Planning for the future is an important step for Georgia readers of all income levels, ages and health statuses. There is great benefit in having certain legal protections in place, but while making an estate plan, you will want to be sure that you are not making certain mistakes that could come back to affect you later. With planning and preparation, it is possible to avoid errors with your plan.
Every estate plan is different, and yours should meet your unique needs and objectives. When drafting your will and other documents, you will want to consider what will work best long term, not just what makes the most sense in the moment. Before you move forward, you may want to take time to make sure you know what protections you need and how you can protect your interests by avoiding estate planning missteps.
Common errors, big problems
Even small issues with your estate plan can cause big problems down the road. Some of the most common mistakes people make with their estate plans have to do with poor planning or a lack of understanding and not necessarily the value of their estate or the amount of money they have. The following list details some of the missteps you will want to avoid when creating plans for your future legal and financial needs:
- Forgetting to change your beneficiary designations after a divorce, remarriage, birth of additional children or death in the family
- Not understanding your plan or failing to learn about the specific protections that could benefit you
- Not looking at the benefits of trusts or not establishing the right kind of trust that can serve as beneficiary for your retirement accounts
- Failure to update your powers of attorney after things change, such as divorcing your spouse or getting married
Many people make plans and then forget about them until they need them. This may leave you exposed to certain risks. When you don't update your plan or have everything you need in place, it can make it quite difficult for loved ones and beneficiaries when they try to settle your estate or get you the care you need.
Confidence for the future
With the right plans in place, you can look to your future with confidence. If you do not have an estate plan or you have not updated your plan in a while, it is prudent to act immediately to ensure you have a plan that reflects your needs and goals. Speaking with an experienced estate planning attorney is a smart place to begin this process.