The last thing most people want to think about is their death. Making plans for when we are no longer here, with our loved ones, can be a depressing topic. However, making sure you have solid estate plans in place is critical to ensuring that your family is taken care of and your last wishes are met. Instead of being depressing, knowing you have made arrangements for when you are no longer here can actually give you peace of mind.
The following are some of the most common estate planning mistakes that each estate planning lawyer from Klenk Law has seen that often result in major problems for families.
No Estate Plan
Unfortunately, more than half of the adults in this country do not have a will or any other estate planning tool in place. This means there is nothing in place that will protect their family or their finances when they die. Not only does not having an estate plan in place have a negative impact on what happens when a person dies, it can also have a negative impact when they are still alive if they should become incapacitated. Part of a solid estate plan is having legal documentation in place that addresses how financial and medical decisions should be handled in the event you become unable to make those decisions yourself.
Only Having a Will
Although having a last will and testament is critical, it should not be the only tool you have in place. Your Allentown, PA estate planning lawyer will go over all of the helpful options you may have, including setting up trusts, advanced medical directives, and power of attorney documents. These documents give you the final say on how your finances and health decisions should be made.
Picking the Wrong Trustee and/or Executor
When you set up your estate planning documents, you will need to choose people who will oversee your wishes. You will need to choose an executor for your will. This is the person who will make sure that the assets are distributed per your wishes and that debts are paid. This is done under the supervision of the probate court. You will also need to choose a trustee if you choose to set up a trust, as well as a healthcare power of attorney, and a financial power of attorney.
It is imperative that you choose individuals who will not only be qualified to handle these positions but will also adhere to whatever your wishes in these documents are. Although many people choose family members for these positions, this can sometimes cause issues within the family, especially if there are some family members who you have decided not to leave anything to. It is often better to choose a neutral party to oversee these duties.
Not Updating Your Estate Plans
Another mistake many people make is that the set up an estate plan but they never go back to update or change things when life events happen that demand these changes. Events such as marriages, divorce, births, and deaths often mean that beneficiaries need to be added or changed. An estate planning lawyer Allentown, PA clients respect can help you with those changes.
Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!
"I worked for Peter Klenk for 4 wonderful years. I can’t speak highly enough of everyone at the firm. Everyone truly cares about their clients and has a strong sense of responsibility to get things done right. I would highly recommend Klenk Law!"
Flora Novick
Tremendous firm with bright, kind and tenacious people. Great representation for our family.
When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...
I have worked with Peter Klenk & his associates for some time now and I have found them to be ultra-qualified, knowledgeable and diligent about their work. I highly recommend them.
Peter Klenk made a complex subject understandable and allowed us to move forward with our estate planning. He was patient with our questions and creative in the solutions he proposed.
Mr. Klenk has been easy to work with. I am confident he has given me good advice whenever I have called upon him. He has shown good work ethic and depth of knowledge in preparation of estate, wills, and trusts that I have worked with him on.
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