It doesn’t matter how you feel about estate planning, it’s imperative to make sound decisions that will benefit you and your family now and in the future.
No one is immune to estate planning mistakes. These are particularly common. Many people are in a rush to create an estate plan, as it’s not something that they want to continually think about.
However, if you make a mistake, it could greatly affect you and/or your loved ones at some point. Here are some of the most common mistakes:
- DIY estate planning: You want to move fast and save money, so you consider DIY estate planning. The problem with doing it yourself is that you don’t understand the law, your legal rights or your options. This can lead you to make a variety of costly errors.
- Forgetting to update your estate plan: You hope that you never have to alter your estate plan, but it could be necessary at some point. Check it regularly for potential changes, and don’t hesitate to take action if your life changes in a major way, such as marriage or divorce.
- Neglecting to plan for incapacity: Your estate plan affords the opportunity to prepare for incapacity, such as naming someone to make medical decisions for you if you’re unable to communicate your wishes.
Even if you’ve made one of these estate planning mistakes in the past, you have time to make up for it in the future. You can alter your estate plan at any time, so don’t wait to take action. Once you do, you’ll have greater peace of mind.