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The primary purpose of your estate plan, which might include a will, one or more trusts, and several powers of attorney, is to protect your loved ones in all eventualities. If you make a critical mistake at some point along the way, though, such arrangements could essentially be worthless. Most importantly, don’t listen to your neighbors (no matter how well-intentioned) for legal advice.  Every situation is unique and what applies to them most likely will not apply to you.  Please come in for a consultation so that all alternatives may be reviewed.  In the interim, here are some of the most common missteps to avoid when planning for your family’s future. 

Estate Planning Mistakes You Should Avoid 

1. Failing to Update Your Documents 

Because your financial situation and family dynamic will inevitably change over time, your estate plan should, too. To ensure loved ones will be protected no matter what happens, review your documents periodically and update them after every major change, such as getting married, finalizing a divorce, starting a small business, and receiving an inheritance. 

2. Failing to Plan for the Worst-Case Scenario

If you were to become incapacitated, who would make medical decisions on your behalf? And who would manage your finances? No one wants to consider the worst-case scenario, but doing so is essential if you want to create a truly comprehensive estate plan. Life may be unpredictable, but creating various powers of attorneys will ensure your family can handle anything that comes their way.  As we say: “Hope for the best, plan for the Worst”.

3. Failing to Modify Your Beneficiaries 

Depending on how you wish to distribute assets, it may be necessary to update your arrangements after certain beneficiaries experience a change in circumstances, as well. For example, maybe you want to leave everything to your grandchildren instead of your children. As such, you'll have to modify your will whenever a new grandchild is born. It’s also important to update your plan if a named beneficiary happens to pass before you do. 

 

Our success is based on doing what is best for our clients, not what is best for us. We strive to create an estate plan that will allow for the transfer of your wealth in the most simplified, economic method possible.

 

 

The knowledgeable team at Pelkey & Pelkey, P.C. helps clients draft wills, create trusts, and finalize powers of attorney. Serving individuals, families, and businesses throughout the Greater Rochester, NY, area, this firm is backed by more than 60 years of experience in the legal field. With a commitment to ensuring everyone has access to quality legal counsel, their rates are affordable, and their areas of practices are broad. To learn more about their experience with wills and trusts, visit their website. To request a consultation, call (585) 544-3440. 

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