THE DON'TS OF ESTATE PLANNING
You know what you need to do for your estate planning, but it is equally as important to know what not to do when you create an estate plan or you're getting started.
Procrastinate on Creating an Estate Plan
You already know procrastination never leads to anything good and it is no different with estate planning. If you don't create an estate plan, your loved ones could be left with a big mess later down the road. Even with an estate plan created, you need to make sure it's accurate. Sit down with your attorney and review the designations and information your will contains.
Create Your Own Will
You can create a will online or through estate planning software, but you will notice how simple the process is. This is because these DIY wills may not be state specific, and they may not address many complex estate planning issues.
Plan around the Cost
Even if you have a short budget, make sure that cost isn't the first priority. When you get a lowball estate planning attorney, you get what you pay for. These initial low offers typically don't cover the complex situations you need for a solid estate plan. If you calculate how much a good attorney will cost you versus how much you could lose if your estate plan isn't correct, price won't matter much.