Planning for the future of your estate is something you should take seriously. Otherwise, you may leave your loved ones in confusion or create discord among family members if your estate plans are not comprehensive.
Here are some mistakes you should avoid when putting together your estate plan.
Not planning for disability or long-term care
Estate plans are not limited to who gets what after you are gone. You need to factor in unexpected developments such as incapacitation or long-term care, which you will likely need in the future. It is crucial to have someone who will act on your behalf when you are not in a position to make your own decisions.
Choosing a wrong executor
If you have a will, your choice of an executor may determine how smooth the succession process will be. Therefore, you need to assess your choice of executor and ensure they are up to the task. Remember, an executor does not necessarily have to be family.
Not updating your estate plans
It is crucial to regularly revise your estate plans in line with any changes in your life. For instance, if a beneficiary died or you have new assets to include in your will, you should revise your estate plans to capture that. It is advisable to relook at your estate plans every couple of years to ensure that you have everything right.
Not protecting a beneficiary with special needs
If you have a loved one with special needs, you should tailor your estate plans to protect their interests. A simple will might not do the job, and you need to be aware of other estate planning tools that may help you achieve your objectives.
You could save a fortune in taxes and have a solid estate plan with the proper guidance. Therefore, it is advisable to get the necessary assistance since there is a lot that goes on in estate planning. Don’t leave anything to chance.