Top 10 Estate Planning Mistakes To Avoid
At Ingold Law PLLC in western New York, we have seen just about every mistake a person can make when drafting an estate plan. Between transferring property deeds, defining inheritances and new concerns over digital assets, modern families have a lot to consider.
The following errors tend to cause families the most harm and are best to avoid:
- Not having an estate plan or will
- Do-it-yourself wills and trusts
- Failing to update the estate plan after major life events
- Failing to account for late-in-life health conditions or disabilities
- Acquiescing to the requests of bad-faith actors
- Choosing the wrong estate administrator, executor or power of attorney
- Not transferring life insurance policies to a trust
- Not making gifts to reduce estate taxes
- Failing to coordinate beneficiary and retirement account designations
- Failing to account for estate taxes
With the guidance of the skilled estate planning lawyers at Ingold Law PLLC, we help our clients avoid these mistakes and properly protect everything they’ve built. With personalized care that is custom-fit to each client’s individual needs, we build comprehensive protections that provide people in Buffalo and statewide the reassurance they need.
Trust Your Family’s Future To Us
Estate planning is rarely easy. This complex process involves several areas of law, including tax, real estate, trusts, health care and more. And should a third party or disgruntled family member contest the estate, the resulting legal process can take a great toll on everyone involved. Insurance companies or creditors may claim assets to pay past debts, long-lost cousins may contest a disappointing inheritance or someone may even dispute the legitimacy of the will. It may be difficult to avoid these disputes, but comprehensive estate planning from a skilled attorney can go a long way.
Ingold Law PLLC is here to help provide clients with reliable counsel that avoids these crucial mistakes. With more than 15 years of exclusive estate planning and elder law experience, attorney Elizabeth Ingold leads her team in providing New York families with peace of mind.