For the average person, creating an estate plan might not be an immediate priority until later on in life. To many, an estate plan is something that is reserved for the wealthy or those with many assets. However, an estate plan can benefit people of all backgrounds and income levels. When you are considering preparing an estate plan, there are several mistakes that you want to avoid during the planning process.
Not Naming Beneficiaries
One mistake people make when developing an estate plan is naming just a single beneficiary. It is advised that you name more than one beneficiary when you are creating an estate plan. In case of an emergency where your first named beneficiary becomes incapacited, you want to have a secondary beneficiary to put in your estate plan.
Not Making Updates to Your Estate Plan
Many people assume that once they make an estate plan, they don’t have to review their plan again in future. However, making periodic updates to your estate plan after significant life events is important to keep your plan up to date. You want to make sure your plan has the latest information regarding any life events that occur.
Not Discussing Your Plans with Family Members
Communicating with your family, friends, and loved ones about your estate plan is essential if you want to avoid any issues or disputes regarding your assets and future healthcare. While it is important to voice your values and objectives, not informing your loved ones about your estate planning goals can lead to issues down the road.
Not Securing Your Estate Plan
Once you have made an estate plan, you should set up the proper security measures to keep it safe. Outside parties who may have their own motives and agendas in mind may attempt to seek changes to your will or other legal documents. One way you can secure your estate plan is by organizing your documents and keeping them in a safe place that only you can access.
Preparing everything you need for your estate plan can help you avoid any future problems. Issues that arise can be costly and time-consuming to fix, so it’s better to consult an estate planning lawyer like one from W.B. Moore, Attorney at Law about your estate planning needs before they can occur. Contact an estate planning lawyer today if you need assistance creating your estate plan.