Over the past two months, we have reviewed what it is that we believe at Coppola Law Firm to be the 7 deadly sins of estate planning. Individually, each of the sins that we went over can mean thousands of dollars lost from you to the probate process. If you haven’t been following us these past couple months, here’s a quick breakdown:
1. Waiting Too Long
Life is full of unexpected occurrences; many of our clients wait until the bitter end before they decide that it’s time to knock on the door of John Coppola. In many cases, people wait much too long before they decide to invest in their estate plan. This is especially true for young people, who feel invincible in this life only to have that reality stripped from them before their eyes. It’s sad but true.
2. Hiring an Inexperienced Attorney
There really is only one reason why someone would hire an inexperienced attorney: Money. But what if we told you that the money that you could potentially use due to poor planning and inadequate experience will cost you much more than a good attorney. Based on your exact circumstances, the kind of plan you need will change. There are so many variables that an attorney needs to consider that only those experienced could possibly have the know-how required.
3. Thinking that it’s all about death
The mistake that most people make is that an estate-planning attorney is only concerned with how your estate will be handled when you die, but a good attorney does much more than that. The Lawyers like those at John Coppola’s Law Firm, take the extra step to ensure that that you have all your documents in order and that in the event that you would ever need Medicaid, you will be covered.
4. Thinking that You’re not Rich Enough
One of the greatest follies for the middle class is believing that it is not rich enough to need an estate plan. Everybody needs some sort of will or plan. The other sins already outline exactly what kind of plan someone needs.
5. Having an Estate Plan that Doesn’t Evolve
Life changes. What if you start a business, move, or get married. Things like these have to be accounted for when you are creating and managing your estate. The paper work changes based on your income and your marital status. If you don’t take life’s eventualities into account, the work involved with your estate plan will compound. A good attorney will check in with your regularly.
6. Being Cheap
The amount of money that you will lose to the probate process through an inexperienced attorney is astronomical, and the money that you will save in hiring a competent attorney is just as huge. The truth is, in estate planning, you get what you pay for. Don’t fall for enticing offers by inexperienced and cheap attorneys.
7. Hiring an Attorney that Can’t handle Businesses
Businesses are very complicated when it comes to estate planning. It is not something that just any attorney can handle successfully. Even some experienced attorneys may not be able to handle all the regulations and rules to follow when it comes to businesses. That is why if you expect any sort of business to be factored into your estate, you must be sure that your Attorney is up to the task.
At the Coppola Law Firm in Fairfax, Virginia we are all experienced to handle any of the problems you may be facing. We understand that the choice of attorney for your estate plan is a colossal one, and we do not want to make it hard to find an attorney that fits your exact needs. Don’t fall for the 7 Deadly Sins of Estate Planning.
Call us to see exactly what you need to know about planning your estate.
Category: Estate Planning