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Home > Blog > Asset Protection > Estate Planning Mistakes That Could Cost You Money

Estate Planning Mistakes That Could Cost You Money

Many of us are so busy dealing with today’s responsibilities and demands that we can fail to plan for what tomorrow might bring. Estate planning does just that; it provides the security of knowing that both you as well as your loved ones are provided for in the future. Estate planning and protection is not only for the wealthy or those with extensive assets or property holdings. Anyone can benefit by having their financial affairs in order, and regardless of whether you have a little or a lot, we all want to protect whatever property and money we have accumulated. When it comes to protecting your future, proper estate planning not only provides security, but it can also save you money in the long run.

Four Estate Planning Mistakes to Avoid

According to reports from Accounting Today, there are certain estate planning mistakes you should take care to avoid. These include the following:

Procrastinating: While it is easy to put off tasks such as creating a will, a healthcare power of attorney, or setting up a trust, it is important not to delay in completing these tasks. In the event that you become ill, you want someone authorized to make medical decisions on your behalf, and in the event of your passing, failing to have a will could end up leaving your money and property lingering in probate.

Failing to update documents: While establishing estate documents is important, it is also important to keep them relevant and up to date. Any changes in circumstances, such as a marriage or the birth of a child, will require revisions in your estate plan, as will any profits, losses, or windfalls that come your way.

Not looking at the big picture: When doing estate planning, it is important to look at the big picture. Things can and do go wrong, and you want to be sure your holdings are protected, while at the same time being easy to get to if you need them. Consulting with an estate planning attorney can help you to account for all eventualities.

Not seeking professional advice. According to Forbes Magazine, taking a do-it-yourself approach could result in costly mistakes, such as setting up a trust yet failing to actually transfer your assets into it. When it comes to estate planning, having a trusted attorney to guide you and go over the fine print, while ensuring that all of your documents are legal and all of your assets accounted for, is a must to prevent costly mistakes and ensure your financial future.

Contact Our Experienced Estate Planning Attorneys

At Cavallo & Cavallo, our experienced New York estate planning attorneys can help you get the documents you need to ensure your property and assets are protected. We provide professional, effective legal representation for all your estate planning needs, while ensuring you get the comprehensive client service you deserve. With offices in the Bronx and Westchester, we are your neighborhood law firm, so call or contact us online today for a free and confidential consultation.

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