AVOID THE THREE MAJOR ESTATE PLANNING ERRORS
March 3, 2015
You are about to start your estate planning process, which is great, but even if you have a Will or Trust set up, there are major errors most individuals make during the estate planning process that can cost them (or their heirs) greatly in the end.
MISTAKE NUMBER ONE: NOT SETTING UP SECONDARY GUARDIANS
When you set up your Will with your estate planning attorney you will already set guardians for your children who are under the age of 18. What most parents forget is setting secondary guardians to those primaries. This is a backup in case your original guardians are incapacitated or can no longer care for your children.
MISTAKE NUMBER TWO: YOU DO NOT REVIEW YOUR ESTATE PLAN
After you have made a Will, signed the other documents and paid the estate planning attorney you should expect to revisit everything three years later. Experts agree that every three years there are enough changes to where a person would have to revisit or even update their estate plan to account for the newest additions.
MISTAKE NUMBER THREE: NO LIVING WILL PLANNED
You have created a Will, but what about a Living Will? There might be an instance where you are ill or incapacitated, but you are still alive. Therefore, you need to plan who will be in charge of your estate, children and even your own medical care to ensure everything is taken care of as if you were still able to do it yourself.
It would be wise to contact an experienced estate planning attorney.