When it comes to estate planning, it’s reasonable to assume that having at least a few arrangements in place is better than having none at all. If, however, these arrangements are riddled with mistakes or do not actually protect your family’s best interests, they could end up doing more harm than good. Here are some of the most common estate planning mishaps people make and how to avoid them. 

5 Estate Planning Mistakes to Avoid 

1. Postponing Essential Tasks

It’s never too early to create a will. No one wants to consider their own mortality, but when you approach estate planning with the intention of protecting your loved ones, it becomes considerably easier. And since life is unpredictable, it’s best to start drafting critical documents sooner rather than later. 

2. Doing Everything Yourself

Since everyone’s situation is unique, it’s wise to seek professional legal advice when drafting a will. Although you can find plenty of templates online, none of them will be tailored to your particular family dynamic or financial wishes. Additionally, there is no guarantee that the terms in a “DIY” document will be unambiguous — or even legally binding. 

3. Naming the Wrong Executor

If you anticipate any tension between surviving loved ones, it’s best to choose a neutral third party to serve as the executor of your will. Otherwise, probate could drag on for months — or even years. Professional administrative services will come with a fee, but it may be well worth the cost given the circumstances. 

4. Forgetting to Update Everything 

Taking a proactive approach to estate planning and drafting everything when you’re still fairly young is wise, but it will only be useful if you update the plan periodically. Your situation is inevitably going to change over the years, and your estate plan should reflect these changes. 

5. Failing to Protect Themselves 

Estate plans are not just for surviving loved ones. In fact, some documents can go into effect while you’re still alive. In a living will, for example, you can state any wishes regarding end-of-life care. And if you create a durable power of attorney, you can grant a trusted friend or loved one the right to make financial and medical decisions on your behalf. 

If you need help creating or updating an estate plan, turn to Randy L. Cranford Attorney at Law. With three decades of experience, this seasoned lawyer is dedicated to serving residents throughout Thomasville, NC, and Davidson County. In addition to estate planning, his areas of expertise include personal injury law, criminal defense, Social Security law, workers’ compensation, and family law. To schedule a free consultation, call (336) 476-3115. Visit the firm online to learn more about their services.