The thought of creating an estate plan might seem overwhelming, but the experienced attorneys at Alperin Law will guide you through each step of the process and help you avoid the most common estate planning mistakes. Our goal is to prepare a plan that will provide you with the peace of mind you deserve.
Top Three Estate Planning Mistakes And How To Avoid Them
Mistake #1: Relying on One-Size-Fits-All Templates
Online templates or businesses offering budget legal services can provide you with simple planning documents for a small fee, but they’re unlikely to account for all of your specific needs. For example, if you’re part of a blended family, you must plan carefully to ensure your children from your first marriage receive a fair inheritance without jeopardizing the financial security of your current spouse. Living with a long-term partner without being legally married is another common example of a scenario where you need more than just a fill-in-the-blank template.
At Alperin Law, we take the time to meet with you to discuss your specific circumstances, your financial goals, and the legacy you wish to leave your loved ones. You can trust that our documents are created in a way that fits your unique circumstances.
Mistake #2: Failing to Plan for Disability or Long-Term Care
Most people think of estate planning as simply deciding who gets their assets after they’re gone. While that’s certainly an important part of the process, your plan also protects you if you were to become disabled or require long-term care in a nursing home.
Our experienced estate planning attorneys will help you establish advance medical directives, general durable powers of attorney, and health care powers of attorney that will make your wishes known if an injury or illness prevents you from speaking for yourself. We can also discuss trusts and other asset protection strategies to help you qualify for Medicaid benefits to pay for long-term care without jeopardizing the inheritance you wish to leave for your loved ones.
Mistake #3: Failing to Update Your Estate Plan
Estate planning needs to be an ongoing process. As your life changes, your plan needs to be reevaluated. Your tax burden may change as your income grows, you may have new additions to the family, or you may need to plan to protect a loved one who has recently become seriously ill or permanently disabled.
As a general rule, you should have your plan reviewed every three to five years. If we created your original documents, free reviews are included every three years as part of our Client Care Maintenance Program.
Do You Need to Speak With a Lawyer About Estate Planning?
If you need to speak with an experienced estate planning lawyer, please contact us online, or call our Virginia Beach office to schedule your free consultation. We have offices throughout Virginia, including Chesapeake, Newport News, Norfolk, and Suffolk.