Proper estate planning allows a person to design their legacy and ensure their loved ones are protected and cared for. A misstep during the planning process can lead to legal complications, tax consequences, and family discord. To avoid these costly mistakes, discussed below are three of the more common ones that estate planning attorneys see.

Common Estate Planning Mistakes

1. Failing to Have an Estate Plan

Every legal adult, regardless of age, income, or assets, should have an estate plan in place. When you don't have at least a will drawn up, the probate courts will determine what happens to your assets.

Their plan for who inherits everything may differ from what you would want. This could cause hurt, confusion, and dispute among your loved ones. Avoid this serious mistake by meeting with an estate planning attorney and deciding yourself who inherits what.

2. Neglecting to Update Your Plans

An estate plan shouldn't be thought of as a fixed arrangement. It should be updated regularly to reflect all important changes in a person's life. Births and deaths, marriages and divorces, and marked increases or decreases in money or assets are all life events that require a revisiting of one's estate plans.

When a person fails to account for their current constellation of loved ones and the present state of their finances, they run the risk of not remembering important people in their lives and not making provisions for the money and assets they possess.

3. Overlooking the Benefits of a Trust

A will is a fantastic starting point for your estate plans, but a trust offers some added benefits. All wills must go through a lengthy probate process, in which the estate and the terms of the will are legally validated.

Trusts avoid probate, and the items placed in ownership of the trust pass directly to the named beneficiaries; trusts can also minimize estate and gift taxes, and their terms remain private and confidential. An estate planning attorney will help you open a trust, in which you place ownership of certain assets now for beneficiaries to reap the rewards later.

When you need help drawing up wills, trusts, and other documents, an estate planning attorney will be your ally. ​Lonneman & Associates, PLLC has been serving the Hardin, Larue, Nelson, Hart, and Grayson County, KY, region for more than 30 years. They offer representation in estate planning, family law, and criminal defense matters. Call (270) 765-2190 or visit their website to schedule a consultation.