If you have never made an estate plan before, then now is the time. An estate plan can help ensure your assets are managed after you pass away. You can also instruct how your medical care should be taken care of with the use of an estate plan.
Estate planning is a complex process. One mistake could create a lot of issues for your beneficiaries. Here are a few common estate planning mistakes you do not want to make:
Mistake 1: Drafting a will with a premade template
Many online services provide pre-made will templates. These templates can be cheap and fast solutions to estate planning. However, you may be getting what you paid for. Many of these templates are not valid and can include serious mistakes. It may be better to talk to someone who has a strong understanding of estate planning laws as you draft your will to avoid issues.
Mistake 2: Drafting only one estate plan
Estate planning can take a lot of time. You may not want to make another estate plan. However, it can benefit you to draft new estate plans every few years. With a new estate plan, you can change any of your last wishes, such as beneficiaries and health care directives.
Mistake 3: Misunderstanding state laws
Every state has unique estate planning laws. It is important to have a strong understanding of New Jersey laws as you create your estate plan. If you have an estate plan from another state, you may need to have these documents reviewed so they align with New Jersey laws.
Legal guidance can help you avoid serious mistakes as you draft your estate plan.