Most people assume estate planning is only for those who are relatively old or incredibly wealthy. In reality, though, everyone should consult with an estate law attorney, regardless of their financial situation or family dynamic. A lawyer will help you help plan for all eventualities—and prevent you from making some of these common mistakes.
Don’t Make These Mistakes When Planning Your Estate
1. Failing to Update Your Will
Having an out-of-date will can cause more issues upon your death than having no will at all. Although it’s wise to take a proactive approach to estate planning by drafting a will sooner rather than later, it’s essential to review this document periodically and modify it as needed.
2. Failing to Think of Yourself
Estate law provides the opportunity to protect your loved ones in the event of an untimely passing; however, your family members are not the only ones to consider when creating critical documents. For example, every estate plan should have a living will, which states preferences regarding end-of-life care. You can also use a power of attorney to grant someone else the authority to make medical decisions on your behalf.
3. Failing to Choose an Impartial Executor
When it comes time to choose an executor, it’s natural to opt for a close family member, such as your spouse or an adult child. However, in many estate law scenarios, it’s often better to choose a relatively impartial third party. Someone who is not personally invested in the situation may be better equipped to carry out your last wishes objectively.
If you want to avoid making mistakes when creating your estate plan, turn to The Law Office of Peter A. McInish in Dothan, Headland, Cottonwood, and Midland City, AL. This full-service law firm provides a broad range of legal services, including civil litigation, personal injury, family law, divorce, real estate, business law, and estate law. Pete McInish graduated from The University of Alabama in 1980 and received his J.D. in 1983 from the Cumberland School of Law at Samford University. He became a member of the Alabama State Bar in 1983 and began practicing law with the firm of Lee & McInish. To schedule an initial consultation with this estate law attorney, call (334) 671-2555.