If you are an adult and considering creating an estate plan, you are on the right track! No one wants to think of their death, but that is the eventuality for everyone. While you cannot predict what will happen in the future, you can certainly plan for contingencies. A comprehensive estate plan is more than your will. You will also need help with your properties, for which you can contact an experienced real estate attorney in Monroe, NC. In this post, we are discussing common mistakes that you can make when creating an estate plan in North Carolina.
#1 – Not hiring an attorney
Creating an estate plan requires understanding the state laws and the dos and don’ts. The truth is most of us do not understand the complications of estate planning. Without an attorney to protect your interests and work on your long-term goals, you could be at the wit’s end.
#2 – Not including all your assets
You may find DIY estate planning services online, but these don’t address individual concerns. You could end up with an estate plan that doesn’t include all of your assets, and as a result, your assets may pass interstate after your death. You do not have any control over who gets your wealth, even though you have a will.
#3 – Not having the advanced directives
Who gets to make financial and healthcare sdasrinagar decisions for you if you become incapacitated? While this may not be something you are comfortable talking about, these are contingencies that need attention. Having advanced healthcare and financial directives is essential for your estate plan.
#4 – Not considering the needs of your blended family
If you have a blended family, you need to be more cautious with your estate plan. That alone could be one of the critical reasons to hire an attorney. Without the right tools and documents, your kids from the previous marriage may not get what you want.
#5 – Not creating the proper documents
Estate planning documents need to be perfect, both in terms of drafting and enforcement. If you don’t know what it takes to understand the legal jargon, let an attorney do it for you. Besides ensuring that your wishes are honored, they will ensure every aspect of the document is checked and verified before you sign.
The cost of estate planning depends on several factors, but hiring a lawyer doesn’t have to be expensive or complicated.