Estate planning can be a great way to prepare for the future. Unfortunately, many people make the following estate planning mistakes. It is important to make sure that your estate plan is effective and error-free! Speak with an estate planning attorney to create a plan that will fit your individual needs.
- Waiting too long to plan. Many people put off their estate planning because they feel there is no need for it. It is important to start your planning NOW. You never know when life will throw a curveball. It is important to be prepared.
- Not having a will. Many people die without a will. If you do not have a will written, state law will determine how your property will be distributed after your death and the courts will decide who will care for your children. Creating a will now will allow you to make these important decisions ahead of time.
- Not having medical directives in place. It is important to plan ahead for medical emergencies. With proper planning, you are able to outline your medical wishes as well as appoint someone who will be responsible for making sure these wishes are followed if you become seriously ill or disabled.
- Not telling your family about your estate plan. It is important to let your family know that you have done planning. Without knowledge of these documents, your family will not be able to follow your wishes. It is also a good idea to discuss your wishes with your family members so that they have a better understanding of why you’ve made certain decisions.
- Forgetting about planning for a pet. If you have a pet, you will want to make sure that it is loved and cared for after your death. Speak with your estate planning attorney to discuss including your pet in your estate plan. This will ensure that your pet is not neglected after you die.
If you have questions about estate planning, consult with a qualified estate planning attorney.