Creating an estate plan is a responsible step to take. It protects you and your family and ensures your wishes are carried out when you pass away.
Unfortunately, there are a lot of mistakes to be made. If you don’t know what these mistakes are, you may make them in your estate planning process, which could compromise your documents and wishes.
Thinking you don’t need an estate plan
Some people believe the misconception that only extremely wealthy people need an estate plan. However, this isn’t the case. Anyone with assets (even minimal assets), a family or children should have basic estate planning documents in place. This will provide peace of mind for them and reduce issues related to your estate after you pass.
Never updating your estate plan
Once you create the documents for your estate plan, you may think you’re done. However, any type of life change, such as marriage, divorce or having a child, requires you to review and update these documents. You want to ensure the right people are included and take away anyone who may leave your life for some reason.
Trying to handle the estate planning process on your own
Even with a simple estate and minimal assets, estate planning can be tricky. Because of this, it’s best if you avoid tackling the process alone. Getting help will also help you avoid making some of the most common mistakes that occur.
Avoiding mistakes with your estate plan
Having an estate plan in place is a good move and the responsible thing to do. While this is true, you still need to take steps to make sure it is done properly. Part of this includes avoiding the mistakes highlighted here.