Top Mistakes Of Estate Planning

Common Estate Planning Mistakes

At Shea Law, we maintain a truly unique approach to the estate planning process, making it possible to provide attentive personal estate planning quickly and painlessly. We create more than 3,000 estate plans a year for our clients that help preserve and protect their legacy and bring comfort and security to families.

We often encounter clients who think they have done proper estate planning but are surprised to find out their estate plan isn’t as ironclad as they thought. Estate planning errors and oversights can be costly from a monetary standpoint, but they can also put your final intentions in jeopardy.

Don’t Know What We Don’t Know

With the proliferation of information available online, it’s easy to think the right guidance exists to do estate planning independently. It can be difficult to discern if online platforms are guiding you in the right direction if you are unfamiliar with estate planning or unsure of what questions to ask. Working with a trusted partner, particularly an attorney, who has specialized expertise and has seen a multitude of scenarios is essential to building a comprehensive and effective estate plan.

Waiting Too Long

Many people don’t think about estate planning early in life because the idea of making decisions about what happens to your assets or your children after you’re gone can be a heady conversation. So, they wait until they retire to discuss estate planning, but, by then, it may be too late. Life is simply too unpredictable to put off estate planning. If there are health concerns that necessitate the need for expedited planning, the entire process can be more emotionally challenging and complex.

We encourage our clients to engage in estate planning early and before there is an acute need so they can really think about the future and make informed decisions. Moreover, when you create your estate plan when you are healthy, it is a positive experience. An estate plan is ever evolving, and it is essential to start with a solid foundation to build upon over time as your situation changes.

Real Talk on Wills

Thanks to popular culture, many people think they only need a will to plan for the future, but they don’t know what a will actually entails. If you or your loved one passes away with only a will in place, it will not be enough to avoid the probate process.

When you meet Shea Law, we will educate you on the options and best practices for building an estate plan to avoid probate, based on your individual situation, assets, and place in life. We take a holistic approach that meets the clients where they are and helps to guide smart decisions.

Failure To Review Regularly

We advise our clients to go back and review their estate plan every 2-3 years to ensure language is still current, assets are accurately reflected and accounted for, and intentions remain consistent. At times, clients may want to change their beneficiaries or they failed to name a beneficiary as a new addition to the estate. Remember that anything without a beneficiary will need to be resolved through the probate process.

An estate plan is meant to evolve over time and grow and change along your life journey. Being aware of pitfalls and aligning with a trusted partner along the way ensures your legacy is preserved and your family stays protected.