estate planning mistakes

Watch Out for These Estate Planning Mistakes

Estate planning is too important to trust a do-it-yourself kit. These estate planning pit-falls could cost your heirs their inheritance.

Many people choose to go it alone when planning their estate. It’s all too easy to go to the Internet and download legal documents for free, or think that a Will covers every nuance of your life, and you can stop there. Estate planning is a much more complex exercise than simply plugging in names to ready-made forms. If you’re not careful, your heirs could wind up splitting their inheritance with the state and your children’s guardianship could be determined by the courts.

Don’t stop at a Will. Your Will is an important document in your estate plan, but the many other important documents handle matters while you’re still living. Living Wills, a Healthcare Power of Attorney, HIPAA Authorization and Trusts all function while you are living. If you have children, you may need to have trusts set up for them to continue their care should you pass away before they reach the age of majority. If one of your children is disabled, it is especially important to provide for their care.

Don’t prepare your own documents. Those documents you find on the Internet are generic and do not take into account individual state laws and regulations. If a probate court determines that your documents violate their rules, the court can declare that you died “intestate” (without a Will) and subject your estate to an equal division between your heirs and the state. Trust documents can be especially tricky because they are governed not only by the laws of the court but also the state banking laws.

Don’t forget about disability.Disability planning takes care of you now, if you should become disabled. When an illness or injury strikes and limits your capability of producing income, the disability plan you’ve made as part of your estate plan kicks in and pays you an income. Your bills don’t fall behind, and you keep the roof over you and your loved ones’ heads and food on the table. More than one-half of Americans will need disability benefits of some sort in their lifetime.

To make sure your estate plan encompasses all your needs, set up an appointment by giving our office a call today.

About the Author

Our firm is dedicated to providing you with quality estate planning resources, so you can become familiar with all of the existing options. When you visit or call our office, we want you to feel comfortable discussing such an important issue concerning both you and your family. We want to arm you with the information you need to make an informed decision about your family’s future.If you have a well-drafted estate plan in place, you’ll ensure that your estate passes to whom you want, when you want, and is carried out in the manner you’ve chosen. You can rest assured that your family won’t have to endure the public process and costly matter of probate. The government won’t be able to take what you’ve spent a lifetime building. But you need to be aware of the many options that exist in estate planning—and you must choose your attorney wisely.The Alpern Law Firm is a leading provider of expert estate planning guidance in Warren, OH. For more information on estate planning mistakes and other estate planning services, visit our website.

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An adjustable rate loan (ARM) is a loan that has a beginning rae that is lower than the current fixed rates but adjusts on a scheduled basis according to th eidex that governs the loan. These can be excellent products for specific circumstances but are not for the unsophisticated borrower as the rate adjustments can negatively impact the monthly payment if interest rates increase.

A fixed rate loan is exactly that, a fixed interest rate for the term of the loan. It is the more conservative position and is, historically, the most popular choice.

The mortgage crisis has involved some borrowers who elected ARM loan because some of them qualify at the lower start rate allowing the buyers to qualify for a higher loan amount. When the rate adjusted they were no longer able to afford the payment.

Shop for your loan officer carefully. Look for someone who spends more time investigting your needs and goals than they do selling themselves or “the lowest rate”. rate is only one component of what makes a loan the right one for you. Have them explain all of your options so that you may chose the right loanproduct. Don’t let them choose for you.

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