As you begin estate planning in Pennsylvania, you may hear a lot about what you should do. There is not a lot of talk about the common mistakes that people make in their estate plans. Making a mistake can cost your heirs a lot of time and money, so understand the things to avoid can be a wonderful thing. It also gives you peace of mind that you have done everything to ensure you don’t leave a mess when you pass away.
U.S. News and World Report explains most of the issues stem from not knowing the proper way to do things and not communicating with your family what you want. Leaving a surprise in your estate plan for your heirs is something that only really works in Hollywood. You are far better off making sure everyone understands your wishes so that when the time comes, there are no disagreements that could land your estate in probate for a long time.
You also need to take the right steps to ensure all the documents you create are legal and binding. You do not want to leave your heirs at the mercy of the court because you created a will that does not mee the state’s legal requirements and therefore is invalid.
Lastly, once you create your estate plan, the process is not over. You need to update it regularly. This is especially true if there are any changes in your life or the lives of your heirs. Still, even if nothing changes in your life, you may want to do a regular review just because laws change and could have an impact on your plan. This information is for education and is not legal advice.