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What are the top estate planning mistakes?

On Behalf of | Mar 9, 2020 | Estate planning

Estate plans are unique to every person. As you age and as you collect more assets, it is crucial that you have an end of life plan. Without one, your family members could wind up in probate or quarreling over what your wishes were. A plan provides your family with a sense of security following your death. When establishing an estate plan, however, Forbes claims that there are many mistakes that you should avoid.

First and foremost, understanding is the top concern. Do you understand your estate plan? In the estate planning process, many people become more passive. In fact, there are many people who sign an estate plan and then admit that they did not know what they signed. It is important that you understand your plan fully. You need to know what to do to maintain the plan and how it will help your beneficiaries.

A lot of people do not update the estate plan right away. This is one of the biggest mistakes. What happens if you die and the wrong beneficiaries have listings? Sometimes beneficiary designations become outdated. Likewise, there may be a shift of ownership with some of your assets.

Not updating your beneficiaries, power of attorney and more is often one of the biggest mistakes that people make. A lot of people think that once they make a will, then it is the end. They do not need to coordinate the trusts and retirement, do not need to upgrade the plan at all or update the asset ownership. This can lead to serious issues later on.