Planning for the future can be a complex process. It's not easy to make plans regarding what will happen to personal assets and health care down the road, but it's worthwhile for every person to have these types of plans and protections in place, regardless of income, health status or age. However, common mistakes can derail a person's best effort to plan for the future.
Mistakes in an estate plan can result in complications, including issues for loved ones. Because there is a lot at stake, it is worthwhile to have experienced guidance during the planning process. This provides confidence regarding the plans, allowing a Georgia adult to look to an unpredictable future with peace of mind.
What could cause you problems?
There are certain common mistakes that could lead to major complications for a person or his or her loved ones. It is worthwhile to carefully review your plans or keep certain things in mind as you create an estate plan that will suit your needs and objectives. Some mistakes that could make things difficult include the following:
- Plans for the children – One mistake parents make is forgetting to plan for the care of their kids in case something happens to them. Through estate planning, parents can name a guardian to care for their kids.
- Not utilizing trusts – Simply passing assets to a specific person through a will is not always the best option. By establishing and funding trusts, it is possible to have more control over what will happen to those assets.
- Failure to update beneficiaries – It is crucial for adults to update beneficiaries on their accounts, such as life insurance and pensions. Failure to do this after major life changes can result in significant complications.
These are only a few examples of common estate planning mistakes. Even a minor issue or misstep in the planning process can result in problems when trying to settle an estate or adhere to a person's wishes in the future.
Plan right from the beginning
You will find it beneficial to work with an experienced attorney from the very beginning of the estate planning process. This will ensure that you get the help you need to make smart and thoughtful choices when considering your needs and objectives for the future. It will also mean that you will avoid common mistakes that could impact your efforts and make things difficult for loved ones and beneficiaries.