Estate planning mistakes could prove costly in the future

| Aug 27, 2020 | Firm News

Planning for the future is not easy for some. It can be difficult to think about the future, especially when it means thinking about what will happen after one’s passing. While considering mortality may make you uncomfortable, it is also a prudent course of action to have an estate plan in place. While you cannot control the future, you can take certain steps that will allow you to control what happens to your assets and property.

One important thing to consider is that estate planning can be a complicated process. It involves sometimes complex legal and financial decisions, and it is possible to make mistakes. In fact, many people are unaware there are mistakes with their estate plans until it is time to settle their estates or they are unable to speak for themselves. If you have a plan, you will want to be sure a mistake does not cost you or loved ones time or money in the future.

Common mistakes to avoid

The most significant estate planning mistakes many people make is failing to have a plan in the first place. Dying without a will means state laws will determine what happens to your estate and assets, and it can be costly and stressful for heirs and beneficiaries. Other common mistakes you want to avoid include: 

  • Failure to plan for the potential of a disability in the future.
  • Failure to update a plan after major life events, including a death, birth, divorce or remarriage.
  • Failure to take steps that will reduce your estate taxes.
  • Failure to update beneficiary designations on insurance policies.

These examples of common estate planning mistakes illustrate the importance of making sure you make all plans and changes with the help of an experienced Georgia attorney. When it comes to your property, the well-being of your loved ones and even your health care, you do not want to take any chances.

Where should you start?

You would be wise not to assume that your estate plan is accurate and up-to-date, especially if it has been years since you’ve reviewed your plans. If you are starting from the beginning of this process, it is in your interests to make sure you have knowledgeable guidance at every step. There can be a lot on the line for you and your family in case of incapacitation or death, and it’s prudent to plan thoughtfully and carefully.