Exploring Some Common Estate Planning Mistakes You Can’t Afford to Make
According to the Bureau of Labor Statistics, in 2014, there were 603,310 real estate lawyers in the United States. If you’re currently in the process of planning your estate, it can be easy to make some mistakes if you don’t work with a lawyer that has the experience you need. But the fact is, estate planning is essential to family finances, and even one mistake can impact the ones you love most. Here are just a few estate planning mistakes that you just can’t afford to make.
Thinking you’re too young to start the estate planning process.
An estimated 55% to 70% of Americans don’t have an estate plan or even a simple will, and this is perhaps one of the biggest causes as to why common mistakes are made during estate planning. You never truly know when you’ll need to plan your estate, but it’s never too soon to start.
Not revisiting your estate plan or will once it’s drafted.
Countless people make the mistake of creating their will and then locking it away and never looking at it again. Or, they simply don’t revisit it often enough and leave out essential financial assets as a result. But there are more reasons to revisit your will with a lawyer than you think. In addition to some obvious reasons, like births and deaths in the family, there are also some less obvious reasons. For example, if you’ve recently moved to a new state or retired, you should take another look at your will.
Not considering a lawyer.
Finally, far too many people seem to think that they can take a DIY approach when it comes to drafting their will. While it’s possible, it’s certainly not ideal and can lead to even more errors.
“There may be a complicating issue warranting legal advice that you’re not even aware of. That’s why it’s still a good idea to at least run these documents by a qualified estate planning attorney, which may cost you less than having the attorney draft them all from scratch,” writes Erik Carter on Forbes.
Overall, understanding these common mistakes can help you make the right decisions when it comes to handling your financial assets responsibly. For more information about estate planning attorneys, contact Baird Mandalas Law.