You create an estate plan with the idea that it will be 100 percent perfect. And while this may be your intention, there is no guarantee of it happening. It’s easy to make mistakes along the way, especially if you don’t seek the appropriate assistance.
These are some of the most common estate planning mistakes to protect against:
- Forgetting to plan for incapacity: You know where your assets are going upon your death, but you don’t know who will step in and manage your affairs should incapacity happen.
- Neglecting to name a guardian for your children: If you and your spouse pass on and leave minor children behind, the guardian you name will be responsible for raising them.
- Not creating an estate plan: You’re not required by law to do so, so you assume it’s okay to forgo the process. This can result in a variety of complications upon your death, including your assets ending up in the wrong hands.
- Not modifying your estate plan: You don’t create an estate plan once and assume it’ll serve you well for the rest of your life. You may need to modify it every now and again, such as if your executor or beneficiary passes on before you.
You’re not immune to making one or more of these estate planning mistakes. Even the most well-prepared individuals can occasionally make a misstep with these issues.
If you’re concerned about your estate plan or have yet to create one, review your situation and take immediate action. You’ll feel much better about the future once you do so.