There are many estate planning mistakes that can make your plan invalid or ineffective. It’s important to plan carefully so that you have a plan that meets your needs and actually works, meaning that your plan does what you what it to do. Take a look at the 3 estate planning mistakes below.
Avoiding the following mistakes will allow you to have a plan that works. If you have any questions about the following estate planning mistakes or if you’d like to start your planning, meet with an attorney.
- Choosing NOT to plan. Many people put off their estate planning because they feel it’s not necessary or that they’ll always have time to do it in the future. Not planning can mean that you’re unprepared. It’s important to have a proper plan in place for possible medical emergencies, the care of your children, and the management of your assets. Take the time to plan NOW, because you never know when it may be too late.
- Choosing NOT to implement your plan. While many people take the time to create their planning, many don’t take the necessary steps needed to implement their plan so that it’s effective. This may include not taking the time to title your assets correctly, which can lead to serious and costly consequences in the future. If you have questions about implementing your individual plan, speak with your estate planning attorney!
- NOT making updates when they’re needed. You MUST make updates to your planning. Updates should occur every 3 to 5 years and even sooner if life changes have occurred such as divorce, re-marriage, or adoption. Your needs are constantly changing and if your plan doesn’t reflect these changes, you and your family may face negative consequences!
If you have any additional questions about estate planning or if you’d like to create a plan, consult with a qualified estate planning attorney.
- Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
- Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
- The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018