Avoid the High Cost of Bad Estate Planning

People procrastinate when it comes to estate planning. Some do not want to think about their mortality, while others just feel they do not have enough assets to warrant the cost. Then there are the ‘do-it-yourselfers’ who use inexpensive legal websites or mistake Google for a qualified estate planning adviser. What people do not realize is that estate planning mistakes can cost them.
What are the consequences of hiring an unqualified attorney or trying to do your estate planning?

Results of Common Estate Planning Mistakes:

Time and money spent in the courtroom.

Inadequate planning or incorrect documents may lead to your heirs spending time in courtrooms – and a lot of money on legal fees. But courtroom battles like this do not just cost money. They can be toxic to family relationships, with enmity and hurt feelings lasting for years.

Estate loses value.

Without properly developed and executed plans, estate assets may lose value due to negligence or malfeasance.

Common Estate Planning Mistakes: Paying Too Much Tax.

Good estate plans address tax issues, not just to the estate but also to the beneficiaries.

Trouble with trusts.

Setting up a trust may seem like an innovative idea. But using the wrong type of trust or failing to fund it can cause lasting damage to your estate, both during your lifetime and after you are gone.

Good intentions gone wrong.

Vague promises of “I’ll do the right thing” can never take the place of proper estate planning advice from a qualified attorney. Even trusted friends and family members need the structure and guidance of thoughtfully prepared legal documents.

Conservatorships/guardianships.

Without the right long-term care planning and medical directives, your loved ones may have to go to court to set up a conservatorship or guardianship to address your needs. Does your family need the added stress and expense at an already tough time? You may be able to spare them with a little advanced planning.

The Worst Estate Planning Mistakes: Failing to do any estate planning at all.

It may seem like a great cost-saving measure to just ignore estate planning and figuratively let the chips fall where they may. That is short-term thinking. Overall, probate and will contests can cost far more than the cost of pre-emptive planning.

Imagine leaving a legacy of wealth and contentment instead of infighting, estrangements, and monetary loss. Good estate planning is the key. Consider it an investment in your future. With the help of an expert adviser, you can put together a life care strategy that provides important returns to you and your beneficiaries for generations to come.

As a Florida attorney board certified in Wills, Trusts & Estates, Attorney John Mangan offers comprehensive and effective estate planning to his clients.

Law Offices of John Mangan, PA
Palm City – Stuart, FL
CALL: 1 (772) 218-0480

Do you question the need for attorney guidance with so many online resources? Because laws and regulations are complex, and because every person has a lot at risk, more people than ever are seeking professional guidance from an experienced, knowledgeable source. That helps explain the rapid growth of our firm. Whether you happened upon this website by accident or are one of the many referrals we receive from a nearly 15-year collection of satisfied clients, our staff can provide customized estate planning guidance for you. Call us. Our number: 1 (772) 218-0480

Written by: John Mangan, JD, MBA