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3 estate planning mistakes you must avoid

On Behalf of | Aug 18, 2021 | Estate Planning

Your estate plan outlines what you want to happen to your assets when you pass away. It’s imperative that you have this in place since you never know what the future holds. Working with someone familiar with estate planning can help you be prepared.

While you’re creating your estate plan, you must be sure that you avoid these common mistakes:

1. Failing to regularly update your assets

Your assets are bound to change over the years. If you have assets listed in your will that you no longer own, that could throw off the balance of the distribution of assets to your heirs and deprive one or more of them of something you intended. Make sure that you regularly review your estate plans to make sure they only include your current assets.

2. Failing to plan for the death of an heir

It’s a terrible thought, but what if one of your adult children proceeds you in death? What if one of your heirs dies after you — but before probate is finished. Have a contingency plan in your will that addresses what happens to their share of the assets.

3. Leaving assets directly to a minor

Be careful about leaving large assets or family heirlooms to a minor without making someone a guardian over those items until the child reaches adulthood. That’s the best way to protect those assets for the future.

An estate plan that’s properly set up protects your loved ones after you pass away. Be sure that you have it set in a manner that accurately conveys your wishes.