The Elder and Disability Law Firm, APC
These estate planning mistakes can cause you trouble
When it comes to estate planning, you'll always have something of importance on your mind. The key to success is to create a plan that gives you peace of mind.
It goes without saying that you want to avoid any and every estate planning mistake. These often include, but are not limited to the following:
- Neglecting to create an estate plan. This is the biggest mistake you can make, and also one of the most common. Regardless of your age or financial situation, an estate plan will put your mind at ease.
- Forgetting to update your estate plan when necessary. There are many situations that call for you to update your plan, such as marriage, divorce, birth of a child or the purchase of a large asset.
- Overlooking the importance of disability planning. There is more to estate planning than what will happen to your assets when you pass on. You also need to plan for the potential of a future disability. For example, a power of attorney will ensure that someone can make financial decisions on your behalf in the event that you are incapacitated.
- Forgetting to name a guardian for minor children. If you have a child under the age of 18, you must name a guardian. This is the person who will care for the child if you and your spouse pass on.
These are far from the only mistakes you can make when estate planning, but they have held many people back in the past.
Once you learn more about your personal and financial situations, while also focusing on estate planning laws in your state, you will find yourself in position to move forward in a concise and timely manner.