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New York estate planning: Avoid these common mistakes

On Behalf of | Sep 20, 2020 | Estate Planning

Estate planning offers valuable advantages to all who make the effort to create a solid plan. Estate plans can be as unique as the individuals they help. An important part of estate planning for those in Brooklyn, NY, is avoiding common errors that can make your plan less effective. Some of these mistakes are discussed below.

Taking a cookie-cutter approach. What works for some people may not be effective for you. Instead of planning the same way that your neighbors or other family members do, consider an estate plan tailored to your unique circumstances.

Failing to consider future disabilities. You may be fit right now, but that does not mean you will always be healthy. Planning for the possibility that you might one day be disabled ensures that your estate plan will meet your needs regardless of your health.

Selecting the wrong estate executor. It takes a unique set of skills to manage an estate properly. Instead of picking what seems like a logical choice (e.g. an adult child), consider your candidates carefully before choosing.

Putting off your estate planning. Waiting too long to create a plan for your estate may put your assets in jeopardy. If you become ill, injured or capacitated in some manner, it might be too late to protect what matters to you.

Failing to update your plan as necessary. When major events like divorce, remarriage or unexpected death occur, adjust your estate plan accordingly to keep it effective.

Effective estate planning can be complicated, but you can find assistance in addressing these matters. Finding an attorney with estate planning experience and with a caring approach is a great way to meet the challenges associated with protecting your assets and your loved ones.