While everyone makes mistakes at some point in their lives, some mistakes could prove more detrimental than others. When it comes to estate planning, the person creating the plan may not feel the immediate impact of any errors, but surviving family members may have to contend with a considerable amount of difficulties. Plus, a person could fail to utilize an estate plan in a manner that is comprehensively beneficial.
One of the biggest mistakes a person could make when it comes to estate planning is not planning at all. When a person dies without a will, his or her estate will be managed according to West Virginia state law. This means that surviving family may have to go to extra lengths in order to ensure that estate is closed properly and assets distributed as necessary.
When it comes to making a comprehensive estate plan, individuals may want to remember that they can also plan for events that could take place while they are still alive. Generally, these events relate to incapacitation or disability. Parties can use their plans to indicate how long-term care or potentially terminal situations should be handled. This step could help individuals feel more at ease, knowing that they have placed someone trusted in charge of such decisions.
Just making the decision to move forward with estate planning is a great starting point. From there, West Virginia residents can take steps to gain more information on their various planning options and what documents may suit their needs. In order to better ensure that their plans do not have mistakes, they may wish to speak with experienced estate planning attorneys.
Source: marketwatch.com, "Opinion: 7 common estate planning disasters and how to avoid them", Michael Feinfeld, April 26, 2018