If you are in the process of creating an estate plan in Minnesota, there is nothing more important than preventing mistakes.
Tip: If you already have an estate plan in place, review it today to ensure that it still suits your every want and need.
It’s not uncommon to make an estate planning mistake. In fact, this is something that has plagued many people before you. You can avoid the same by learning more about the estate planning process, including some of the most common mistakes. These include:
— Not having an estate plan. This is the biggest mistake you can make, because any estate plan is better than none at all.
— Neglecting to update your estate plan. If you forget to do this, it could work against you and/or your loved ones in the future.
— Forgetting to plan for a disability. You may not want to think about it, but you could become disabled in the future. This should be a big part of your estate plan.
— Overlooking options for reducing estate tax. This is something that you do for your loved ones, as you want them to receive as much of your assets as possible upon your death.
These are just some of the many estate planning mistakes that could hold you back. If you are aware of these errors, you can avoid them in the future.
In the event that you have already made one or more of these mistakes, remember this: It is never too late to make a change. You can still alter your plan for a better future.
Source: FindLaw, “Ten Common Estate Planning Mistakes to Avoid,” accessed March 07, 2016