Estate Planning Attorney: Avoid These Top Mistakes

Meason & Morris Law discusses an Estate Planning Attorney: Avoid These Top Mistakes

Everyone wants to protect their family. You work hard your whole life to build a good life for the people you love. But what happens to everything you’ve built when you’re no longer here?

Thinking about this can be uncomfortable, but it is one of the most important things you can do for your family. This is what estate planning is all about: making a clear plan for the future to make sure your loved ones are taken care of and your wishes are followed.

Many people think they can save time and money by creating a will or estate plan on their own. There are many websites and software programs that promise a quick and easy solution. While it might seem like a good idea, trying to handle your estate plan by yourself can lead to big problems.

These mistakes can cause stress, family fights, and cost your family thousands of dollars in legal fees. This article will walk you through the top mistakes people make when they don’t work with an estate planning attorney and show you how to avoid them.

Mistake #1: The Dangers of DIY Wills

In a world where you can find a do-it-yourself guide for almost anything online, it’s tempting to think you can create your own will. Websites that offer cheap, fill-in-the-blank legal forms can seem like a great deal. You might think you are saving a few hundred dollars. But when it comes to your life’s savings and your family’s future, a DIY will is one of the riskiest things you can do.

Think of it like this: would you try to fix a serious electrical problem in your house by watching a 5-minute video? Probably not. You would call a professional electrician. An electrician has the training, tools, and knowledge of safety codes to do the job right and keep your family safe.

An estate planning attorney is like a specialized electrician for your financial life. They have years of training and experience to make sure your plan is built correctly and follows all the rules.

Every state has its own specific laws about what makes a will legal. A generic form you find online might not meet your state’s requirements. If the will is not considered valid, a court can throw it out completely.

This means the plan you made will be ignored. Instead, a judge will decide how to divide your property based on state law, which might not be what you wanted at all.

These online documents are also one-size-fits-all. Your family and your financial situation are unique. A simple form cannot possibly cover all the important details.

For example, do you have a child with special needs who will require lifelong care? Do you own a small business? Do you have a blended family with children from a previous marriage?

These situations require careful, custom planning that a DIY will simply cannot provide. The money you save now on a cheap online will can be quickly eaten up by the thousands, or even tens of thousands, of dollars in legal fees your family will have to pay to fix the problems later. A small investment in professional advice today can save your family a fortune and a lot of heartache tomorrow.

Mistake #2: Missing Signatures and No Witnesses

Imagine you spend hours creating what you believe is the perfect will. You’ve written down exactly who should get what. You sign it, put it in a safe place, and think you’re done.

But you missed one critical step: you didn’t have it witnessed correctly. Because of this simple mistake, your entire will could be worthless.

Every state has very strict rules about how a will must be signed to be legally valid. These rules are not just suggestions; they are hard requirements. If they are not followed perfectly, the will can be challenged in court and thrown out. While the exact rules can change from state to state, most have a few key things in common.

First, you, the person making the will (called the testator), must sign it. Or, another person can sign it on your behalf, but they have to do it in your presence and at your direction. Second, your signature must be witnessed by at least two people. A few states require three.

These witnesses have to watch you sign the will, or you must tell them that the signature on the will is yours. Then, the witnesses must sign the will themselves in your presence.

Who can be a witness? This is another area where people make mistakes. A witness should be a “disinterested” person. This means they are not getting anything in your will. If a witness is also a beneficiary, it can create a major conflict of interest and cause problems.

For example, if you leave your car to your neighbor and your neighbor is also one of the witnesses on your will, it could make that gift to them invalid. The best practice is to find two people who are not related to you and are not inheriting anything from you to be your witnesses.

Think of the witnesses as independent observers who can confirm to a court that you were the one who signed the will and that you seemed to be of sound mind and not forced into it. Without valid witnesses, there is no one to legally back up your will.

An estate planning attorney oversees this signing ceremony, called a will execution, to make sure every single rule is followed to the letter. They will provide the disinterested witnesses and create a record that the will was signed correctly, giving you and your family peace of mind.

Mistake #3: Forgetting to Update Your Plan

Creating an estate plan is a huge step, but it is not a “set it and forget it” task. Your life is always changing, and your estate plan needs to change with it. One of the most common and damaging mistakes is creating a plan and then sticking it in a drawer for 20 years without another thought. An outdated plan can cause as many problems as having no plan at all.

Think about all the major life events that can happen over the years. You might get married or divorced. You might have children or grandchildren. You might buy a house or start a business.

The people you chose to be in charge of your estate might move away, become ill, or pass away themselves. Tax laws also change over time. Any of these events can make your old plan not work anymore.

One of the most critical parts of your plan to keep updated is your beneficiary designations. These are the people you name to directly receive your assets from things like life insurance policies, retirement accounts (like a 401(k) or IRA), and bank accounts that are marked as “payable-on-death.”

Many people don’t realize that these beneficiary designations override what your will says. For example, if you named your ex-spouse as the beneficiary on your life insurance policy 10 years ago and forgot to change it after your divorce, your ex-spouse will get the money, even if your will says everything should go to your current spouse. This can lead to devastating and unintended consequences for your loved ones.

An estate planning attorney will not only help you create your initial plan but will also remind you to review it regularly. It is a good rule of thumb to review your estate plan every three to five years, or anytime you have a major life change.

This regular check-up ensures that your plan always reflects your current wishes and will work the way you want it to when the time comes.

Mistake #4: Not Planning for Being Unable to Make Decisions

When people think of estate planning, they usually focus on what happens after they die. But a complete plan also protects you while you are still alive.

What would happen if you were in an accident or had a sudden illness that left you unable to make your own decisions or manage your own finances? This is called being incapacitated. Without a plan for this, your family could face a legal nightmare.

If you don’t have legal documents in place that say who you want to make decisions for you, your family can’t just step in and take over. They can’t access your bank account to pay your mortgage or talk to your doctors about your medical care.

Instead, they would have to go to court and ask a judge to appoint a guardian or conservator for you. This court process is expensive, takes a long time, and is a matter of public record. It can be a huge burden on your family during an already stressful time. Worst of all, the judge might appoint someone to be in charge of your life that you would never have chosen yourself.

An estate planning attorney helps you avoid this by creating documents that let you choose who you trust to make these decisions. A Durable Power of Attorney for Finances is a legal document where you name a person (called your agent) to manage your finances if you can’t.

This person can pay your bills, manage your investments, and handle your property. A Healthcare Power of Attorney lets you name an agent to make medical decisions for you when you are unable to speak for yourself. This person can access your medical records and make choices about your treatment based on what you would have wanted.

By planning for incapacity, you stay in control of your life, even if you can’t communicate your wishes. It is a gift of clarity and peace for your family, saving them from having to make impossible decisions in a time of crisis.

Mistake #5: Choosing the Wrong People for Important Jobs

In your estate plan, you will need to name people to fill several very important roles. These people are called fiduciaries, and they have a legal duty to act in your best interest. Choosing the right people for these jobs is one of the most important decisions you will make. Many people make the mistake of simply picking their oldest child or a close friend without thinking carefully about what the job requires.

Here are the key roles you will need to fill:

• Executor:

This is the person who will be in charge of carrying out your will’s instructions. They will gather your assets, pay your debts and taxes, and distribute the remaining property to your beneficiaries. This job requires someone who is organized, responsible, and good with paperwork.

• Trustee:

If you create a trust, the trustee is the person who manages the assets in the trust for the benefit of your beneficiaries. This role can last for many years and requires someone who is trustworthy and good at managing money.

• Guardian:

If you have minor children, this is the person you name to raise them if you are gone. This is a huge responsibility, and you should choose someone who shares your values and has the ability and desire to be a parent to your children.

When choosing people for these roles, don’t just default to the obvious choice. Think about the skills each job requires. The person who is great with kids might not be the best person to manage a large trust.

Your most responsible child might live across the country, which could make it difficult for them to serve as executor. It is also important to talk to the people you want to name to make sure they are willing and able to take on the role.

Finally, you should always name at least one backup person for each role, in case your first choice is unable to serve. An estate planning attorney can help you think through these choices and select the people who are best suited for each important job.

How an Estate Planning Attorney Helps

Reading about all these potential mistakes can be overwhelming, but you don’t have to figure it all out on your own. This is where a qualified estate planning attorney comes in. Working with an attorney is the single best way to ensure your plan is built correctly, protects your family, and accomplishes all of your goals.

An attorney does much more than just fill out forms. They take the time to get to know you, your family, your financial situation, and your hopes for the future. They listen to your concerns and answer your questions.

They use their deep knowledge of state and federal laws to create a custom plan that is tailored to your unique needs. They will help you navigate complex issues like tax planning, protecting assets from creditors, and planning for loved ones with special needs.

Most importantly, an estate planning attorney provides guidance and peace of mind. They will make sure your will is signed and witnessed correctly so there is no question about its validity. They will help you coordinate your beneficiary designations so your assets go to the right people.

They will help you choose the right fiduciaries to carry out your wishes. They will be there for you and your family in the years to come to make sure your plan stays up to date. The value of this professional guidance is priceless.

Your Family’s Future is Worth It

Your estate plan is your last gift to your family. It is your final way of telling them that you love them and that you wanted to make things as easy as possible for them during a difficult time. Trying to save a little money with a DIY plan can end up costing your family far more in the long run. The risks are just too high.

By working with an experienced estate planning attorney, you can be confident that you have a solid plan in place that will protect everyone you love and everything you’ve worked for. Don’t leave your family’s future to chance. Take the first step today to create a plan that gives you and your family true peace of mind.

If you are ready to get started, contact Meason & Morris Law today for a consultation. We are here to help you build a plan that secures your legacy and protects your loved ones for generations to come.

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Meason & Morris Law is a legal firm led by seasoned attorneys Marty Meason and Chris Morris. We provide a professional experience for all our clients, helping them navigate their legal rights. We focus on Criminal Justice Law (felonies and misdemeanors), Divorce and Family Law, Expungement and Felony Law, Probate Law and also have Trial experience. Serving Washington County, Nowata County, Osage County, Rogers County, Payne County, Pawnee County, and Kay County in Oklahoma.

Meason & Morris Law

515 Delaware Ave

Bartlesville, OK 74003

918-336-6300