Planning your estate involves creating a comprehensive plan for the distribution of your assets after your passing. This process is crucial for everyone, but there are common mistakes that can be easily avoided. Below are the top 5 estate planning mistakes to steer clear of:
- Not having a will. A will is a legal document that specifies how your assets will be distributed after you die. If you don’t have a will, your assets will be distributed according to the laws of your state, which may not be what you want.
- Not naming a guardian for your minor children. If you have minor children, you need to name a guardian in your will. The guardian will be responsible for raising your children if you die.
- Not naming a healthcare proxy. A healthcare proxy is a person who can make medical decisions for you if you become incapacitated. It’s important to have a healthcare proxy in place so that your loved ones know what your wishes are.
- Not updating your estate plan as your life changes. Your estate plan should be reviewed and updated regularly, especially if your life circumstances change, such as getting married, divorced, or having children.
- Not working with an estate planning lawyer. Estate planning can be complex, so it’s important to work with an experienced estate planning lawyer to create a plan that is right for you and your family.
How to fix the most common estate planning mistakes:
- If you don’t have a will, create one today. Schedule your FREE initial consultation today.
- If you don’t have a guardian named for your minor children, add one to your will. You can name a family member or friend, or you can choose a professional guardian.
- If you don’t have a healthcare proxy, appoint one today. You can name a family member or friend, or you can choose a professional healthcare proxy.
- Review your estate plan regularly and update it as needed. You should review your estate plan at least every few years, or more often if your life circumstances change.
- Work with an estate planning lawyer to create a plan that is right for you and your family. An estate planning lawyer can help you understand your options and create a plan that meets your specific needs.
By avoiding the most common estate planning mistakes, you can ensure that your wishes are carried out and that your loved ones are taken care of after you die.
