The Easy Estate Planning Mistakes

The Easy Estate Planning Mistakes We All May Commit

When establishing your estate plan, it’s vital that you avoid some of the easiest mistakes that we are all vulnerable to making. Simply put, most of us aren’t deeply knowledgeable in estate pla law, nor do we enjoy thinking about our own mortality. For these reasons, people may delay writing their estate plan until it’s too late.

By being aware of how we may make estate planning errors, we can take steps now to avoid them. If you have yet to write a plan for the future distribution of your legacy via assets, consider these common mistakes:

Not planning at all.

The number one mistake you can make is failing to set aside time to do it. Not prioritizing your estate plan means you are risking the future of your finances, belongings, and sentimental items. Your assets may get caught up in probate or other issues may arise. Those who don’t have estate plans will have their estate handled based on state intestacy laws by the court system.

Not talking to friends and family.

Discussing a time when you are no longer on this earth can be a difficult one to approach with loved ones. This conversation can feel awkward, and remind us of our mortality. However, it is an essential talk to have, especially so an executor and beneficiaries can ensure your assets are distributed how you so wish.

Not listing preferences for final arrangements.

Your closest loved ones will be grieving the loss of you, so planning ahead of time what you want to happen with burial or funeral arrangements can be a relief for friends and family. As a component of your estate plan, you can provide preferences regarding assisted living, hospice, and life-support care.

 If you are wondering when the time to start writing an estate plan is, the time is now.