A comprehensive estate plan gives you control over your assets after you’re gone, prevents family conflicts, and gives those you trust the legal authority to act on your behalf. However, it’s also a complex process, with significant pitfalls that can result in uncertainty and legal problems for those you leave behind. Avoiding a few common estate planning mistakes will help ensure your wishes are respected.

What Estate Planning Errors Should You Avoid?

1. Relying on DIY Resources

A variety of estate planning books and websites make preparing a will seem relatively simple and straightforward. Unfortunately, many people using these resources leave out valuable assets or use ambiguous language that opens their will up to legal challenges. Hiring an attorney to write your will is the best way to ensure it covers all of your belongings and that your final wishes are clearly expressed.

2. Not Updating Beneficiaries

Individual retirement accounts allow you to name a beneficiary who will receive those assets if you pass away. However, if the person you selected has also passed away, the assets in your accounts may be given to someone you wouldn’t have chosen. Even worse, they may go to a former spouse or a relative you no longer speak to, so review and update your beneficiaries at least once per year.

3. Leaving Assets Directly to a Minor

Minors can’t control financial assets, so their parents or another adult will likely be entrusted with handling their inheritance. Unfortunately, this arrangement invites abuse, so you should consider establishing a trust, which will ensure those assets are used for the minor’s benefit.

4. Waiting Too Long

Many people assume they’ll always have time for estate planning later or that their family will know what to do with their assets. Unfortunately, the unexpected can occur at any time, and conflicts over even sentimental belongings can tear families apart. Taking care of your estate planning early and updating your documents regularly will protect your interests and make the process easier for those you love.

Estate planning can be complex and overwhelming, but a skilled lawyer can guide you through the process, minimize conflict, and help you save money in the long run. Zellar & Zellar, Attorneys at Law, has been helping Columbus, OH, residents prepare for the future since 1965, building a reputation for caring for the needs of every client. Visit their website to learn more about their estate planning services, or call (614) 257-1643 to schedule a consultation.

This article is intended to provide general information and should not be construed as legal advice or in creating an attorney-client relationship.