Top 4 Estate Planning Mistakes To Avoid
Estate planning and wills are things that most people don't want to think about; however, when you pass on, it's important to make sure that your belongings and assets are allocated properly. So long as you're age 18 or older, it's never too early (or late) to contact a legal professional and set up an estate plan. Just be careful to avoid some common mistakes along the way.
Assuming You Don't Need One
First of all, never assume that you're not in need of an estate plan. Even if you don't have a lot of assets or money to your name, estate planning can save your loved ones a great deal of hassle and stress down the road. All adults can benefit from having an estate plan, regardless of your tax bracket or income--and the sooner you set one up, the better.
Failing to Update as Needed
Over time, your estate plan is going to need to be updated as your life inevitably changes. For example, marriages, divorces, and having children can all affect your estate planning needs. If you have children and want to leave something to them, this will need to be updated appropriately in your will or estate plan. In this sense, it's helpful to think of an estate plan as a living, breathing, and ever-changing document designed to suit your needs at any point in life.
Forgetting About Your Pets
One of the most common mistakes people make when it comes to estate planning is forgetting about their pets. Who will you designate to care for your pets once you pass? Failing to include this in your legal document could lead to arguments among family members or, in a worst-case scenario, your pets going to a local shelter after you pass.
Not Considering Your Digital Information
Today, it's increasingly important to consider the digital footprint you will leave once you pass. As part of your estate planning, it's a great idea to designate a loved one to be given your passwords and usernames so they can appropriately handle and manage your digital assets and accounts--such as on social media.
As you can see, there are many estate planning mistakes you should be careful to avoid. A great way to avoid these blunders is to work with an experienced and professional lawyer who specializes in wills and estate planning. From there, you can enjoy the guidance and expertise you need. For more information, contact a professional such as those found at Linn Schisel & DeMarco Attorneys At Law.