There are people who spend a lot of time on the estate planning process, as well as those who put it off for as long as they can. Regardless of your current situation, it’s critical that you take steps to prevent estate planning mistakes.
One mistake can cost you and/or your loved ones both time and money, so it’s critical to take action to protect against trouble. Here are some of the most common mistakes:
- Neglecting to create an estate plan: The most common mistake is one of the easiest to remedy. If you don’t have an estate plan, make it your goal to create one as quickly as possible. That’ll solve your problem.
- Forgetting to update your estate plan: Just the same as neglecting to create an estate plan, this is easy to remedy if you take the time to do so. Remember, just because you’ve created an estate plan doesn’t mean it’s good enough to last forever.
- Choosing the wrong executor and/or guardian: In your estate plan, you’ll name an executor. This person is responsible for managing your estate upon your death. Just the same, you’ll want to name a guardian for any minor children, as this person will raise them should you and your spouse pass on before they reach the age of 18.
Even if you’ve made one of these estate planning mistakes in the past, you can get back on track by taking some simple steps in the future. When you combine the willingness to take action with knowledge of estate planning laws, you’re in position to make sound decisions.