Estate planning is essential to ensure that your hard-earned assets are well-preserved and left to the right people. But simply setting up an estate plan isn’t enough—you also need to make sure that you include the proper provisions and make regular updates. Below are three common estate planning mistakes that you should avoid.

What Estate Planning Mistakes to Prevent

1. Doing It Yourself

Estate plans are complex, multi-faceted, and should include more than just a will. It’s always best to hire a lawyer when putting one together. In addition to helping you create a plan that is customized to your needs, an estate planning professional will make sure that you include important components such as living wills. They’ll also advise you on strategies for reducing estate taxes.

2. Neglecting Regular Updates

It’s important to update all your estate planning documents on a regular basis to account for major life changes such as births, deaths, marriages, and divorces. In addition to reviewing your will, you should also check the beneficiary lists on your life insurance policies and retirement accounts to ensure they’re left to the appropriate individuals.

3. Not Planning for Disability

According to the Social Security Administration (SSA), more than 1 in 4 adults will become disabled before they retire. In addition to accidents, chronic illnesses such as heart disease and cancer can result in long-term disability and have a major impact on your life. In addition to ensuring financial provisions for such an event, your estate plan should designate a person to make financial, healthcare, and parenting decisions for you should you become incapacitated. 

When you need to update your estate plan, the Law Offices of Robert B. Liotta, Esq. will help. For nearly two decades, these seasoned Pennsylvania attorneys have been helping clients throughout Westmoreland, Allegheny, and Armstrong counties keep their estate planning documents current. They’re also experienced in estate administration. Visit their website to learn more about their services and call (724) 334-9870 to set up a consultation.