There are many decisions that we may need to make in life but perhaps one of the more important of those decisions involves our estate planning. In essence, we are making the decision as to what is going to take place when we are no longer able to care for our own finances. Making the right decisions can certainly go a long way in helping your wishes to be fulfilled. Unfortunately, there are also a number of mistakes that are commonly made throughout the estate planning process. Here are a few to avoid.
1. Assuming You Really Don’t Need an Estate Plan: Estate planning seems to be something that would only be beneficial to the wealthy, but that simply is not true. As a matter of fact, anybody who wants to make decisions as to what is going to take place with their finances or even with other factors when they are no longer able to care for themselves would benefit from this type of planning. This would include end-of-life healthcare decisions, what happens to the children and even how your private affairs are handled at that time.
2. Putting Things off for Too Long: One of the biggest mistakes that many people make with any type of estate planning is putting things off, sometimes until it is too late. Admittedly, it can be stressful to talk about a time when you won’t be able to care for yourself but it is an inevitability that all of us must face.
Consider the fact that your family and others who would be part of the estate plan would be embroiled in a legal battle at that time rather than being able to grieve and overcome the loss that they just experienced. Be sure that you include estate planning early in your life and ensure that the appropriate people have a copy.
3. Thinking Your Estate Is Too Simple: Have you ever thought that an estate plan is not for you because your finances are relatively simple? A formal document is always going to be beneficial and an estate plan simply gives you more control in comparison to a last will and testament. Regardless of your situation, it is always worthwhile to look into the benefits of estate planning. You may just find that it is the best choice you could ever make.
Knowing these any other mistakes that are common to the estate planning process can help you to avoid them when going through the process as well.