There are dozens of mistakes you could make while estate planning, from creating invalid documents to forgetting about important aspects of the estate you wanted to protect. There are three major estate planning mistakes that are among the worst, though, which you should avoid at all costs. These include:
- Not having a plan in place
- Not including long-term care planning in your estate plan
- Failing to plan for minors
Each of these topics is an important part of your estate plan and needs to be addressed. Let’s take a look at each in more detail:
Not really having an estate plan
Having a real plan in place is important. A simple will may not be enough to make your decisions and wishes known. Talk to an attorney about the options open to you, like trusts and tax protections.
Not including long-term care planning
If you fail to create a long-term care plan, you could find that you have to spend down most of your assets for your long-term care. Money that you set aside for inheritances might be spent on your care instead, and any assets you have may need to be sold as well. Plan for your long-term care, so you know that your assets will be protected.
Not thinking about guardianship and trusts for minors
If you have minor children or dependents, you can’t forget to plan for them. Their wellbeing relies on you making decisions about how they’ll be cared for if you pass away. Your attorney can discuss options with you, like setting up a trust for your life insurance benefits or devising a guardianship plan with your child’s best interests at heart.
The more you know about the value of a good estate plan, the easier it is to understand why you need to get yours finished. Talk to an experienced attorney today.