A single oversight in your estate plan can significantly impact the future of your assets and the well-being of your loved ones. We’ve encountered a wide range of common mistakes that can undermine even the most well-intentioned plans. Here are some top estate planning errors to avoid.
Procrastination: The Enemy of Planning
Perhaps the most common issue is the simple act of procrastination. Many people delay estate planning, assuming it’s something to address “later.” However, life is unpredictable, and delaying the creation of an estate plan can leave your assets and your family’s future uncertain. Starting early lets you make informed decisions and provides peace of mind, knowing that your affairs are in order.
The Safe That Became A Time Capsule
Another common mistake is treating an estate plan as a “set it and forget it” affair. Some people meticulously draft their estate plans, only to lock them away in a safe and never review them again. Estate plans should evolve with your life circumstances.
Major life events such as marriage, the birth of a child, divorce, or significant financial changes require a review and possible update of your estate plan to reflect your current wishes and situation.
Overlooking Digital Assets
We live in a whole new era of digital currency and assets, so it’s crucial to understand and incorporate digital assets into your estate plan. These assets hold monetary value and contain sentimental content, such as photos and emails, which your loved ones may want to access. Without clear directives, these assets could be lost forever or become inaccessible due to privacy laws. Incorporating digital assets into your estate plan, with detailed instructions for their management, ensures that your digital legacy is preserved and passed on according to your wishes.
Not Planning for Disability
Life’s unpredictability requires a plan for potential disability. Disability planning is essential to a comprehensive estate plan, addressing what happens if you cannot make decisions due to illness or injury. Without a plan, your family may face lengthy and costly court proceedings to obtain the right to make decisions on your behalf.
Estate planning is a vital process that shouldn’t be delayed or underestimated. If you avoid these common mistakes and seek professional guidance, you can create a comprehensive plan that secures your legacy and provides for your loved ones in the best way possible. If you need assistance creating your estate plan, please call us at 901-388-5805 to schedule a strategy session with one of our experienced estate planning lawyers.
