Estate planning is a complex process, and unfortunately, it is easy to make mistakes. These mistakes can have major impacts on you and your loved ones, so it is important to know what to avoid when it comes to estate planning. Read on for more information.
What are the Biggest Estate Planning Mistakes to Avoid?
Only Creating a Will
It is important to have a will, but there are many other documents that come into play in the estate planning process. You may also want to create trusts, a power of attorney, a health care directive, and more. A will is not enough to cover all of your bases. For example, it can be difficult to think about, but you should consider planning for incapacitation and picking someone you trust to make important decisions on your behalf.
Failing to Update Your Estate Plans
Your life will inevitably change over the years, and your estate plan should reflect these changes. The most common reasons to update a will include the adoption or birth of a child, marriage, divorce, remarriage, and the loss of a loved one who was included in the will. Failing to update your plans can mean excluding a loved one, or including someone you may no longer want in the will. Generally, you should update your will every 3-5 years.
You Take the DIY Approach
The best way to avoid all of the above issues is to retain the help of a skilled estate planning attorney. For example, many people attempt to take on the estate planning process on their own. This is often a big mistake. Estate planning documents must be created and filed in a specific way. Failing to meet the necessary requirements can result in your documents being found invalid. This can cause a lot of trouble for your loved ones in the future.
If you have any questions or concerns about the estate planning process, contact our firm today. We are here to walk you through the process each step of the way. Reach out to speak with an experienced and dedicated attorney.
Contact our Firm
Sometimes, divorce, family, and estate matters are difficult to navigate. Fortunately, they do not have to be with the assistance of a compassionate, knowledgeable attorney who is willing to guide you every step of the way. If you need a seasoned firm to help you with any divorce, family or estate-related matter, please do not hesitate to contact Collis, Griffor & Hendra today to schedule a consultation.