Estate Planning Lawyer
Starting your estate plan is a great step to helping your family when you pass but there are some mistakes that should be avoided. After all, you don’t want to go through all that time it takes to make your plan only to have it full of errors that end up causing more stress and headaches in the end.
By knowing the most common mistakes you are going to be less likely to avoid them. What you should always do before you even start is find yourself an estate planning lawyer. They are going to help you avoid mistakes as well.
Common Estate Planning Mistakes
It can be easy to overlook certain things when writing an Estate plan. Here are the most common mistakes people make:
- Failing to Plan
The biggest mistake that is made is simply not making a plan at all. While no one wants to sit with the fact that they are going to eventually die, it is important to sit down and plan your estate plan, to help protect your family in the long run. Sitting down and making this plan allows for your loved ones to know a plan of action.
- Not Discussing with Family and Friends
It is typically a good idea to have a conversation with your family and friends about your estate. Setting the expectations up now could lessen the likelihood that there is any contention after your passing. It also allows you to know what they are capable of handling. Like if you need to name one the guardian of your pet, you should at least know they can handle the job.
- Naming Just One Beneficiary
No matter what you do, you should have more than one beneficiary designated in your estate plan. In the event that a beneficiary passes away before you do, you’ll want what is known as a contingent beneficiary. This is just the next person in line that will handle the estate plan if your beneficiary passes before you do. Ideally, you should have more than one contingent beneficiary listed.
- Forgetting About Final Arrangements
When you pass your loved ones are going to be grieving and if they don’t know what you wanted after you pass it can be stressful. If you want to be cremated you should state that in your plan, and if not then make sure they know what you want in your funeral and burial arrangements. Also, let people know what you want in your end-of-life care. It isn’t an easy task to handle but it can save your loved ones a little stress to know exactly what to do.
No one wants to sit and plan out what happens after you die but it is important. Talking to an estate planning lawyer, like the team at Kaplan Law Practice, is a good way to start planning your estate and avoiding mistakes.