As a responsible adult, having an estate plan is smart. It ensures that your wishes are known and that your family knows what steps to take if you become incapacitated.
Unfortunately, there are a lot of misconceptions related to estate plans that lead to mistakes. Getting to know the most common mistakes can help you avoid them when creating your own estate plan. Also remember to know your legal options, which will help you with this process, as well.
Mistake: Waiting to create your estate plan
Some people believe only the elderly require an estate plan. However, this isn’t the case. It’s smart to make an estate plan now – no matter if you are in your 20s, 30s or 40s. There’s no way to know what is going to happen and having this plan in place will protect you and your loved ones.
Mistake: Not discussing your plans and wishes with your family
Talking about your death or incapacitation may not be a fun topic of discussion; however, it’s something you need to do. Make sure everyone understands what your wishes are and why you decide to leave certain assets to certain people. This will help you avoid conflict and disagreements when you pass.
Mistake: Not updating your estate plan regularly
You should take time to update your estate plan any time a major life event occurs. This includes things like getting married, divorced or having a child. You want to ensure your estate plan reflects your life as accurately as possible at all times.
Protecting your wishes after you pass
Estate plans are something that all adults need to do. In the end, it helps ensure your wishes are known and takes some of the burdens off your family to make hard decisions on your behalf.