Planning for your future and that of your loved ones is crucial. Estate planning documents can help you state your wishes should you die or become incapacitated. However, to enjoy the benefits of estate planning, you need to make the right moves.
The following are four mistakes to avoid when planning your estate.
1. Forgetting assets
You should include all your assets in your estate plan. Forgetting one can result in misunderstandings because your loved ones may not know or agree on what to do about it. Therefore, you should double-check that all assets are included, including digital ones.
2. Not updating your plan
Of course, circumstances may change after creating your estate plan. When this happens, you should not forget to update it. For instance, you should add assets when you acquire new ones or remove those you sell. Other circumstances that call for this are getting a child/grandchild, going through a divorce or remarrying, among others.
3. Not discussing the plan with beneficiaries
Your beneficiaries don’t need to know your specific wishes or guide you on creating the plan. However, it will help if they know you have one and they are included. This can save them from surprises at the last minute, which can lead to conflicts.
4. Not updating your executor
The executor you appoint for your plan will ensure your wishes are fulfilled. Thus, it can help to inform them of specific changes such as where you keep the documents they will need.
Avoiding these mistakes can help you create a top-notch estate plan. It will also help to get legal guidance to make informed decisions.
