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How to avoid the most common estate planning mistakes

On Behalf of | Mar 22, 2022 | Estate Planning And Probate

Creating an estate plan is the smart and responsible thing to do. It ensures that your heirs and family will know what you want to happen with your assets after you pass. Your estate plan also includes things like the medical power of attorneys and more.

Because of this, you want to make sure you get it right. Unfortunately, some mistakes may occur. Knowing the most common estate planning mistakes will help you avoid them.

Not talking about your estate plan with your family

As you create your estate plan, you dictate who gets what when you pass. However, you are also setting up trusts, medical directives, and more. Before naming someone to oversee your finances or medical care in case you cannot, talk to them first. If someone doesn’t feel comfortable in this role, you need to know. Choosing someone else will help you avoid issues down the road.

Not updating your estate plan as things change in your life

Have you gotten married, divorced,  or had a child? If your life situation changes, your estate plan needs to be updated to reflect this change. An estate plan you create at 35 may not work when you are 55. Because of this, be sure to review your plan every few years to ensure there’s nothing you need to change.

There are more than a few factors to consider when it comes to creating your estate plan. Along with making sure you include the proper documents, it is also essential that you avoid the most common mistakes that occur. Doing this will make things easier on yourself while you are alive and your family after you pass.