Estate planning allows you to take control of your future. By determining what happens to your assets when you pass on, you can rest easy knowing your loved ones are taken care of. Unfortunately, it does happen that people make errors that negatively impact their estate planning. Find out what mistakes an attorney can help you avoid below.

5 Estate Planning Errors

1. Failing to Plan for Disability

An estate plan should also specify who will handle your financial and health decisions if you are mentally or physically incapacitated. A healthcare power of attorney is usually a spouse, parent, or adult child. A financial power of attorney could be the same person, although some people opt to choose a professional like a trusted financial advisor or attorney. 

2. Not Taking Advantage of Gifts

You can reduce estate taxes by bestowing a portion of your assets as gifts. The IRS allows cash gifts of up to $14,00 a year per spouse, which can then be exempted from estate taxes. You also transfer assets like property to intended beneficiaries now by putting them in a trust.

3. Failing to Address Guardianship

If you have a minor child, you need to name a guardian. Select a person to care for them and set aside money, for instance, in a trust, for their expenses. A family member or friend—like a godparent—who the child already has a relationship with is ideal. It’s also preferable if the guardian is local so that the child doesn’t have to move and change schools.

4. Not Making Updates 

Your estate plan isn't something you do once. You will have to update it to reflect changes in assets, for example, a new property you've acquired. It also needs to reflect relationship changes like divorce.

5. Choosing the Wrong Executor

The executor handles your estate after you pass on. Many people want a spouse or child. Sometimes it's better to have someone objective handle your affairs in the sad time after death, however. An attorney can do the job.

Estate planning is complicated. Let Gilbert P. Kaback, Attorney at Law, of Colchester, CT, advise you on the process to ensure you don't let any details slip through the cracks. This lawyer has more than 22 years of experience handling everything from family law to DUI defenses. Learn more about the attorney’s credentials online. For an appointment, call (860) 537-0874.