Having an estate plan in place is a basic way to protect your rights and interests in the future. It can ensure that you get the final say over what happens to your stuff and your health care in the future. This is beneficial for California adults regardless of age, income status or health.
Estate planning can be a complicated process, and this is why it’s beneficial for you to ensure you don’t make mistakes along the way. Even a simple error can result in issues when trying to settle an estate in the future or make decisions. It may be helpful to learn about common estate planning errors and what you can do to avoid them. This can give you confidence and peace of mind about the plans you’ve made.
What should you look for?
Estate planning is about looking to the future and making plans that may not be necessary for years or even decades down the road. It’s not always easy to look this far ahead and know what you will need. This is why many estate planning mistakes happen and why it is useful to have experienced guidance along the way. Some of the most common missteps people make include:
- Failing to update a plan after a major life event such as a death, birth, remarriage or divorce can lead to problems with an estate plan down the road.
- It is a mistake not to take steps to reduce estate taxes in any way possible. This will make things less complicated and costly for beneficiaries in the future.
- If a person does not plan for the possibility of a disability, it is a mistake. Through an estate plan, you can make financial and legal plans in case you are unable to work or speak for yourself.
Of course, the biggest estate planning mistake a person can make is failing to have a plan in the first place. It’s never too late or too early in life to make plans for the future.
The help you need
You do not have to make these important decisions about your future alone. With the help of an experienced legal ally, you can make plans that are in your interests for years to come. Before you make choices that could impact you or your loved ones, you may want to first seek a complete evaluation of your situation.