Most people don’t consider estate planning an exciting activity. In fact, they’ll do anything to avoid thinking about it.
This approach can result in a variety of estate planning mistakes. Some of these include:
- Not having an estate plan: If you continually put estate planning on the back burner, you eventually need to take action. If you continue to go without an estate plan, you’re taking a big risk. Being young and healthy is no excuse to avoid this.
- Neglecting to update your estate plan: Don’t assume that estate planning is something you do one time and then forget. Review your estate plan once a year with an eye toward making changes.
- Forgetting to plan for disability: Don’t focus all your attention on what happens to your assets upon your passing. You should also plan for a potential disability by assigning financial and health care powers of attorney.
- Choosing the wrong executor or trustee: The executor of your will or trustee of your trust has many responsibilities. You must trust this person to make sound and honest decisions upon your passing. Don’t rush into choosing an executor or trustee, but instead compare three to five people before making a selection.
When you protect against these estate planning mistakes, you’ll feel better about anything you and your family will face in the future. Conversely, if you let one or more of these mistakes get in your way, it could take a toll on you and/or your loved ones. An experienced estate planning attorney can help you avoid these mistakes and develop an estate plan that fits your needs.