If you have an estate plan, you may think you have everything you need to be secure for the future. In fact, it's possible you haven't given your estate plan much thought since you originally drafted and signed everything. It is smart for everyone with an estate plan to make sure they are not committing certain mistakes that could affect them in the future.
Estate planning mistakes and missteps can derail a person's entire effort to have plans and protections in place. Whether you need a plan or need to review your plan, it can be helpful to learn more about common mistakes and what they could mean for you and your loved ones. This may help you see issues you need to address before it is too late.
Blunders can be costly
Estate planning mistakes are more than just an inconvenience. They can lead to complications when it is time to settle your estate or when your loved ones are trying to make medical decisions on your behalf. Many common missteps can actually affect the distribution of your estate assets and what your beneficiaries will have to go through to get everything settled. Some of the most common mistakes include:
- One of the most significant mistakes a person can make with his or her estate plan is to forget to update it after major life changes, such as a divorce, remarriage, birth of children or death of a beneficiary.
- You will not want to overlook or forget the importance of planning for a disability in your estate plan, as well as including a medical power of attorney and a living will.
- Depending on your estate, it can be a mistake to avoid taking steps that will decrease some of your estate taxes.
These mistakes and others can lead to complications that are entirely preventable with the right help and guidance. It can be an error to handle these matters on your own without speaking about your needs with an experienced New Hampshire estate planning attorney.
Discover your options
You can learn more about the estate planning options available to you by reaching out for an assessment of your case. A look at your finances, estate and objectives for the future and existing estate planning documents can help you see if there are any issues you need to fix. It is beneficial to occasionally review your plans just to be sure you have the security and protection you need.