Everyone needs to have the important documents found in a typical estate plan. However, there are some common estate planning mistakes that can be avoided.
Using the Cheap Online Option
Using a cheap online option such as LegalZoom is a common estate planning mistake. When using a platform like this, many people don’t realize that the forms may not hold up when you really need them. For example, a will that is drafted via LegalZoom and not reviewed by an attorney may not achieve your goals.
Not Naming a Power of Attorney
Another common estate planning mistake is not naming a power of attorney or healthcare surrogate. Often this happens because you do not know who to choose. By avoiding this important decision, you may find yourself in an undesirable situation should you ever become incapacitated or unable to make decisions for yourself.
Not Naming a Guardian for Your Minor Children
Avoiding naming a guardian for minor children is in the same category as the last mistake. By avoiding making such an important decision, you run the risk of the courts deciding who will raise your children, in the event both of their parents are unable. This is a critical part of any estate plan for parents with minor children. It’s a hard decision – but an important one.
Not Updating Your Will
Not updating your will on a frequent basis is another common mistake. It’s a good idea to review your will on an annual basis, but at the very least, it should be reviewed with a professional at least every three years. This will help to ensure it is up-to-date and will reach your intended goals.
You also need to update your will after major life events, including marriage, divorce, having a child, and adopting a child.
Avoid These Common Estate Planning Mistakes
There are more common mistakes that people make when it comes to estate planning that can be avoided if you are proactive. If you need to draft or revise any piece of your estate plan, contact a local attorney today. We can guide you and help you make the right decision for you and your family.