Planning for the future can be a complicated and emotionally challenging process. After all, it’s not easy to think about what will happen to personal property and assets after passing on. Estate planning is a beneficial step for everyone regardless of income level or wealth. If you move forward with this process, it’s in your interests to make sure you do not make mistakes.
Even simple mistakes in an estate plan can have detrimental consequences in the future. Often, issues with an estate plan don’t surface until it’s time to settle an estate or make plans on behalf of an incapacitated loved one. You have the right to have a say in what happens to your stuff and with your health care, and this is why it’s beneficial to be thoughtful and careful during the planning process.
Overlooking important things
One of the biggest mistakes people make with their estate plan is overlooking steps that could be important later. You may not need certain types of protections now, but life is unpredictable. Some of the things you may want to have in your plan include:
- Planning for a disability — You obviously do not plan on suffering from a disabling illness or injury in the future, but you would be wise to include plans that address your finances and care in case you cannot work or care for yourself.
- Not updating your will — Life changes often necessitate changes in your estate plan. The birth of a child, divorce, marriage, death in the family and major events may mean you need to adjust terms in certain aspects of your plan.
- Choosing the wrong executor — After you pass, the person you name as executor will handle the settling of your estate. It’s important that you choose someone you trust who will act in the best interests of your beneficiaries and according to your wishes.
Of course, one of the biggest mistakes people make regarding estate planning is failing to have a plan in the first place. You are never too young or too healthy to have financial and legal protections for the future.
The right help
If you are crafting an estate plan or already have one that needs updating, you may want to consider the benefits of working with an experienced Washington attorney. With the right support, you can make plans and adjustments that will allow you to look to the future with confidence.