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Common Estate Planning Mistakes

Posted on May 27th, 2022

Common Estate Planning Mistakes

An estate plan is a highly influential document, and mistakes can interfere with the distribution of that person’s assets later on. The last thing anyone wants is to make plans for how they want their legacy to be handled after death, only to have their estate go through delays and other problems. Being informed about common estate planning mistakes can help prevent people from committing them. Here are examples of blunders to not give into:

Failing to plan at all. 

One of the biggest mistakes you can make with your estate plan is to put off doing it. Many of us procrastinate because we don’t want to think about a time when we are no longer here with those we cherish most. But as mortal beings, we have to accept we aren’t here forever. An estate plan ensures that the legacy you have built over a lifetime is given to those you care about the most.

Not talking with beneficiaries.

There may be situations where talking with friends and family about your estate plan isn’t appropriate, however, it’s usually a good idea to talk with beneficiaries. If you set expectations now, you can reduce the chances of contention or argument among family developing after your passing. Set aside time to speak with your spouse or others who have important roles for your estate plan, such as executors, power of attorneys, or accountants.

Not updating your plan as needed.

Once you’ve written an estate plan, the work isn’t over. You will have to update it periodically as life changes. Your estate plan should reflect your current wishes and a complete list of assets. An example of a life event that may warrant an update includes a divorce, marriage, death of a family member, birth of a child, or receiving a substantial inheritance.

An estate planning lawyer from Klenk Law has seen people make common mistakes such as those listed above. Many people rely on establishing an estate plan to feel peace of mind about the future. By avoiding pivotal mistakes, it means those you care about the most can receive a portion of your legacy as you so wish.

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