Estate planning is one of the most critical things you must do during your lifetime. Unfortunately, most people are inexperienced with the process, so they can easily make mistakes. Here are some estate planning mistakes I see in my practice and how to avoid them.
Not communicating your plans
You should tell your family whom you’ve chosen as Personal Representative and whom you’ve named as the Trustee, if applicable. To help avoid unpleasant surprises when your estate is being settled, talk to your heirs once your plan is drafted so they know what to expect.
Not reviewing your plans periodically
Don’t forget about your estate plan once you create them. As discussed in a previous blog post, your situation and interests may change over time and you’ll want to review your plans once in a while to see if they need to be modified.
Not Using an Estate Planning Attorney
Hiring a legal professional is the only way to ensure your plan is correct. After all, you wouldn’t hire an A/C guy to fix your plumbing, right? The same goes for Estate Planning. So take the time to find the right attorney for your needs. This process can be complex, and it pays to hire a professional that is up to date on the law and has the experience to meet your needs.
Creating an Estate Plan is one of the most important things you can do for your family and loved ones. But don’t let your good intentions fall to the wayside because you make any of these unintentional Estate Planning mistakes.
Heidi S. Webb, Attorney at Law serves clients in Daytona Beach, Ormond Beach, Port Orange, and beyond with matters of Elder Law, Estate Planning, and Small Business Law. Contact her today to schedule a free consultation. Visit her page on Facebook, or see what her clients are saying to learn more about Heidi.