How to Avoid Estate Plan Mistakes - Wylkan Estate Planning & Certified Elder Law
 

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How to Avoid Estate Plan Mistakes

September 01, 2020

Dealing with estate plans is an emotional experience. As a planner, it’s not always pleasant to think about the end of your, or a loved one’s, life. As a beneficiary, not only do you have to deal with the loss of someone important to you, but a host of complicated financial and legal details that can be hard to sort through regardless of the circumstances. If someone in your family made mistakes in their own estate planning (or didn’t plan at all), you know how much stress it can put on the family. You can begin a new cycle of effective estate planning today. It is never too late!

Why Estate Plans Fail

The most well-intentioned plans can turn into a disaster if details aren’t understood and monitored carefully. Here are a few factors that contribute to a poor estate plan. How prepared are you? 

  • Unfinished or Ambiguous Documents
  • Lack of Nursing Home Protection
  • Lack of Funding
  • Lack of Timely Updates
  • Lack of Remarriage Protection
  • Family Legacy Not Captured

Do the Legwork Now

You’ve worked too hard to leave your money and assets at the mercy of the “powers that be”—the courts, government, creditors, and predators. The last thing you want your beloved family to do after you’re gone is fight over money. An estate plan is the best way to protect your hard-earned money and family legacy once you're gone, but you have to prepare now. 

Approach Wealth Holistically 

It’s a mistake to think that estate plans are only about money. A holistic approach to wealth helps to preserve your assets, core beliefs, life lessons, and contributions. You don’t want your name and core values to be a missing branch on the family tree. 

Arrange for Nursing Home Protection 

Did you know the average cost of a nursing home in the United States is $94,896 per year? It’s critical to take the time to learn about Nursing Home Protection so if a facility is in your family's future, it doesn't drain your estate. Medicare and Medicaid, long-term care insurance, and out-of-pocket funding are often not enough to protect you from crushing medical expenses.  

Get Help

Feeling overwhelmed? You don’t need to. You may have heard about quick, one-stop “solutions” to estate planning, but these often result in  “bare-bones" living trusts, inadequate documents, and a lack of connection to real issues faced by families today. 

As tempting as it sounds to make your own plans, don’t make this a DIY project.  Laws are constantly changing, and even if you put your best foot forward with educating yourself, you may not know what you don't know. By working with a trusted professional, you will avoid headaches and even possible lawsuits and court costs in the future.


If you're ready to take the next step, sign up for one of our estate planning webinars

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