Estate plans are very detailed documents, as they should be. However, that leaves a lot of room for mistakes. As websites like Legal Zoom become more popular, more mistakes are surfacing in Raleigh estate plans.
4 common mistakes made in the estate planning process when a Raleigh attorney does not prepare the estate plan are:
- There is No Plan: So many families believe they have time in the future to create an estate plan. However, as an estate planning attorney, I can personally tell numerous stories of a couple who thought they had more time but they didn’t. Don’t wait!
- Not Updating the Plan: Families constantly change and thus, a family’s estate plan should change. As children are added to the family, family members pass away, or divorce occurs, the plan should be updated. I suggest all of my clients do an annual review of their estate plan to make sure nothing has changed and to take the time to think through their previous decision in light of their current circumstances.
- Choosing an Executor: When it comes to choosing an estate executor, or the individual who will make the decision after you pass away, be very careful. Many Raleigh couples choose someone very close to them. However, the closer this individual is, the less likely they are going to be emotionally ready to manage the estate.
- Asking For Help: There are quite a few implications in the legal, financial and tax realms that must be considered in an estate plan. In order to not leave family in a tight spot after you pass away, ask for the help now. Reach out to a Raleigh estate planning attorney, a Raleigh CPA, or a Raleigh Financial advisor!
Already have an estate plan? Or maybe you can’t remember the last time anyone laid eyes on the document? Then, it’s time. Whether it is a review, creating an estate plan, or just getting questions answered, I am happy to help with that! Contact me, Chad Thornton of the Thornton Law Firm in Raleigh today.
