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Lawyers frequently see clients who have made estate planning mistakes. Estate planning can be a complex process, and it is not uncommon for individuals to make mistakes when creating or updating their estate plan. An attorney can help correct these mistakes by drafting new documents, amending existing ones, or helping to resolve disputes that may arise from the mistakes. By seeking the help of a professional, individuals can ensure that their estate plan is effective and that their assets will be distributed according to their wishes.

Some of the more common estate planning mistakes are:

  1. Not having an estate plan. The failure to plan puts a person’s assets at risk for going to someone that is not anticipated or would not have been the choice of the deceased. Similarly if someone passes without a plan the person that ends up being the personal representative for their estate may not be someone they would have chosen. Putting a plan in place prevents these problems.
  2. Not updating an estate plan. As time passes we all have changes in our lives. These changes can often impact the choices that we may have made for our estate plans. If those choices are not reviewed on a regular basis they may be forgotten or ignored until it is too late to correct them. Again, putting a plan in place is important. Keeping that plan up to date is also important.
  3. Failing to review the titles of property. Clients can sometimes fail to consider the titles of property that is in their names after they have completed an estate plan. For example, we have seen clients purchase new homes or open new accounts without taking the step to make sure that the disposition of those assets is properly planned for.

We Can Help

The estate planning attorneys of Penzien & McBride, PLLC have been helping families and business owners with their estate planning needs for more than two decades. If you are looking for a compassionate professional that can help you through the estate planning process, conduct a review of your existing estate plan, or if you would like additional information about our services, give us a call at (586) 690-4400 or schedule an appointment to discuss your needs.