It is important to share details about your estate plan with your loved ones so that they can do their best to make sure that your estate goals can be carried out. Deciding what to share, however, can be difficult. This article discusses several of the important things that you should make sure to tell your loved ones about your estate plans.

# 1 – Whether You Have An Estate Plan

It is important to inform your loved one about any basic estate planning documents that you might have including a last will and testament, power of attorney, health care proxies, or a living will. You might have even decided to create a trust to pass assets to beneficiaries. You should also tell your loved ones about any advance directives including financial or health care powers of attorney that you might have created to address any issues of incapacity.

Writing an estate plan is important, but it is not a once and done process. Instead, an estate plan must be reviewed and kept up to date to reflect a person’s goals. Failure to adequately update an estate plan has the potential to result in some very serious obstacles. The purpose of this article is to discuss some of the important reasons why you should make sure to update your estate plan.

# 1 – Tax Laws Change Often

The 2017 Tax Cuts and Jobs Act had a substantial impact on estate planning law. There are also various other tax codes that change and impact tax issues related to estate planning. It is critical to make sure that an estate plan is frequently updated to take advantage of these revisions to the tax code as well as to avoid paying more in taxes than one is required.

There are a number of myths that persist about estate planning. To perform successful estate planning, however, it is critical to learn which of these myths are incorrect. Unfortunately, one of the truths of estate planning is that errors have the potential to result in complications with the administration of a person’s estate. As a result, this article reviews some of the important errors about which a person should remain aware during the estate planning process.

# 1 – Failure to Name a Beneficiary

Even though many people understand the role of a beneficiary, failure to name a beneficiary can result in a number of substantial obstacles including delays and creditor issues. There is also a risk that failure to name a beneficiary will result in a person’s estate being administered in a way that they did not desire.

There are several common myths about estate planning. One of these myths is that people who have small estates do not need estate plans. In reality, everyone has an estate. This means that even if you do not believe so or if you only have a small number of possession, it is important to remember that in the eyes of the law you still have an estate. As a result, if you do not have an estate plan, it is always a good time to create one.

A second common myth about estate planning is that it is a once and done process. Instead, a person should always make sure to periodically check an estate plan after it is created. This article explores some of the important facts that people interested in estate planning should know about making revisions to their estate planning documents.

Situations that Warrant Updating an Estate Plan

Estate planning is never an easy process. Not only does estate planning force a person to face that they will inevitably pass away some day, the estate planning process also requires a person to meet a number of requirements.

Even though they are the most common type of estate planning documents, wills are just one type of tool that is available in the world of estate planning. In some cases, people discover that trusts are a much better option. As a result, this article reviews some of the primary reasons why people select wills instead of trusts.

# 1 – Trusts Save Money and Time

There are a number of threats that can change or even destroy estate plans. Three of the biggest current threats to estate plans include family conflict, market changes, and tax laws. These threats were articulated after a survey was conducted by TD Wealth at the annual Heckerling Institute on Estate Planning.

By understanding what these challenges to estate plans include, a person can better recognize the dangers that exist when creating a strong estate plan. With an appreciation of these risks, a person with the assistance of an experienced estate planning lawyer can also begin to implement solutions to solve these problems.

# 1 – Family Conflicts

Estate planning serves a valuable purpose. Done correctly, estate planning can include all of a person’s end of life goals. If mistakes are made during the estate planning process, however, an individual can end up facing countless obstacles including paying more taxes and uncertainties about beneficiaries.

In an effort to avoid some of the most common will writing mistakes, this article reviews some of the important steps that should be followed during this process.

# 1 – Listing Specific Assets

The AARP reports that 64 percent of Americans do not have estate planning documents. While “do it yourself” estate planning documents might seem attractive if you do not have an end of life plan, they are not without risks.

The advantages of “do it yourself” estate planning are clear. By performing estate planning without legal assistance, a person has the potential to save a great deal of time and money. If done incorrectly, however, “do it yourself” estate planning can lead to additional costs and other obstacles.

The Difference between “Do It Yourself” and Hiring an Attorney

Every day, a countless number of people are exposed to sudden and unexpected emergencies. For people who do not have estate plans in place, these events can create very serious problems.

Unfortunately when these events occur, a large number of people lack adequate estate plans. If you die without a will in New York, state law decides what happens to your assets and who should be held responsible. This article reviews some of the quick and essential steps that a person can use at any point in their life to begin estate planning.

# 1 – Wills Are an Important First Step

At the end of March 2019, the Pennsylvania Supreme Court heard the case of Gavin v. Loeffelbein, which concerns the appointment of emergency guardians. In the case, the Superior Court held that an emergency guardianship order automatically expired after a period of thirty days.

In addressing this case, the Superior Court found that a person who is subject to an emergency guardianship is not prohibited from making decisions about his property even if a court ordered guardian has been ordered to decide these matters. As a result, the Pennsylvania Supreme Court vacated a decision by the state’s Superior Court, which had erred when it considered the validity of an emergency order.

While this case arose outside of New York, it still serves as a good reminder about the importance role played by emergency guardians, which will be examined in this article.

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