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These estate planning mistakes could sneak up on you

| May 29, 2020 | estate administration & probate |

When it comes to estate planning, there’s no questioning the fact that you want to make accurate and sound decisions that will benefit you and your family in the future. The problem with this is that there is nothing easy about the estate planning process.

Here are some of the most common estate planning mistakes, all of which can sneak up on you if you’re not paying attention and taking the appropriate steps:

  • Putting it off: You think you have all the time in the world for estate planning, but that’s one of the biggest mistakes you can make. Even if you’re young and healthy, your life can change in an instant. The sooner you create an estate plan, the sooner you’ll enjoy the peace of mind that comes along with it.
  • Thinking a will is all you need: A will is one of the most common estate planning documents, but it’s not the only thing to consider. For example, there are many benefits of a trust, such as privacy protection.
  • Ignoring the probate process: When estate planning, you may not think much about probate because it happens after your passing. However, since you want to do what’s best for your loved ones, you should strongly consider the steps you can take now to prevent your assets from going through probate in the future. One of the best ways of doing so is through the creation of a trust.
  • Neglecting to pay for incapacity: There could come a point when you’re incapacitated and unable to make your own decisions, such as those related to your health care and finances. By planning for incapacity, you know that the right person will have the power to make important decisions on your behalf.

These are just a few of the many estate planning mistakes that have the potential to sneak up on you.

If you’re concerned that your estate plan needs some help or you’ve yet to tackle this process, don’t wait around any longer. Once you understand the benefits of estate planning and how to proceed, you can take the steps necessary to protect you, your loved ones and your estate.