Law Offices of Terri D. Mason, P.C.


3 Major Estate Planning Mistakes You Could be Making Right Now

serious focused african american couple reading paper documentsPlanning for the future, especially when it concerns our family’s wellbeing, is paramount. Yet, navigating the legal intricacies of estate planning can be daunting. Estate planning is not just about wills or trusts but involves a comprehensive approach to safeguard your assets and ensure they’re passed on to your loved ones in the manner you desire.  Unfortunately, even with the best intentions, estate planning mistakes can occur. In this article, we’ll highlight three significant estate planning errors and why you should avoid them.

Mistake #1. Neglecting to Update Your Estate Plan

One of the most common missteps in estate planning is the failure to keep documents updated. Life is ever-evolving, with births, deaths, marriages, and divorces. For instance, after a significant life event, like having a child, you might want to ensure they’re named as a beneficiary. Conversely, after a divorce, you might want to remove an ex-spouse from your documents.

A study revealed that only 42% of American adults have estate planning documents such as a will or a living trust. But, of those who do, a significant number fail to review and update their plans regularly.

These highlights the importance of keeping your documents current. Failing to do so might mean your assets won’t be distributed according to your current wishes or might even cause legal disputes among family members.

Mistake #2. Overlooking the Importance of a Conservatorship

When you think of estate planning, wills and trusts often come to mind. However, what if you become incapacitated before passing away? Who would make decisions on your behalf? Here, the importance of having conservatorship attorneys comes into play.

If you haven’t established a conservatorship, you might leave your family in a challenging position. They may have to undergo a lengthy court procedure to be appointed as your conservator. By discussing your options with an estate planning attorney in Baltimore at the Law Offices of Terri D. Mason you can ensure your desires are clear and legally established.

Mistake #3. Solely Relying on a Will

A will is a crucial component of any estate plan. However, solely relying on it can be problematic. Wills are subject to probate, a public process that can be time-consuming and costly. Trusts, on the other hand, provide a more private means of transferring assets, keeping them outside of the probate process.

There are multiple benefits of trusts, including potential tax savings, protection from creditors, and more precise control over asset distribution. By speaking with a trust and estate lawyer at the Law Offices of Terri D. Mason you can better understand the distinctions and benefits of various estate planning forms.

How to Avoid Estate Planning Mistakes

The best way to avoid estate planning mistakes is to work with an experienced estate planning attorney. An attorney can help you to create an estate plan that meets your individual needs and goals.

Here are some tips for avoiding estate planning mistakes:

Secure Your Legacy with the Law Offices of Terri D. Mason

Estate planning is an important part of financial planning. By avoiding the three common estate planning mistakes discussed in this blog post, you can help to ensure that your loved ones are taken care of after you are gone.

The Law Offices of Terri D. Mason is a law firm that offers a wide range of legal services, including estate planning. Our experienced estate planning attorneys can help you to create an estate plan that meets your individual needs and goals.

Don’t leave your future, or that of your loved ones, to chance. Avoid the aforementioned estate planning mistakes by consulting with a seasoned estate planning attorney that Baltimore trusts.

Protect your legacy. Reach out to the Law Offices of Terri D. Mason today.