Estate planning is not something to take lightly. A seemingly minor mistake today could cause serious trouble down the road. It’s critical to protect against mistakes that could cost you and/or your loved one’s time and/or money.
Here are three common estate planning mistakes to avoid at all costs:
1. Neglecting to Create an Estate Plan
This is by far the most common estate planning mistake. It’s easy to find excuses for not creating an estate plan, but the longer you put it off the greater chance there is that it’ll come back to harm you or your family in the future.
The second you realize you need to create an estate plan is the second you should get started. You’ll feel much better once you have something concrete in place.
2. Overlooking Incapacity and Long-Term Care Planning
A big part of estate planning is determining what will happen to your assets upon your death, but that’s just the start. Incapacity planning and long-term care planning are both a big part of a comprehensive estate plan.
Incapacity planning ensures that your wishes are followed in the event that you’re unable to communicate. For example, a living will allows you to plan in advance.
Long-term care planning is meant to prepare you for the possibility of requiring nursing home or at-home care.
3. Forgetting to Name a Guardian
When creating an estate plan, your children should be at the top of the priority list. And this goes beyond determining how to best leave them your assets.
Naming a guardian will give you peace of mind, as you know that the perfect person will raise your children if you pass on before they reach age 18.
If you’re concerned about any of these estate planning mistakes — among others — contact our law firm to set up a consultation. We’ll make sure that you create the perfect estate plan for you and your loved ones.
