Estate planning is one of the most important things you can do to create security for your family, your possessions and your future. But many clients make mistakes that produce added stress, legal complications and result in losing money. Whether you are planning retirement, or just starting to build your wealth, it is worth your time to avoid the most common mistakes. This is why an experienced estate planning attorney in Bucks County or Warminster, PA can make a big difference.

At LM Attorney, we meet with clients all the time who have done some type of estate plan, either on their own or used an online form. While pulling together estate planning is easy, it rarely accounts for state statutes, tax obligations and family structure.

Mistake #1: Not Having a Plan at All
What is the worst mistake you can make? “No Plan” at all. Without a legally valid will or valid trust, your estate will be affected by Pennsylvania’s intestacy laws. Unless a judge does the paperwork, there is slim chance that your wishes, would conform with the rules in Pennsylvania. An estate planning attorney in Warminster, PA can assist you with addressing the public trust laws, so that your loved ones inherit your assets per your wishes.

Mistake #2: Not Updating Your Documents
Life evolves—you’re married, or divorced, you have children, someone passed away, or the financial situation changed. If your estate planning documents are not updated to account for these changes, it could cause conflicts, or perhaps worse. When you meet with an attorney for your regular review, it is easier to keep your documents current.

Mistake #3: Not Having the Healthcare and Power of Attorney Documents
A complete estate plan does not just document who gets what. It also provides a mechanism for those responsible for your healthcare decisions (Advance Healthcare Directive), your healthcare provider (Healthcare Proxy), and your financial decisions (Durable Financial Power of Attorney) if you become incapacitated.

Mistake #4: Naming the Wrong Executor or Trustee
Choosing the right person to take the role of executor or trustee is essential. The person must be organized and responsible, but also impartial. An experienced attorney may be able to assist you in an objective way in this task.

Mistake #5: Not Thinking About Taxes and Probate
A lot of people aren’t thinking about how taxes will affect their heirs. An experienced estate planning attorney in Bucks County can formulate strategies to lessen estate tax and if done correctly, the estate can avoid probate altogether, saving both time and money.

Avoid Mistakes—Plan with a Professional
Estate planning is too important to leave up to happenstance. At LM Attorney, we provide personalized legal services to make sure that you avoid costly mistakes and protect your legacy. Whether you are in Bucks County or Warminster, PA, we are here to guide you toward your reasonable and legally sound estate plan.