Drafting various estate planning documents and reviewing them periodically is a foolproof way to protect your family’s financial security after you pass—as long as you do it right. Sadly, many individuals who create a will or trust fail to seek quality legal advice, and they end up making mistakes that have disastrous consequences for their loved ones. Below, the knowledgeable team at the Law Offices of Neil T Nakamura & Associates in Honolulu, HI, explains some of the most common errors so you can avoid them.

3 Disastrous Estate Planning Mistakes

1. Failing to Update Your Will as Needed

You will likely need to update your will after every major life transition. That means you should review your estate planning documents after getting married, having kids, getting divorced, getting remarried, and inheriting property. If you fail to account for a change of circumstances in your will, your loved ones could end up paying the price.

2. Failing to Name a Guardian for Your Children

Life is unpredictable, and you need to plan for all eventualities when creating a will. This includes establishing guardianship for your children in case something should happen to both you and your spouse. If you fail to name one and something does happen, the court will determine who will care for them, and it may not necessarily be whom you would have chosen.

3. Failing to Account for All Assets

If you forget to include certain assets in your will, they will be distributed via state law procedures after you pass. Although this may not be an issue if you were married once with no children, it could get complicated if you had multiple spouses or children with several partners.

If you want to ensure your estate planning documents are both valid and comprehensive, turn to the Law Offices of Neil T Nakamura & Associates. Their firm has been serving clients in Honolulu, HI, for more than four decades. To schedule an initial consultation with an estate planning attorney today, call (808) 945-7645.