Avoid These Common Estate Planning Mistakes

Avoid These Common Estate Planning Mistakes

Most people look forward to coming up with an estate plan about as much as they look forward to going in for a root canal. However, with the right help, having an effective estate plan in place does not have to be difficult, and it's a necessary part of taking care of your family. Here are a few simple errors to avoid:

Not having a plan. This is the most common estate planning mistake. Many people believe that their loved ones will be able to carry out their wishes for them if no will or other estate planning tool is in place when they die. This is not so If you die without a will, state law determines what happens to your possessions, and it's not always what you or your family would want.

Forgetting to review your plan and update it if necessary. Life changes like a marriage, a divorce, or the birth of a child are times to revisit your estate plan and make sure it still does what you want it to do. It's also a good idea to stay aware of current tax laws because changes in the law might affect your estate planning strategy. An estate planning attorney can help you with any questions you might have in this area.

Not being able to find the will. Believe it or not, it is not unusual for a person to take great care in drawing up a will, only to put it someplace where no one can find it when it's needed. Keep a copy of your estate plan with your attorney or in another secure place and make sure that the people who will need it, know where it is.

Believing that you only need a will. Estate planning is not only about taking care of your finances; it's about planning for end-of-life issues like long-term care, hospice, and even emergency medical situations. A comprehensive estate plan will take into account all of your needs.

Thinking that estate planning has to be expensive and complicated. Estate planning is about meeting the needs of unique individuals in all kinds of circumstances. An estate planning attorney can help you assess your needs, come up with a plan that is tailored to your situation, and then help you keep the plan updated so that you and your family have peace of mind.

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