If you search the internet, you will discover that there are many estate planning resources meant to educate you on how to prepare for an estate plan. MH has produced significant information on the subject. There are, however, far fewer resources providing instruction on what NOT to do before creating an estate plan.
The following is a list of things to avoid when considering creation or amendment of an estate plan:
- Don’t overthink
Overthinking any situation, let alone estate planning, can create what is termed “analysis paralysis.” Analysis paralysis is the effect of analyzing a situation so greatly that it causes indecision or inaction. In estate planning, many people spend so much time thinking about all of the “what-ifs” that they never move to action. Preparation is important for any decision, but becomes detrimental when it prevents taking action.
- Don’t rush
On the opposite side of the spectrum, some people rush their estate plan to “get-it-done” and fail to properly prepare. This approach has obvious risks, such as leaving out certain asset protection mechanisms. Estate planning is a process, not an event that is meant to be rushed.
- Don’t assume that estate planning is a “one-and-done” deal
I’ve met with clients who are baffled when they are counseled to amend their estate plan. The response is usually, “I thought once our plan was created, we didn’t need to do anything else.” Estate planning is not a one-and-done deal. Like a vehicle, an estate plan requires periodic maintenance to ensure optimal performance.
- Don’t compare your situation to others
At some point, almost everyone is bitten by the comparison bug. It is natural for us to compare ourselves to others, or envy another’s situation. This often leads to analysis paralysis. Just as it is not a one-and-done deal, estate planning is not “one-size-fits-all.” Everybody’s situation is different. What works for your friend or family member will not necessarily work for you.
Keep these things in mind when considering creation or amendment of an estate plan. Should you have any questions about what to do to prepare for your estate plan, MH is ready to assist you.
Contributed by MH Phoenix Estate Planning Attorney Darren L. Richardson.
Why Choose Morris Hall:
You have a number of options when it comes to estate planning, so why pick Morris Hall? First off, estate planning and asset protection are a very complicated endeavor and you should only trust someone who focuses exclusively on those matters. Also, MH is a proud member of The American Academy of Estate Planning Attorneys (AAEPA) which provides us additional support, advanced training, tools and information that is not available to others – which means that we can better protect your assets and your loved ones. We are one of only two firms in Arizona that belong to the AAEPA and are the only firm in that has been granted membership. If you have assets and loved ones that you want to protect, you are in good hands with MH. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
- Beyond Probate: Understanding the Drawbacks & Alternatives - September 1, 2023
- DIY Estate Planning: Worth the Risk? - August 31, 2023
- Use These Questions to Develop an Estate Plan Outline - August 30, 2023