As you may likely assume, you must put a lot of thought and attention toward making your estate plan. Any misstep or discrepancy may just make your documents invalid and void. Continue reading to learn what mistakes you should avoid in this process and how one of the experienced Butler County estate planning & probate attorneys at Heritage Elder Law & Estate Planning, LLC can help you navigate around them.
What are common mistakes that I should avoid when planning my estate?
The most obvious mistake that you can make when estate planning is failing to do so on time. Though it is difficult to think about, there will come a time that you are no longer around or that you are not of a sound-enough mind to establish your documents. If you do not prioritize your estate plan, it is not guaranteed that your loved ones will be taken care of financially once you have passed on. At the very least, it will open up the possibility that your loved ones will argue with one another or otherwise will have the headache of going through the probate process.
With that being said, below are more common mistakes that you should avoid when planning your estate:
- You do discuss with your spouse or other loved one if they are willing to take on the responsibility as your executor or trustee.
- You do not name a contingent beneficiary in the event that your principal beneficiary passes away.
- You do not name a guardian of your children in the event that you pass away while they are still minors.
- You do not establish a standalone medical power of attorney and financial power of attorney, along with appointing an agent.
- You do not include digital assets in your estate plan, along with appointing a digital executor.
What are some tips I should follow?
In addition to common mistakes to avoid, below are some tips to follow when planning your estate:
- Update your estate plan every five years or every time you undergo a significant life change.
- Put in writing how you wish your loved ones to honor you when you pass away (i.e., establish end-of-life planning documents).
- Name a charity that is important to you as a beneficiary, in the event that you have a large estate.
- Use specific language for what conditions your children are allowed to receive their inheritances (i.e., being a certain age, having a certain marital status, reaching a certain education level, etc).
The skilled Butler County estate planning attorneys at Heritage Elder Law & Estate Planning, LLC are here for you whenever you are ready to initiate your estate planning. Simply give our firm a call at your earliest possible convenience.