What Estate Planning Mistakes Should I Avoid?

One of the most important things you can do for your loved ones is to ensure that your estate plan is valid and established before you, unfortunately, pass on. With this, there are common mistakes that people make when it comes to creating a plan. Read on to discover what estate planning mistakes you should avoid and how one of the seasoned Butler County estate planning & probate attorneys at Heritage Elder Law & Estate Planning, LLC can guide you in the right direction.

What are common estate planning mistakes?

A common misconception is that establishing a Last Will and Testament is enough for a comprehensive estate plan. While this is one of the more important documents, it is not the end-all-be-all for estate planning. Just a few of the other facets that you must consider include the following:

• A trust.
• A deed.
• An estate and trust administrator.
• An irrevocable tax trust.
• An advanced healthcare directive.
• A power of attorney.
• Remarriage protection, if applicable.
• Special needs planning, if applicable.

Another common misconception is that once you establish your estate plan, you do not need to consider it anymore. On the contrary, you must update your estate plan every three to five years. This is especially the case if you undergo a major life change, such as any of the following:

• You get married or remarried.
• You get a divorce.
• You have a child or adopt a child.
• A loved one included in your plan has passed on.

And lastly, you may assume that you can easily establish your estate plan by using a free, online kit. However, these kits are more complex than you may expect, as the simplest misphrasing, error in filing, etc. can drastically alter the outcome of your estate plan. What’s worse, by being more prone to making a mistake, you may just invalidate your estate plan altogether. This is why we recommend that you do not work on your estate plan without assistance from one of the competent Butler County estate planning & probate attorneys from our firm.

What other estate planning mistakes should I avoid?

Without further ado, the following are other mistakes that you should avoid when drafting your estate plan:

• Failing to discuss your estate plan with your loved ones.
• Failing to name more than one beneficiary.
• Failing to establish a power of attorney or healthcare representative.
• Failing to properly fund your trust.
• Failing to make final arrangements.
• Failing to consider your children’s future in your estate plan.
• Failing to consider taxes in your estate plan.
• Failing to include digital assets in your estate plan.
• Failing to include your favored charities in your estate plan.

For more tips on estate planning, contact our firm today.