Mistakes to avoid during estate planning

Delaware residents who were thinking of undergoing the estate planning process likely have many questions about how to handle their estate. They know that estate planning can provide them with peace of mind to ensure that their loved ones get the assets intended for them. However, they just don’t know where to start. One of the best places to start is to identify common mistakes that people make during the estate planning process so that you can avoid making those mistakes yourself.

Financial procrastination

Estate planning is an essential way to ensure that your assets are disbursed how you would like them to be. Unfortunately, many people put off the idea of drafting a will and other documents due to the simple fact that they don’t know how to. This financial procrastination can create a world of confusion for your surviving heirs as they have no legal documentation.

Outdated Wills

Many people are under the false assumption that they only need to create one will, and that will work for their entire life. The reality is that your financial situation changes as the years go by. For this reason, it’s advisable to update your will every five to seven years. In the event of any major life changes such as birth, divorce, death or even marriage, you should be updating your will accordingly. These updates will help to ensure that all of your major assets are notated in the will, and they’re distributed according to your wishes.

The estate planning process can be overwhelming, to begin with. However, it’s a process that all individuals need to undergo to ensure that their estate is properly dispersed upon their death. If you’re unsure of how to get started, it’s a good idea to contact an attorney to help you along the way.