Planning for the future is one of the most important steps you can take to protect your loved ones. Yet, many people make critical mistakes when handling their estate planning without professional guidance. A wills and trusts lawyer in NH ensures that your assets are distributed according to your wishes and that your family avoids unnecessary financial and legal burdens.
Common & Costly Mistakes People Make Without an Estate Planning Attorney
1. Failing to Create a Will or Trust
One of the biggest mistakes people make is not having an estate plan at all. Without a will and trust lawyer in NH, you risk leaving your estate in the hands of the probate court, which will distribute your assets based on New Hampshire’s intestacy laws. This can lead to unintended consequences, such as assets going to estranged family members or excessive delays in settling your estate.
2. Using DIY Online Templates
While online will and trust templates may seem like a cost-effective solution, they often fail to comply with New Hampshire laws. These generic documents may not account for state-specific regulations and can lead to legal disputes, invalidating your estate plan. A will and trust lawyer will customize your estate plan to reflect your unique needs and ensure its legality.
3. Overlooking Trusts as an Estate Planning Tool
Many people assume a simple will is sufficient for their estate planning needs. However, trusts offer significant benefits, such as avoiding probate, protecting assets, and providing for loved ones with special needs. A wills and trusts lawyer in NH can help you determine whether a trust is right for your situation.
4. Failing to Update Estate Plans
Life changes—marriage, divorce, the birth of children, and changes in financial status—all impact your estate plan. Failing to update your will or trust to reflect these life events can create complications for your heirs. Regular reviews with an estate planning attorney can ensure your estate plan remains accurate and effective.
5. Not Planning for Incapacity
Estate planning isn’t just about distributing assets after death—it’s also about planning for incapacity. Without legal documents like a durable power of attorney and healthcare directives, your loved ones may have to go through lengthy court proceedings to manage your affairs.
6. Ignoring Tax Implications
Estate and inheritance taxes can take a significant toll on the wealth you leave behind. Without professional legal guidance, you may miss opportunities to minimize tax burdens through proper estate planning strategies.
7. Choosing the Wrong Executor or Trustee
Selecting an executor or trustee is a crucial decision that affects the management and distribution of your estate. Many people appoint someone without considering their financial literacy, reliability, or ability to handle complex legal matters.
Secure Your Legacy with Our Wills and Trusts Lawyer in NH
Avoiding these costly mistakes is essential for protecting your family and assets. Working with our wills and trusts lawyer in NH ensures your estate plan is legally sound, up to date, and tailored to your needs. If you’re ready to secure your legacy and provide peace of mind for your loved ones, contact our experienced estate planning attorney today!