 MISTAKES PEOPLE MAKE DURING
ESTATE PLANNING
ESTATE PLANNING “The collection of preparation tasks that serve to manage an individual's asset base in the event of their incapacitation or death, including the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.� - INVESTOPEDIA.COM
Many people don't realize how essential estate planning is. If you don't utilize it, it could end up costing your loved ones a lot of time and money. Here are four of the most common mistakes you should avoid when planning your estate...
DOING IT YOURSELF It isn't in your best interest to utilize estate planning alone. Working with an estate attorney will make it a lot less complicated by helping you handle how to distribute your wealth and assets.
HAVING TUNNEL VISION Since some people tend to only think about specific scenarios, an estate attorney will benefit you by walking you through multiple scenarios to consider.
FORGETTING ABOUT HEALTHCARE When planning your estate, you might want to consider a living will, which will be useful in the case of any accident or illness. This document should inform your loved ones what to do in the event of a surgery, resuscitation, and organ donation.
OVERLOOKING CERTAIN DEPENDENTS Don't forget about the care of certain loved ones when planning your estate, such as a special needs child or an elderly relative that will require care. It's important to make binding legal arrangements to avoid ending up in the hands of the state or another organization.
If you're in need of an estate attorney, Catanese & Wells can help. Please visit our website for more information: