A lot of people do not think about estate planning until they retire or when it becomes imperative due to incapacity or illness. In some cases, one may end up putting off planning, until it turns out to be forever. An estate plan provides you with a road map through which your heirs will receive property left for them. Additionally, an estate plan is able to take care of your financial or medical interests if you become unable to do so. This ensures that your children are provided for even when you’re not around.
Here are some common mistakes to avoid when it comes to estate planning:
Waiting for too long
Some people are hesitant to draft an estate plan, but there’s nothing worse than having your heirs fight over your assets and having the court appoint someone to make decisions for you. As ChristensenYoungLaw.com says, an estate planning attorney in Utah can be of help. It’s never too late to hire a professional who can draft a will and name the people you trust to handle your affairs when you can no longer do so.
Not having an attorney draft your plan
Deciding to write up the plan you need is a good thing. Nonetheless, you may end up missing something and not accounting another. An estate planning attorney provides sound advice on what needs to be included in a health directive and recommend you how to set up a trust and how to fund it.
Failure to update documents
Once you have decided to write up a plan, it is important to regularly update it to ensure that your beneficiaries get what they are entitled to. This includes updating your beneficiary designation forms, such as insurance policies, bank accounts and retirement plans.
Not accounting for everything
Some people do not consider digital assets to be beneficial. It is important to clearly account everything you own, as this helps reduce sibling or family squabbles.
Before you decide to create an estate plan, seek help from an experienced estate planning attorney. They will help you draft a strong plan, as well as advise you on the next steps to take.