Home › About The Firm › Blog › Avoiding Common Estate Planning Mistakes: Protecting Your Assets
Published October 13th, 2023 by Klafehn, Heise & Johnson P.L.L.C
Estate planning is a crucial process that allows you to protect your assets and ensure your loved ones are provided for after your passing. However, it's not uncommon for individuals to make mistakes that can have significant consequences for their estate plans. In this article, we'll explore some of the most common estate planning mistakes to avoid to safeguard your assets and legacy. Klafehn, Heise & Johnson PLLC, based in Brockport, NY, is here to provide you with experienced guidance to help you steer clear of these pitfalls.
One of the most common estate planning mistakes is procrastination. Many people delay creating an estate plan, assuming they have plenty of time. However, unexpected events can occur at any moment. It's essential to start planning as soon as possible to ensure your wishes are documented.
Failing to create a will or trust is another significant mistake. Without these documents, your assets may be distributed according to state laws, which may not align with your intentions. A will or trust provides you with control over the distribution of your assets.
For assets like retirement accounts and life insurance policies, beneficiary designations take precedence over your will. Some forms of joint ownership of assets like real property, vehicles and bank and/or investment accounts can have the same effect. Failing to update these designations and the structure of jointly-held assets can result in unintended consequences. Ensure your beneficiary designations and the structure of jointly-held assets are current and in line with your overall plan.
Estate taxes and estate/personal income taxes can significantly impact the wealth you pass on to your heirs. Failing to consider tax implications and implement appropriate strategies can lead to unnecessary tax burdens for your beneficiaries.
Life is ever-changing. Marriage, divorce, the birth of children, and other significant life events should trigger a review and potential update of your estate plan. Failing to account for these changes can lead to unintended consequences.
Selecting the wrong person to serve as executor or trustee can create problems during the estate administration process. Ensure that the individuals you choose are responsible, trustworthy, and capable of fulfilling their roles.
Failure to communicate your wishes and the location of important documents to your loved ones can lead to confusion and disputes. Open communication is essential to ensure your intentions are understood and followed.
While DIY options may seem cost-effective, they often lack the experience and professionalism necessary to address complex estate planning issues effectively. It's advisable to seek professional guidance to ensure your plan is comprehensive and legally sound.
Avoiding these common estate planning mistakes is crucial to protect your assets and legacy. If you have questions or need assistance with your estate plan, reach out to the experienced professionals at Klafehn, Heise & Johnson PLLC in Brockport, NY, by calling (585) 637.-3911. Our caring team is here to help you create a tailored estate plan that safeguards your assets and ensures your wishes are honored.
Legal Disclaimer: This article provides general information about common estate planning mistakes to avoid. It should not be construed as legal advice or a substitute for consulting with an attorney. Each individual's situation is unique, and laws can vary from state to state. For specific legal advice and guidance tailored to your transactions and circumstances, consult with the attorneys at Klafehn, Heise & Johnson PLLC. Portions of this account are considered ATTORNEY ADVERTISING under the New York State Unified Court System Rules of Professional Conduct (22 NYCRR Part 1200). Prior results do not guarantee a similar outcome.
April 23, 2025
April 16, 2025
Buying a home is one of the biggest milestones in life—and one of the largest investments you’ll ever make. Whether you’ve purchased your first house in Rochester, a vacation property near the lakes, or a new residence in Brockport, it’s not just your address that needs ...
When buying or selling a home in Rochester, Brockport, or anywhere in Monroe County, there are plenty of decisions to make—location, financing, inspections, closing timelines. But one decision many people don’t realize they even have is this: You can choose your own real estate attorney. In ...
As the seasons change, spring offers a natural opportunity to refresh and reset—not just personally, but professionally. For small business owners in Rochester, Brockport, and throughout Monroe County, one of the smartest spring-cleaning moves you can make is a thorough review of your business contracts. From vendor agreements ...
Copyright © 2025 Klafehn, Heise & Johnson P.L.L.C. All rights reserved.
Portions of this website are considered ATTORNEY ADVERTISING under the New York State Unified Court System Rules of Professional Conduct (22 NYCRR Part 1200). Prior results do not guarantee a similar outcome. We reserve all intellectual property rights in any proprietary content contained in this website.
Your cart is empty.