What are the Biggest Mistakes People Make With Regard to Estate Planning?
The biggest mistake people make with regard to estate planning is not doing it. Unfortunately, however, having a plan is not enough. It needs to be a good plan. It is possible to create a plan that causes more problems than it solves.
What are the biggest mistakes you want to watch out for?
The first is naming the wrong people to carry out your plan for you. Your plan is not self-executing. Somebody is going to have to track down your property, find and pay creditors, and distribute your property per your instructions. This job takes time, skill, and a high level of integrity. Not everyone has all three.
The second mistake is not updating your property ownership documents and designated beneficiary forms to ensure they are consistent with your plan. Your current spouse will probably be cursing you in your grave if your life insurance policy ends up going to your ex-spouse.
The third mistake is not keeping your plan up to date. People underestimate how often and how quickly their financial picture, family structure, and other close relationships change.
To ensure you’re not overlooking potential problems with your plan, please give us a call.