Estate planning is not always an easy process, and decisions that you think are smart now may not work well into the future. For this reason, it is beneficial for you and all Delaware readers to take the time to carefully review existing estate plans for potential problems and mistakes. Uncorrected problems can cost you and your loved ones time, money and significant stress in the future.
Unfortunately, many people do not take the time to review their estate plans and make adjustments as needed. Whether your estate is quite complex or you have a simple will, it is beneficial to go over your plans every few years to make adjustments. It is smart to consider how you can adjust and improve your plan to make it better for both you and your beneficiaries and family.
Mistakes can have a significant impact
Even the smallest of estate planning mistakes can have a significant impact in the future. One of the biggest mistakes that people make with their plans is the failure to consider how the choices they made originally will impact heirs and beneficiaries down the road. Common missteps that people often make with their estate plans include:
- Failing to plan for the unexpected, such as deaths in the family, disability and more
- Improperly handling long-term investments in your will
- Failing to consider how specific gifts could impact heirs, such as with taxes
- Forgetting to remove ex-spouses from certain accounts and adding a new spouse
- Selling property to an heir for one dollar or significantly under value
- Not considering guardianship issues when leaving assets to a minor
These are just a few of the ways that people make mistakes with their wills and other estate planning documents. Of course, the biggest mistake is failure to update plans after major life changes or failure to have even a basic will.
A smart step for anyone
Estate planning is a smart step for anyone, regardless of income level, the size of the estate and other factors. You have the right to decide what will happen to your hard-earned assets and money, and you can do this by drafting a strong, thoughtful estate plan.
If you are unsure of where to begin or what you need to complete your plan, it can be helpful to start with a complete evaluation of your case. Discussing your goals and concerns can help you understand what you need to improve your estate plan and avoid issues in the future.
