Estate planning allows you to protect loved ones in all eventualities. If you make any missteps when writing a will or creating a trust, though, the arrangements you put in place could end up causing unnecessary problems when all you wanted was to provide for your family. Here are some of the most common errors to avoid when planning for the future. 

3 Estate Planning Mistakes 

1. Not Naming Contingent Beneficiaries 

Since life is unpredictable, there’s no guarantee that every beneficiary will actually outlive you. Therefore, it’s essential to name contingent beneficiaries on all applicable accounts. Examples include life insurance policies and retirement accounts. You should also review your will periodically to ensure its terms still apply and none of the beneficiaries need to be replaced. 

2. Not Seeking Legal Advice

When it comes to protecting the family’s financial security, it’s best to turn to professionals for help. Even if you’re determined to draft all documents alone, have an attorney review them. A lawyer will ensure the arrangements cover all the specifics of your situation—and that their terms are legally binding. 

3. Not Protecting Yourself

Although most estate planning arrangements go into effect after passing, a living will and durable power of attorney (POA) can protect you while still alive. In a living will, you can state any preferences regarding end-of-life care. A durable POA, on the other hand, grants someone the right to make medical and financial decisions for you if you ever become incapacitated. 

The best way to avoid estate planning mistakes is by seeking legal counsel when creating or modifying any arrangements. For comprehensive guidance on wills, trusts, and probate, turn to Estep & Estep in Tazewell, TN. Since 1953, this firm has been providing a broad range of services for clients throughout Claiborne County. And since they’ve earned an AV Preeminent rating from Martindale-Hubbell®, you can be sure you’re in good hands when you turn to them. Visit their website or call (423) 626-3525 to schedule your consultation with an estate planning attorney today.