There is a lot to think about when creating an estate plan. No matter who you are, you realize that making all the right decisions is extremely important.
Unfortunately, there are many mistakes you can make when creating an estate plan. Here are several that you want to avoid at all costs:
-- Procrastination. Once you realize that you need to create an estate plan, you should take the first step in doing so. Putting this off is a risk that you don't want to take.
-- Deciding against an estate plan. There is no law requiring that you create an estate plan; however, this isn't a decision you want to make. Without an estate plan, you never know what will happen to your estate once you pass on.
-- Not planning for a disability. Did you know that an estate plan can also help you while you're living? For example, you need to create a plan that will protect your best interests in the event that you become incapacitated.
-- Putting the wrong person in charge. For example, you need to be very careful when choosing an executor of your will. This person will be staffed with many responsibilities upon your death.
These are far from the only mistakes you could make when creating an estate plan. However, they are definitely among the most common.
If you want to avoid these estate planning mistakes, you must have a plan for making all the right decisions at the right time. Along with this, don't hesitate to consult with professionals, such as an attorney and CPA, who can provide assistance.
Source: FindLaw, "Ten Common Estate Planning Mistakes to Avoid," accessed April 21, 2017