In this three-part series, we will explore some of the most common mistakes that people make in the process of planning their estate. Having an attorney can avoid all of these. When someone passes away, their family members and friends have to deal not only with the grief but also with untangling the various estate planning regulations and laws that come into play.

Estate Planning Mistake #1: Having No Plan at All

People with limited means or young people may often avoid putting together an estate plan because they assume they simply do not need it. However, it’s important to come up with an estate plan even when everyone is able to participate and healthy. Far too many experts know the tales of families in bad situations who are rushing to come up with a plan after someone has received a detrimental diagnosis. It is much easier for families to come to these conclusions while they are not in a crisis capacity.

Estate Planning Mistake #2: Failing to Update Your Will

Even after major life events, some people use the said it and forget it mentality to avoid putting together their estate plan. You must be constantly revisiting these documents and strategies especially after major life events like having another child, buying a second house, or moving. Family dynamics change more frequently than laws but this is yet another reason to schedule a consultation with an experienced estate planning attorney. Change in family dynamics may include a fiduciary passing away or a change in relationship, the changing of asset titling or a beneficiary has changed.

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