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Estate planning is one of the most important steps you can take to protect your family’s financial security and preserve your legacy, but if done incorrectly, your good intentions may be undermined. Even the slightest error can create significant problems for your loved ones and hinder your final wishes from being carried out. An attorney will help you create a solid estate plan and keep you from making the following mistakes.  

4 Common Estate Planning Errors That Can Prove Costly

1. Appointing the Wrong Person as Executor

The person you appoint as executor of your estate will be responsible for making sure the instructions you’ve left behind are executed as intended. This is a big role to fulfill, and it’s essential you choose someone who can handle it objectively. Many people make the mistake of designating a family member or close friend who is also a beneficiary, which frequently leads to conflict among loved ones. 

2. Neglecting to Provide Contingent Beneficiaries 

All too often, trusts and wills don’t include provisions that explain who should receive the decedent’s property in the event something happens to the original beneficiaries, making them unable to collect their inheritance. Neglecting to provide contingent beneficiaries can leave the door open for more court involvement and higher costs in the administration of your estate. 

3. Not Planning for Incapacity 

attorneysAlthough you might be perfectly healthy now, there is always the possibility of suddenly experiencing an injury or illness that leaves you incapacitated. Should this occur, it’s crucial for your estate plan to address who should make medical and financial decisions on your behalf, as well as the kind of care you wish to receive. Without this information, the court may decide these things for you.

4. Failing to Review & Update Documents 

One of the biggest errors people make is failing to regularly review their estate planning documents with an attorney to ensure they are still effective. As you go through various life events, such as getting married or divorced, having a child or grandchild, or buying a home, your estate plan will need to be updated to reflect these changes. Otherwise, it will no longer meet your needs. 

 

Working with an attorney to prepare for the future will allow you to maintain control over the distribution of your assets and relieve your loved ones from the burden of sorting out your affairs in their time of grief. For assistance putting together an estate plan that will hold up in court, turn to Privette Law Office. They understand that estate planning can be overwhelming and are committed to making the process simple and stress-free. For more than three decades, the residents in Willow Springs, MO, have relied on this firm’s attorneys to help them make sound decisions. Call (417) 469-3535 to arrange a consultation, or visit them online for more information on their services.

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