Estate Planning Mistakes Everyone Makes and How to Avoid Them

Will your loved ones have to pay the price for estate planning mistakes you made?

Many people in America will die with no estate plan at all. Don’t beat yourself up if you discover your well-thought-out plan is full of estate planning mistakes. You’re still a step ahead of most people. Trying to do estate planning on your own usually means that mistakes are inevitable. Here are some tips to help you make sure you avoid some of the most common ones.

Consider All Possibilities to Avoid Mistakes in Planning Your Estate

While you’re enjoying all the benefits of sound mind and body right now, you need to make arrangements that are very clear about what should happen if you’re unable to communicate at some point in the future. You don’t want your family to suffer the stress and uncertainty of not knowing your wishes when the time comes and you’re not able to tell them. Be sure your plan spells out your wishes so there’s no confusion, even if you’re incapacitated and can no longer speak for yourself.

A Common Mistake to Avoid in Estate Planning

Following the passing of a loved one, beneficiaries can encounter many delays and unexpected expenses. This can add stress to an already stressful, emotional time. A correctly prepared estate plan eliminates or at least minimizes any unexpected taxes or other expenses that might otherwise get passed on to your family members. Unless you’ve done estate planning before, this is an area better left to the pros.

It’s Critical Not to Make This Mistake With Your Estate Plan

The most basic estate plan should include Durable Power of Attorney for your finances and advance health care directive as well as your Will. Without Power of Attorney for the advance health care directive, even immediate family members may find it difficult to gain access to medical records and other health-related information.

Estate Planning Without Mistakes

If you pass on without a Will or estate plan, the state chooses how your estate will get distributed. Maybe you postponed your estate planning, fearing you’ll do it wrong or leave out critical information. Leaving your estate planning to the experts can help prevent costly mistakes.

Seek out the help of professionals to make sure your estate plan contains everything needed to make things as easy as possible for your loved ones. A properly prepared estate plan ensures you can choose exactly how you want provisions made for your family. It also gives you control over the timing and amount of the distributions.

Contact Incompass today for the peace of mind that eliminating estate planning mistakes can give you. Or pick up the phone and call us with your questions at
916-974-9393.

Categories: TRUSTS, ESTATES & FIDUCIARIES.