Estate and Business Planning Legal Blog

Monday, August 17, 2020

Common Estate Planning Mistakes

Estate planning is for everyone. Whether you have a large estate or just a few assets you’d like to pass along to your loved ones, you absolutely must have an estate plan. An estate plan can do many things, including maximizing the value of the estate you'll pass along to your loved ones and allowing you to make informed decisions about how your assets are to be held during your lifetime. And although it is imperative that you have an estate plan in place, a poorly drafted estate plan can actually do more harm than good. Therefore, in order to ensure that you get the maximum value out of your Florida or New York estate plan, it’s essential that you avoid the following common Florida and New York estate planning mistakes.

Common Mistakes in Estate Planning

Not creating an estate plan

Failing to create an estate plan is the biggest estate planning mistake you can make. When you fail to create an estate plan, your assets pass along to your family members according to statutory guidelines. In addition, without an estate plan, you leave your loved ones with no guidance on what to do should you ever become incapacitated.

Not planning for disability or incapacity

If you ever become disabled or incapacitated, your loved ones will need instructions on how to handle your medical and financial issues. An estate plan allows you to determine who will raise your children, handle your finances, and make healthcare decisions on your behalf if you ever become unable to do so yourself.

Failing to periodically update your will

Even if you have a will in place, it’s important to periodically update it, particularly after major life events. Examples include births, deaths, business changes, divorces, and new property acquisitions.

Failing to choose the correct estate executor

When you choose an estate executor, you must make sure that he or she is someone you can trust. The failure to put enough thought into this decision can result in problems down the road. In addition, in order to ensure that the administration of your estate is handled objectively, you should consider choosing someone who doesn’t stand to benefit from the outcome of the estate distribution.

Contact an Experienced Florida and New York Estate Planning Attorney

Whether you live in Florida, New York, or split time between both states, you need an experienced Florida and New York estate planning attorney on your side. At the Law Office of Angela Siegel, we provide comprehensive estate planning services to clients in both New York and Florida. Attorney Angela Siegel is an experienced estate planning attorney, and she regularly assists clients in the states of New York and Florida with their estate plans. Therefore, if you are ready to begin the estate planning process in either one of these states, please contact us today to arrange a consultation.

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At the Law Office of Angela Siegel, we are pleased to offer legal assistance to clients located in Nassau, Suffolk, Queens, Kings and New York Counties specifically but not limited to Garden City, Jericho, East Meadow, Mineola, Syosset, Roslyn, Cedarhurst, Woodmere, Hicksville, Plainview, Merrick, Wantagh, Bellmore, Rockville Center, West Hempstead, Little Neck, Douglaston, Bayside, Flushing, Forest Hills, Astoria, etc., as well as clients located within the state of Florida.

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