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Don’t make these 2 major estate planning mistakes

| Sep 17, 2019 | Estate Planning

There are many mistakes that can be made when building a solid estate plan, which is why it’s advisable to work with an attorney. Even if you think you’ve done everything right, a small slip-up could threaten your entire estate, so it’s worth having someone with legal experience review what you’d like to do and to make sure your estate plan is set up correctly.

Many people make mistakes when putting together estate plans. For that reason, you should know some common errors that you can avoid with some foresight.

Error #1: Failing to understand the plan

Estate plans are often complex, and the person helping you put it together (likely your attorney), will be able to put together a plan that protects you. However, you still need to understand the plan to guarantee that it does everything you’d like. If you find yourself saying that you don’t know what you signed, have your attorney explain it to you again.

Error #2: Failing to update the estate plan

Another major error is failing to update the estate plan. Usually, attorneys say to update them with major life changes and on a set schedule, which you can discuss with your attorney. The reason for this is so that you can change beneficiary designations or add assets or trusts to your estate over time. Reviewing your legal documents is always a good idea, so it’s up to date with current laws, too.

These are two of the major errors people make. If nothing else, make sure you understand what you’re signing, so your estate plan does what you want it to.