Avoid these common estate planning mistakes
A lot of people think that estate planning is a simple endeavor that they can undertake once they get older. But waiting too long to create your estate plan can be risky, and the process may be more complex than you anticipate.
That’s why we encourage you to consider starting your estate plan now so that your assets and your loved ones receive the protection that you want for them.
Estate planning mistakes to avoid
As you embark on your estate planning journey, you’ll need to be aware of some common mistakes that you’ll want to avoid. If you don’t sidestep these pitfalls, then you might end up with unwanted consequences. Here are some of those mistakes to be on the lookout for:
- Waiting too long to create your estate plan, which could put you at risk of passing away without a plan in place, thereby subjecting your estate to intestate succession.
- Not naming secondary or contingency beneficiaries, which allows you to still direct the flow of assets even if your initial named beneficiary passes away.
- Failing to plan for your own incapacitation and long-term care.
- Naming an untrustworthy individual to handle your estate administration and your trusts.
- Neglecting to update your estate plan as life, relationships, and assets change.
- Not having a catch-all provision that addresses those assets not specifically mentioned in your estate plan.
- Overlooking your minor children in your estate plan.
Create the estate plan that’s right for you
There’s a lot of thought that goes into an effective estate plan. That’s why it’s wise to start the process early and give yourself the time you need to think through the strategies that are best suited to bring about the future that you envision for your estate and your loved ones. Then, once you have a plan in place you can rest easy knowing that the matter has been properly addressed.