Estate planning is a vital step in securing your family's future and ensuring your wishes are
honored. Yet, many individuals delay the process, often leading to unintended consequences. At
Generations Legal Group, we’ve seen firsthand how proactive planning can save families from
unnecessary legal battles, financial strain, and emotional stress. Let’s explore the most common
pitfalls in estate planning—and how to avoid them.
1. Failing to Create an Estate Plan at All
One of the most significant missteps is not having a plan in place. Without an estate plan that
avoids probate, the state decides how your assets are distributed, which might not align with your
wishes. Proactive planning gives you control over who inherits your assets, who manages your
estate, and how loved ones are cared for.
How to Avoid This: Begin the estate planning process today, even if you believe your assets are
modest. An experienced elder law attorney can help you navigate the complexities and customize
a plan that fits your unique needs. Many times the solutions we offer are very inexpensive, in
fact free (yes, for real). You won’t get that information at many law offices!!!!
2. Neglecting to Update Your Plan
Life changes, and so should your estate plan. Major life events—like marriage, divorce, the birth
of a child, or the death of a beneficiary—can render your existing plan outdated. Failing to
update your documents can result in unintended beneficiaries or overlooked heirs.
How to Avoid This: Schedule regular reviews of your estate plan. At Generations Legal Group,
we recommend revisiting your plan every three to five years or after any major life event.
3. Overlooking Powers of Attorney
An estate plan isn’t complete without powers of attorney for both financial and healthcare
decisions. These documents allow you to designate someone you trust to act on your behalf
immediately which is important if you become incapacitated. Without them, your loved ones
may face lengthy court proceedings to gain authority over your affairs.
How to Avoid This: Work with an attorney to draft durable powers of attorney and healthcare
proxies tailored to your needs and that are very comprehensive to cover all the things that need to
be covered as you age.
4. Not Planning for Long-Term Care Costs
The rising cost of long-term care is a significant concern for aging individuals and their families.
Many people underestimate these expenses or assume they’ll be covered by Medicare. Without
proper planning, long-term care can quickly deplete your savings. What is unique at Generations
Legal Group, is that we provide both the legal solutions and the financial solutions to this
problem since we offer legal services and financial services. Our financial services are offered
by an independent financial planning firm headed by a Certified Financial Planner that works
hand-in-hand with our attorneys.
How to Avoid This: Medicaid planning and long-term care insurance are key strategies to
protect your assets while ensuring you receive the care you need. Our team specializes in helping
families navigate these options.
5. Ignoring Beneficiary Designations
Assets like retirement accounts, life insurance policies, and payable-on-death accounts pass
directly to designated beneficiaries, bypassing your will. However, failing to update these
designations can lead to assets going to the wrong person, such as an ex-spouse.
How to Avoid This: Review and update beneficiary designations regularly, especially after
significant life changes.
6. Relying on DIY Estate Planning Tools
Online templates and do-it-yourself kits may seem convenient, but they often fail to account for
state-specific laws or the nuances of your unique situation. Mistakes in DIY documents can lead
to costly legal disputes. Most attorneys LOVE do-it-yourself estate plans. At Generations Legal
Group, we don’t do litigation so we don’t make money when your estate goes to court. Many
attorneys do and our goal is to keep you out of court. (Did you know that if your sole estate
planning tool is a Last Will and Testament, you are going through probate?)
How to Avoid This: Trust an experienced elder law attorney to draft your estate plan. At
Generations Legal Group, we take the time to understand your goals and craft a plan that
provides peace of mind by avoiding probate sometimes with a Trust but many times, without a
trust.
Why Choose Generations Legal Group?
Estate planning isn’t just about documents—it’s about people. At Generations Legal Group, we
take a personalized approach, guiding you through each step with care and expertise. Whether
you need to create a trust, use some other probate avoidance tool, or plan for Medicaid, our team
is here to help.
Don’t wait to secure your legacy. Contact Generations Legal Group today to schedule a
consultation. Together, we’ll build a plan that protects what matters most.
