It doesn’t matter if you’re creating your first estate plan or reviewing something you already have in place, you should do whatever it takes to make all the right decisions.
One mistake, even if it seems inconsequential, can have a negative impact on you and/or your loved ones.
No two people take the exact same approach to estate planning, so you can’t follow in another’s footsteps. You need to pave your own path to ensure that your plan is exactly what you want it to be.
Here are just a few of the many types of estate planning mistakes you need to avoid:
- Waiting too long to create an estate plan. You shouldn’t continue to put this off because you think you have time in the future. There is no way of knowing what will happen tomorrow, so you need to create an estate plan today.
- Not updating your estate plan at the necessary times in your life. There are many situations that call for you to modify your estate plan, such as if you have a child or your spouse passes on.
- Forgetting to plan for a disability. There is more to an estate plan than thinking about what will happen upon your death. You should also think about what will happen if you face a disability in the future and are unable to make your own decisions.
- Neglecting to think about the well-being of your minor children. What will happen if you and your spouse pass on before your children reach the legal age of 18? You need to name a guardian who will take on the responsibility of raising your children.
No matter who you are, there will come a point when you need to create an estate plan. There will also come a point when you have concerns about making poor decisions.
When you know the finer details of the estate planning process, as well as your legal rights, it’s much easier to make confident decisions that will ease the stress often associated with estate planning.
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