Three Common Estate Planning Mistakes in Virginia

#1 Relying on One-Size-Fits-All Estate Planning Documents

A lot of estate plans fail today because they are created using one-size-fits-all estate planning documents. This is a major problem because the needs and desires you have for your family will never be exactly the same as the next person’s.

You do not have exactly the same retirement and investment accounts, nor do you own the same property as the next person. So, why would you think that the same estate planning documents used by someone else would be a good fit for your family as well?

While online document templates can save you money on legal fees, they cannot be relied on to work as expected. Building your estate plan around one-size-fits-all estate planning documents can leave your loved ones stuck in court, and in conflict with each other after you die.

To avoid making this mistake, hire an experienced Virginia estate planning attorney who can help create a personally tailored estate plan that will accomplish the goals and desires you have for your family, and that will work when you need it to.

#2 Failing to Plan for Disability or Long-Term Care

The circumstances leading to disability or the need for long-term care can vary widely. Sometimes it’s sudden, like a stroke or a coma. In other cases, it results from a gradual decline over many years, like with dementia. In either case, you must have an incapacity plan in place before it is too late.

It is also critically important to make a plan to afford the exorbitant cost of long-term care that often comes with incapacity and disability. Without a plan in place when you need it, your life savings can vanish in an instant.

An experienced estate planning attorney can help you plan for periods of incapacity and disability during your lifetime by assisting you with putting the following documents in place:

1. Advance medical directives;
2. General durable powers of attorney;
3. Health care powers of attorney; and
4. Living Trusts

Also, speak with your Virginia estate planning attorney about using trusts, and other estate planning mechanisms, which will allow you to qualify to have Medicaid pay for long-term care, without having to spend down all of your assets first.

#3 Failing to Update Your Estate Plan

One often overlooked and critical component to achieving your estate planning goals is regularly reviewing and, if need be, updating your estate plan. The needs and desires you have for your family can change, and it is not unusual to find that your estate plan is no longer aligned with your most current needs and desires.

It is important to review and update your estate planning documents often (at least every 3-5 years) to make sure that they align with your current estate planning wishes. You should also undertake an immediate review of your estate planning documents whenever you experience any one of the following life events:

1. A marriage or divorce in your family;
2. A birth or death in your family; or
3. A significant change in your assets

Consult with a qualified Virginia estate planning attorney for assistance with reviewing and updating your estate plan, as well as for information about other estate planning mistakes to avoid. Contact us at (703) 553-2577 or use the contact form on our website.

The information on this site is for general informational purposes only. The information presented in this site is not legal advice or a legal opinion. You should seek the advice of legal counsel of your choice before acting upon any of the information in this site.