WHAT ARE THE MOST COMMON ESTATE PLANNING MISTAKES?
The most common mistakes are often simply forgetting to include important aspects in an estate plan. For example, many people just starting to estate plan might forget to include a medical or financial power of attorney, which is the person who will be responsible for making decisions on your behalf if you ever become incapacitated. You can appoint a power of attorney through your living will or through standalone documents. When creating a will, people also often forget to include directions for their final arrangements. It can be frightening to think about your death, but it can be incredibly helpful to establish funeral plans or other arrangements so that your loved ones don’t need to worry about planning it themselves. In today’s world, it’s also essential for people to include digital assets in their estate planning, such as online banking and digital photos. While digital assets sometimes don’t have financial value, they could have sentimental value, so you should ensure your loved ones will be able to legally access them if they need to.
WHAT ELSE SHOULD I AVOID?
It’s also fairly common for people to only name one beneficiary in their estate plan. However, this could be irresponsible because there’s always the possibility of something happening to the beneficiary before they gain control of your assets. Therefore, it’s always a good idea to name what’s called a contingent beneficiary. This is the person who’s next in line to your estate if the original beneficiary passes away before you do. It’s best to name multiple contingent beneficiaries, just in case.
Some people also make the mistake of failing to discuss their estate plans with their loved ones. It’s best to ensure all named beneficiaries are aware of their inclusion so that nobody is shocked when your will is revealed to them. You don’t need to go into detail, but a quick discussion can do.
Are you thinking about starting your estate plan? Are you seeking a talented estate law attorney who has your best interests in mind? Look no further because Herting Law PLLC is here to fight for you! Contact our highly experienced team for individualized legal counseling.