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Avoid these costly mistakes when planning your estate

When you are faced with the task of writing your will and planning your estate, you may be wondering where the best place is to begin. This often time consuming process must be carefully navigated to avoid making costly errors that while seemingly smart in the moment, can have lasting consequences. At Goldberg Sager & Associates, we understand the risks that people face when writing a will and have helped many folks in New York to organize a dependable estate plan. 

If you are not familiar with how writing a will works or what a will is designed to do, it can be easy to make mistakes. In an article by the New York Times, several helpful suggestions are made to help you understand which traps to avoid when writing your will. Some of the things you should remember include the following:

  • Do not put property in anyone else's name while you are still alive. While you may think you are planning ahead, you can lose everything if the person you have listed suffers a major financial setback such as bankruptcy. 
  • Be aware of what the legalities are in your state regarding wills and estate planning. This way, you can create a plan that is legally binding and in working order. 
  • Maintain bank accounts in your name while you are living. Transferring your accounts into someone else's name while you are still alive means you will be dealing with probate taxes. 
  • Any time you amend or modify your will, immediately make the changes in writing to avoid contention and confusion down the road. 

When you are prepared to begin finalizing your estate plan, remember to pay attention to the details to avoid potentially costly missteps. For more information about writing a will, visit our website. 

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