Failing to have an estate plan can burden loved ones at a time when they are already overwhelmed. Here are some common estate planning mistakes and misconceptions.

1. “I don’t need a Will.”

Regardless of your finances or age, it is best to have a Will. It allows you to specify what happens to your assets, and even your minor children, upon your passing. In the absence of a Will, state law will make these decisions for you.

2. “I did an estate plan decades ago.”

Many people take a “set it and forget it” approach to estate planning. However, you should review your estate planning documents regularly, especially after any major change, such as marriage, divorce, birth or adoption of a child, acquisition of real estate, or death of a person named in your documents.

3. “I don’t need a Trust, I’m not rich.”

Revocable Trusts are increasingly common. Their primary purpose is to help transfer assets to your heirs without undergoing the lengthy legal process of Probate Administration. Revocable Trusts are appropriate for a wide range of people.

4. “I’m the Executor of his Estate?”

It can be difficult for loved ones to learn they are in charge of your affairs or medical decisions at the same time they learn of your passing or medical crisis. By knowing in advance, they can accept those responsibilities and talk to you about your wishes and the location of important documents.

5. “Who’s in charge here?”

A Power of Attorney allows you to assign legal authority to an Agent to act on your behalf if you are incapacitated. Your Agent can pay your bills or even authorize medical procedures. Without powers of attorney, your loved ones may encounter an expensive and lengthy court process to care for your needs.

Wescott Law has a number of attorneys, including Sarah Rubury and Kristin Sheppe, with the experience necessary to develop an estate plan that ensures your wishes are carried out.