hen it comes to estate planning, you can never be too cautious. It’s imperative that you understand the finer details of your situation, including the steps you can take today to improve your family’s life in the future.
There are many estate planning mistakes lurking. If you don’t avoid these, you could find yourself in a difficult spot at some point.
Here are just a few of the many mistakes that have plagued others before you:
- Forgetting to create an estate plan. It doesn’t matter if you forget or neglect to do so, either way you’re putting yourself and your family in a compromising position.
- Not updating your estate planning documents when necessary. There are many times when you may need to do this, such as if you get married, get divorced or have a child.
- Neglecting to plan for a potential disability. Don’t assume that your estate plan is all about what will happen when you pass on. You should never forget that you could suffer a disability in the future. If this happens, it’s good to know that you have a power of attorney and/or living trust in place to help ensure that your wishes are carried out.
You should do whatever it takes to avoid estate planning mistakes. If you make even one of these, it could cost you time and money now and in the future.
By knowing the ins and outs of the estate planning process, as well as the laws in your state, you’ll never have to second guess yourself in regards to the decisions you’re making.
Source: FindLaw, “Ten Common Estate Planning Mistakes to Avoid,” accessed Oct. 25, 2017