Estate planning might seem a little complicated, especially when you consider all the various forms and tools you might use. Yet, while every estate plan is different, there are some common mistakes you’ll always want to avoid:
Stopping At A Will
Many people believe that if they have a Will, their estate plan is complete. But this simply isn’t true. You might have a disabled dependent you need to plan for or children from more than one marriage – the point is, there are a number things that a Will can’t do and that means you might need to expand your estate plan.
Writing Your Own Documents
These days, you can find a wide variety of do-it-yourself forms on the Internet. Want to write your own Will? There’s a form for that. Create your own trust? There’s a form for that too. Unfortunately, these forms are generic in nature and can’t always address all your concerns, or answer your questions. Add to that the fact that laws change all the time and you can see why using a do-it-yourself form is risky business.
Not Planning for Disability
We’re all very concerned about making sure our loved ones are provided for after we’re gone but what happens if we become disabled? Who will pay the bills? Will our family have access to your money? Will they know what medical treatments you want or don’t want?
One of the most common estate planning mistakes people make is forgetting to plan for disability. And that’s a big mistake to make because experts estimate that 60% of Americans will need some sort of long term care during their lifetime. If that long term care is needed because you’re mentally incapacitated, you won’t be able to tell your loved ones how to log into your computer or where the checkbook might be hidden.
To learn more about what should and shouldn’t go into your estate plan, give us a call today.
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