Are you getting close to retirement? Are you just creating your young family? Are you a young professional just starting out? Are you a person with loved ones? If you answered yes to any of the questions, estate planning, especially drafting a last will and testament, should be a priority for your future. The following are the 5 most common mistakes people make when drafting at last will and testament:
Not following regulatory guidelines
- Each state has its own guidelines for the probate process. To ensure your estate documents will be held valid by the courts, consult with a licensed attorney in the state where you live and/or own property.
Choosing the wrong executor for your estate
- Consulting an attorney to select the executor of your estate will provide a resource for advice on who to select and on ways to draft your last Will and Testament to make your wishes as clear as possible.
Insufficiently outlining a plan for guardianship of any minor dependents
- With an insufficient guardianship plan, your minor dependents could be placed in the care of the court designated guardian without your wishes outlined. An attorney can advise on the best way to outline your preference of guardian.
Failing to create an all-inclusive plan for all your assets
- Without detailing all assets contained in your estate, the law could determine who received assets not included based on presumptions. An attorney can assist in ensuring your estate is thoroughly detailed and your wishes clearly stated.
Forgetting to update your will regularly and timely
- One of the most common issues for estate planning is failing to keep your last will and testament up to date. Over time, as circumstances change, our wishes for our estate change as well. For that reason, reviewing your Last Will and Testament on a regular basis and updating as necessary will protect your wishes and an attorney can facilitate regular reviews as you see fit.
The best plan you can have for avoiding these mistakes drafting your last will and testament is seeking the assistance of a legal professional you can TRUST. The Law Office of Michael G. Calogero can assist you and your family with creating a plan tailored to your particular needs and concerns. We will begin with an initial consultation to determine if our law firm is the right one to accommodate your needs. Our second consultation will be to discuss your goals and desires. We will then outline a personalized plan for creating generational financial success for you and your families.