Are you in the process of creating your first estate plan, or making changes to one that you already have in place? Do you have concerns about making all the right decisions? Do you have reason to believe that you need to fix a mistake you have already made?
Estate planning is easier said than done, since there are so many details you need to take into consideration. If you overlook anything, even something that doesn't appear to be a big deal, it could cause you and/or your family trouble in the future.
Here are five estate planning mistakes to keep out of your life:
- Neglecting to create an estate plan. You're young, you're healthy and you have every intention of living for many more years. It's good that you are in this position, but you still need an estate plan. You never know when something bad could happen, so it's best to protect yourself and your family.
- Forgetting to review and update your estate plan. You can't create an estate plan and assume that it can remain the same, year after year, until you pass on. Things change, such as your bringing a child into the world, which means you have to alter your estate plan accordingly.
- Forgetting to plan for a disability. You never want to find yourself facing a serious illness or injury, but it could happen. If a disability comes into play, you may not be able to handle your affairs. Fortunately, with the right legal documents in place, someone else can step in to help you out while you recover.
- Choosing the wrong executor. You need to choose an executor you can trust, as this person will have many responsibilities when you pass on. Don't make a rash decision, but, instead, think it through by considering all your options.
- Thinking your children will be okay if you pass on. Even if you have a loving family, you don't want to leave any questions unanswered in regard to who will raise your child or children. You should name a guardian in your estate plan.
There are steps you can take to avoid these estate planning mistakes, among others.
Once you know your estate planning goals and have a clear grasp of your legal rights, you can then push forward with a clear vision.