Don’t fall prey to these estate planning mistakes
There are a variety of estate planning mistakes that can get in your way. If you let one or more of these creep into your life, it can cause several problems over the long run.
Here are some of the most common estate planning mistakes:
— Neglecting to create an estate plan in the first place. No matter who you are, there is a good chance you can benefit from creating a comprehensive estate plan. Don’t hesitate to take the first step in doing so.
— Forgetting to update your will or trust as necessary. As you age, you may find that your estate plan calls for some changes. You should feel comfortable making updates, as this will go a long way in putting your mind at ease.
— Overlooking the fact that you could face a disability at some point. There is more to your estate plan than outlining what happens to your assets upon your death. You should also plan for a disability, such as with a power of attorney.
— Not considering a trust. There is no denying the fact that a will is a popular estate planning document, but a trust has a variety of benefits. For example, the assets in the trust are not subject to probate.
— Choosing the wrong executor of your estate. This is one of the biggest decisions you will make, so don’t rush through this process. You need to choose the right executor, as this person will have many high end responsibilities after you pass on.
These are just a few of the many estate planning mistakes you could make throughout your life. Fortunately, with the right approach, you can avoid all of these.
If you have any concerns about your current estate plan or what the future will bring, consult with a qualified attorney. This person can review your situation, ask you the right questions, and provide advice. Not only can an attorney help right now, but this person can assist you as you grow older.
Everyone needs an estate plan, so don’t wait around to create one that will give you and your family peace of mind. When you do so without making any mistakes, you’ll find yourself in a much better place.