Estate planning can seem daunting, yet it’s a crucial step in ensuring your wishes are honored and your loved ones are protected. Unfortunately, many people make common mistakes that can lead to complications down the line. With our experience in Estate Planning we’ll explore some of these pitfalls and provide tips on how to avoid them.

Failing to Have an Estate Plan in the First Place

Life can be very unpredictable, because of this most people won’t have a will or trust properly set up should anything happen to them. Even if you have a will, it is important to keep it updated as often as possible. Other important things to keep updated, especially when you aren’t able to at the moment, are your medical directive which ensures your family and friends won’t have to make any medical decisions on your behalf, or setting up a “power of attorney” so that someone CAN act on your behalf if you so wish.

Making sure you have everything in order prior to you needing it is key to your estate planning strategy, as it provides you with peace of mind and ensures your assets are taken care of and that your family and friends won’t have to worry about settling your affairs.

Failing to Keep Your Beneficiaries in the Loop

If you don’t keep your beneficiary designations updated, this can cause a dispute of distributions. More importantly, you should keep your family and friends aware if they are listed as a beneficiary or not in order to ensure there is no misunderstanding between them.

Ignoring Digital Assets and Taxes

You might thinks setting up your financial assets ends at managing your bank accounts and properties, but there is still more too it than that! Ensuring that your cryptocurrencies and online accounts are taken care of is also an important task to manage. Another factor you should be mindful of when managing your financial assets is making sure your finances aren’t burdened by potential estate taxes and won’t be mismanaged.

Trying to Make an Estate Plan by Yourself

While there are online methods that can be used to make an Estate Plan yourself, a lot of them are not a one-size-fits-all type solution. This is where an Estate Planning Attorney comes in to ensure that no mistakes are made. At Fischetti Law Group, we have years of experience helping our clients build their estate plan and ensure that they’re as stress-free as can be.

Our firm offers FREE consultation, so don’t hesitate to call us at 833-MIKE-247. You can also visit our Contact Page or Location. Let us take care of your estate planning needs today!