Estate Planning

The 5 Biggest Mistakes Made When Estate Planning

Estate planning is something everyone should do to make sure that their assets are distributed the way they want after they have passed on. If you need to make special arrangements for your family after you are no longer around, then estate planning is the best way to get the job done.

While estate planning is important, it is also easy to make mistakes that could cost you and your family a lot of money and aggravation in the future. To avoid these mistakes, it helps to understand what they are and what you can do to make sure you do not fall prey to them.

Not Hiring A Lawyer

An estate planning lawyer can bring together all of the accounting and insurance resources you need to make sure that all of your final wishes are taken care of. Without a lawyer, it can be almost impossible to understand how to take care of your estate, and understand important pieces of estate planning such as a will. A good lawyer can also be there for your family when you have passed on to make sure that your final wishes are done properly.

Not Getting Enough Insurance

Many people who decide to do estate planning find themselves knowing how much insurance they really need to make sure their plans are paid for, but they decide to buy less insurance because they don’t see the value in planning ahead. When you plan for your estate, it is extremely important that you get enough insurance to take care of your family and execute all of your financial plans.

Not Doing Planning Right Now

You just got married and you have a baby on the way. To go along with that, you just got the job of your dream and life could not be better. You have time to do estate planning, right? Then you drive to your first day of that job and get into a fatal car wreck. Now your new wife and child are left with nothing, and the house you just bought could be in trouble too. It is not pleasant to think about, but estate planning is something you need to take care of right now.

Not Planning For Contingencies

What happens if your spouse passes away before you do? How would your plans change if you got divorced? A good estate planning attorney can help you to plan for contingencies that may never occur to you as you are going through the process of planning your estate. Without good contingency planning, even the best estates can go off course.

Forgetting About Fluffy

An estate plan includes every member of your family, including your furry family members. When people do not specify what happens to their pets in their estate planning, then they are leaving their pets to an unknown fate. Instead of leaving Fluffy’s fate up to the courts, you should take the time to make provisions for your pet in your estate planning.

Estate planning is serious business that will have significant effects on your family after you have passed on. For the sake of your loved ones and the traditions you hold so dear, it is important that you get involved in an estate planning process as soon as possible.