We at Bennett Guthrie PLLC have extensive experience in estate law, and we have helped countless people with the estate planning process over the years. Estate planning includes things like making your last will and testament, appointing someone to make decisions on your behalf with a power of attorney, establishing trusts, and more.
In our experience with estate planning, we have seen people make the same mistakes again and again, and we want to help you avoid making the same errors. Keep reading to learn about some of the most common estate planning mistakes and how to avoid them.
- Procrastinating- One of the most common mistakes people make when it comes to estate planning is putting it off. While our team understands that most people would rather not contemplate their own mortality, it’s important to do so in order to make sure your loved ones will be provided for in the event of your sudden passing. We encourage you to make time to sit down and consider these important matters as soon as possible.
- Failing to Discuss Your Plans with Loved Ones- Another mistake many people make in regard to estate planning is not discussing their plans with their loved ones. Not talking about your plans with your loved ones is likely to leave them feeling blindsided when your will is read following your passing, and there’s a significant chance that it will lead to hurt feelings, bitterness, and conflict as well. We encourage you to inform your loved ones of your plans when you have the chance to make sure everyone is clear on your wishes. If you discuss nothing else with them, make sure you at least inform them of your wishes regarding end-of-life care and funeral arrangements to spare them from having to make those decisions for you.
- Neglecting Digital Assets- A third mistake people often make when it comes to estate planning is forgetting about their digital assets, such as social media accounts, online bank accounts, emails, digital photos, and more. As these digital assets become increasingly important in our lives, it becomes increasingly important to make a plan for how to manage and distribute them after your passing.