Do's And Don'ts Of Estate Planning

The idea of Estate Planning can seem depressing, and thinking about it can be daunting. As with many things, however, confronting those unpleasant feelings can be empowering.

While Estate Planning can be complex, there are simple things you can do and things you should not do. Taking action will give you control over the unknown and peace of mind that you are on the right path.

1.Choose a Healthcare Power of Attorney

• Because people are living longer, more people develop dementia and cognitive decline in old age than generations past. The biggest issue for seniors, perhaps, is a concern about declining cognitive functions and the ability to make prompt and appropriate decisions.

• If you become incapacitated, a guardianship estate will be needed for you, and your decisions will be in the hands of a judge and whoever steps forward to be your guardian, unless you have done a Power of Attorney.

2.Choose a Durable Property Power of Attorney

• Paying bills and doing other routine things can begin to slip as cognitive decline creeps in with age. People often fail to realize what is happening to them. If the mortgage or taxes aren’t paid, you can lose your house.

• Doing a Durable Property Power of Attorney allows you to authorize someone you trust to be your agent to pay your bills, handle the routine tasks and manage them for your benefit if your physical or mental health declines and you become unable to manage those things yourself. 

3.Look Into Life Care Options

• You should explore alternative life care options well before you cognitive and physical decline becomes a crisis. Knowing the options and planning ahead puts you in the driver’s seat as you age.

4.Designate Beneficiaries

• Even if you are not ready to tackle comprehensive Estate Planning, you can do some simple things to put your affairs in some semblance of order. One very simple thing you can do is to exercise the power to designate beneficiaries on assets that allow you the option of designating beneficiaries.

5.Designate POD

• Many bank accounts today allow a Payable on Death (POD) or Transfer on Death (TOD) option. That means you can make your bank accounts POD or TOD to specific people.

What Not To Do When Estate Planning

1.Do Not Add Names To Your Bank Accounts

• Many people are tempted to add people to their bank accounts for the purpose of allowing them to pay bills. In some states, you can do this without causing them to be a joint owner of your account, but beware: if you add a name to your account as a joint owner, that person will have full ownership rights to your account.

2.Do Not Put Off Power Of Attorney or Life Care Planning

• Many people put off doing Powers of Attorney because they are healthy and able to make their own decisions and manage their own affairs.

• Physical and cognitive decline can creep in slowly over time, and many people don’t even realize what is happening to them. If you wait too long to create Powers of Attorney, you may not be able to do them at all.

• Many people have a desire to remain at home as long as possible, and they put off exploring other life care options. Exploring life care options does not mean you have to use them right away, but it allows you an opportunity to have some control over your future if your ability to stay safely at home changes.

3.Do Not Procrastinate Comprehensive Estate Planning

• The unknowns, uncertainties and lack of understanding of what is required for comprehensive Estate Planning keep many people from doing it.



• A good, reputable and competent attorney can give you peace of mind and help you navigate your way through the estate planning process. You don’t need to know everything about estate planning; you just need a competent and trustworthy attorney to help you.

Interested in Working With Us?

If you need any help regarding your business or other legal matters please reach out to us directly here and schedule a call with one of our paralegals on our scheduling page here.