Pennsylvania readers know that estate planning is a smart step for every adult, regardless of income level, health status and other factors. Every person has the right to have a say over what happens to his or her stuff as well as the right to have a say over certain medical care decisions in case of incapacitation. A good estate plan can cover these issues and give a person peace of mind.
However, people often commit mistakes with their estate plans, and sometimes they never realize it. Unfortunately, mistakes with estate plans often come to light when it is time to settle an estate. You can make sure your beneficiaries and loved ones never experience difficulties because of issues with your will or other documents by taking the time to make sure you have everything in place and no adjustments are needed.
Errors and missteps can be costly
One of the biggest mistakes people make with estate planning is assuming they don’t need one. You may think the same thing, or you may assume that a basic will is all you need for full protection. When it is your interests and those of your loved ones on the line, it is always worthwhile to know your legal options and what steps you may need to take. Other common estate planning mistakes include:
- Failing to have the right documents – It is helpful to have all of your important documents in one place, such as your will, medical directives, life insurance information and more. You may also want to make sure you drafted and have all the right estate planning documents for your needs.
- Failing to update your beneficiaries – When life changes occur, such as a birth, death or divorce, it is necessary to make sure that you do not need to update your beneficiaries on important documents and accounts, including retirement funds, insurance policies and your will.
- Failing to keep up with your records – One thing that many people do not do is keep a record or written instructions regarding their estate planning. This can save loved ones and beneficiaries a lot of time. Organization is important.
One way to make sure that you have the right things in place is to seek the counsel and guidance of an experienced estate planning attorney. Your legal ally can review your plans, help you see where adjustments and updates may be needed and guide you through the appropriate steps.