Having an estate plan in place can make the difference between peace of mind and regret. It is easy to ignore or put off planning for the future of your estate. However, learning from other people’s mistakes, often saves a person time, money and heartache in the long run.
Here are some common estate planning mistakes and how to avoid making them.
No plan whatsoever
Peace of mind favors the prepared. This means doing the work it takes to create a plan for your assets, no matter how small. In fact, you can be the first person to respect your wishes by making them known in the first place. What is important to you can be protected when the necessary legal plan is put in place.
Individuals avoid estate planning for various reasons. Perhaps it is a source of contention among conversations with loved ones or just an area that feels overwhelming to dive into. Regardless, the importance of creating a plan (even a basic one) remains the same. Thankfully, there are resources to help you organize your documents and plan, as well legal resources needed to bring it to pass.
Not receiving the help you need from professionals
Doing your own research online or discussing the topic with others who have already been through the process is a good starting place. However, taking this information to experts in the field can ensure your wishes are legally enforceable and that mistakes are avoided. While there may be an abundance of information available on estate planning, there is no substitute for having the trusted oversight of professionals in the areas of law, finances and taxes to make the road ahead more secure.
Professionals design estate plans with the latest state and national laws taken into consideration. They may also discover areas that have been overlooked and make sure these items are included in your plan.
Knowing that you have a clear plan in place can make it easier to focus on the present and enjoy your life and loved ones with peace of mind.
What is stopping you from getting an estate plan?