If you haven’t done any estate planning, it can be overwhelming to figure out where to start. Avoiding common mistakes is the first step in creating a solid estate plan. Here are some tips to help you avoid estate planning mistakes as a newbie.
- Don’t Procrastinate – One of the biggest mistakes people make is waiting until it’s too late to start their estate plan. You shouldn’t wait until you’re sick or facing a major life change. Start planning now so you can know that your assets will be distributed according to your wishes.
- Make a List of Your Assets – Before you start creating your estate plan, consider making a list of all your assets, including bank accounts, real estate, investments, and personal property. This will help you determine what you need to include in your estate plan, and how you want to distribute your assets.
- Consider All Options – There are many options available for estate planning, such as a will, a specific type of trust, or a combination of planning techniques. Each technique has its benefits. It’s important to consider all options before deciding which is best for you. An estate planning attorney can help you make the best choice for yourself and your situation.
- Update Your Plan Regularly – Life is constantly changing, and so should your estate plan. Review your plan regularly to make sure it reflects your current wishes and life circumstances. Make updates as needed, such as after major life events like a birth, death, marriage, or divorce.
- Don’t Forget About Taxes – Estate taxes can eat up a significant portion of your assets, so it’s important to plan for them in advance. An estate planning attorney can help you minimize your tax liability by setting up trusts or gifting strategies.
By following these tips, you can avoid some of the common estate planning mistakes that people make. It’s important to start planning now so your assets will be distributed according to your wishes. Working with an estate planning attorney can help provide you peace of mind for your future. Contact us to learn more about our services.