There is more to estate planning than meets the eye. Even if you think you have everything in order, you could find yourself making a mistake that costs you and/or your family both time and money.
There are many common estate planning mistakes that you need to prevent at all costs. It's not always easy, but the right strategy will put you on the path to success.
Here are some of the estate planning mistakes that have plagued many people before you:
- Neglecting to create an estate plan (regardless of the reason)
- Forgetting to make changes to your estate plan as you age, such as altering your will or adding a power of attorney
- Overlooking the fact that you could become disabled at some point in the future
- Thinking that your minor children will be fine if you pass on, even if you don't name a guardian
- Waiting too long to create an estate plan, often because you are young and think it doesn't matter
These are the types of mistakes that people continue to make in regards to estate planning. If you're not careful, one or more of these could cause you trouble at some point in the future.
It's not always easy to avoid estate planning mistakes, especially if you don't have much knowledge of what you should and shouldn't be doing, but you have to take the initiative.
When you combine some basic knowledge with an understanding of the legal landscape, you're in much better position to prevent estate planning mistakes that could lead to trouble in the future.
Source: FindLaw, "Ten Common Estate Planning Mistakes to Avoid," accessed Nov. 07, 2017