Morris Hall, PLLC

Estate Planning Attorneys

MakePayment with multiple options
CALL NOW: 1 (888) 222-1328
  • Home
  • Our Firm
    • About Morris Hall
    • Attorneys
    • Our Team
    • Morris Hall Core Values
    • Communities We Serve
      • Carefree
      • Flagstaff
      • Mesa
      • Oro Valley
      • Phoenix
      • Prescott
      • Scottsdale
      • Sedona
      • Tucson
    • Career Opportunities
  • Estate Planning Services
    • Advanced Estate Planning
    • Asset Protection
    • Power of Attorney
    • Trust Administration and Probate
    • Wills and Trusts
  • Resources
    • Blog
    • Do I Need an Estate Plan?
    • Elder Law Reports
    • Elder Law Resources
      • Phoenix Elder Law
      • Tucson Elder Law
    • Estate Planning Problems
    • FAQs
    • Probate Resources
      • Probate
      • Flagstaff Probate
      • Phoenix Probate
      • Sedona Probate
      • Tucson Probate
    • Published Books
      • Don’t Go Broke in a Nursing home
      • Tax Free Money for Long-Term Care!
    • Recent Law Changes and Improvements Affecting Arizona
      • Update My Living Trust
    • Reports
    • Videos
    • What to Do When Death Occurs
      • What Not To Do When Someone Dies
      • Who To Contact After A Loved Ones Death
  • Reviews
    • Testimonials
    • Review Us
  • Locations
  • Events
    • Seminars / Webinars
    • Past Webinar Recordings
  • Contact
    • Consultation Policy
    • Contact Us
    • Discounts

Common DIY Estate Planning Mistakes

May 10, 2021 by Morris Hall, PLLC

The purpose of an estate plan is often misunderstood. We are not just planning for a future with ourselves in mind, we are planning for the future of our families in a world where we are no longer present. Many parents contribute to a college fund for their children, work hard to provide them with the essentials they need, and otherwise care for and support them as they continue throughout their lives. A well-put-together estate plan demonstrates a similar concern for those we love and care about.  

Of course, it is often human nature to lock ourselves in the present. Because of this, our future plans are often clumsily formulated or altogether dismissed. When it comes to estate planning, here are some common mistakes that can end up causing undue distress and heartache in the future:

Common DIY Estate Planning Mistakes

1. Not Creating a Formal Plan

Though many may have an idea of how they would want their assets distributed, this is of little help when the individual is no longer able to communicate their desires. If an individual does not have a will or trust in place, state succession laws, as well as the probate process, will determine where their assets go. Getting started on a formal plan is a large step towards asset protection and peace of mind.

2. Not Planning for Old Age

While in our youth or middle-age, it is easy to avoid thoughts of a time when we will be unable to care for ourselves. However, the cycle of life tells us that time will most likely arrive for each of us. Forethought about our care during those years is very important because there may be a time when the resources of loved ones will not be sufficient. 

3. Failure to Update Over Time

As we age, more members are added to our families, more assets are required, and situations change. Having a way to update a formal estate plan as times change is very important to preserving the integrity of an individual’s wishes and desires. 

4. Failure to Consider Tax Implications

There are many ways to help keep the money in the family, but it requires extensive knowledge. Doing things such as converting traditional retirement accounts to Roth accounts, setting up trusts, gifting funds, among other things can reduce tax liability. An experienced estate planning attorney can help identify areas that will maximize the value of your estate. 

5. Failure to Properly Plan for Children/Beneficiaries

Specifying in whose care your children will fall as well as how funds will be used to care for them are very important pieces of the estate planning process. Oftentimes, individuals are far too vague when it comes to their children, other beneficiaries, and specific utilization of assets. This is a part of the process that should be very clear and detailed. 

6. Not Preparing for the Unexpected

Although we all expect to live long, full lives that is not a reality for many individuals. Accidents happen and unforeseen circumstances commonly present themselves. Being prepared for such things, in the event they happen, is very important for the protection and well-being of the whole family. When it comes to estate planning, it is always good to think as if the distant future is right around the corner. 

Common DIY Estate Planning Mistakes: Contact Us For Help

The complexities of a formal estate plan can be overwhelming, especially if the number of assets and beneficiaries is large. When distributing assets among several parties, there is a lot of room for error and confusion. When the wishes and desires of the deceased lack clarity, there is little ability to interpret intentions and resolve issues. DIY estate planning mistakes are common, but you could use the help of a professional attorney who has your family’s best interests at heart.

Having a professional help you construct and reinforce your estate plan can be hugely important, especially in the event of unexpected circumstances. It may not seem terribly pressing now, but the simple truth is that when we are gone, it is too late to arrange our affairs. If you have questions regarding your plan for the future, contact us today. We are here to assist you. 

  • Author
  • Recent Posts
Morris Hall, PLLC
Morris Hall, PLLC
Morris Hall, PLLC
Latest posts by Morris Hall, PLLC (see all)
  • How to Be Sure You Pick the Right Fiduciaries - March 24, 2023
  • How to Protect Your Incapacitated Wealthy Grandparents - March 23, 2023
  • Arizona Probate Fees - March 22, 2023
MH logo

Main Office

7600 N 16th St, Ste 105

Phoenix, AZ 85020

Phone: 602-249-1328

Fax: 602-248-2887

Subscribe to Our Newsletter

For a sample Click Here

Offices

Our law firm proudly serves many areas in Arizona. See all of our locations here.

Our law firm proudly serves the state of Arizona.  See all of our locations here.

Toll Free: 888-222-1328

Mon-Thur: 8:00am – 5:00pm
Fri: 8:00am – 4:00pm

  • Linkedin
  • Twitter
  • Facebook
  • Youtube
  • Instagram

Need an Estate Planning Lawyer in Arizona?

Looking for an estate planning attorney near you? We have office locations in Phoenix, Mesa, Chandler, Scottsdale, West Valley, Carefree, Prescott, Sedona, Flagstaff, Tucson, and Oro Valley in Arizona so please visit us at the location that is closest to you.

  • © 2023 American Academy of Estate Planning Attorneys, Inc All rights reserved.
  • Disclaimer