{"id":9161,"date":"2021-11-10T11:00:12","date_gmt":"2021-11-10T16:00:12","guid":{"rendered":"https:\/\/www.atyourbusiness.com\/blog\/?p=9161"},"modified":"2021-11-10T11:01:13","modified_gmt":"2021-11-10T16:01:13","slug":"6-mistakes-in-estate-planning-and-how-to-avoid-them","status":"publish","type":"post","link":"https:\/\/www.atyourbusiness.com\/blog\/6-mistakes-in-estate-planning-and-how-to-avoid-them\/","title":{"rendered":"6 Mistakes in Estate Planning and How to Avoid Them"},"content":{"rendered":"\n

One unexpected side effect of the recent pandemic has been a sudden spike in the number of people creating wills. Experts noted that over a quarter<\/a> of Americans who wrote a will last year did so out of fear of serious illness or death due to COVID-19.<\/p>\n\n\n\n

If you\u2019ve found yourself among this number, you may think that creating an estate plan is enough to safeguard your loved ones in the future. However, it\u2019s also important to avoid a few common mistakes in estate planning, many of which can leave your friends and family stressed, confused, and even in conflict with each other.<\/p>\n\n\n\n

To ensure that you\u2019re creating an estate plan that can stand the test of time, here\u2019s what you should know.<\/p>\n\n\n\n\n\n

1. Not Having a Plan at All<\/h2>\n\n\n\n

One of the common mistakes in estate planning is having no plan at all. Many U.S. adults fail to understand the importance of estate planning until unnecessary conflicts arise, with the majority having no will at all.<\/p>\n\n\n\n

2. Failing to Speak to Family and Friends<\/h2>\n\n\n\n

Many people fail to talk to their friends and family about their wishes in advance of their passing. While it\u2019s true that a valid will and trust will spell out your wishes on your behalf, talking about your plan with loved ones in advance can help prevent unfortunate surprises, conflicts, and fighting after your passing.<\/p>\n\n\n\n

3. Doing It Yourself<\/h2>\n\n\n\n

Because of the abundance of online resources when it comes to wills and trusts, you can be forgiven for thinking that creating an estate plan is easy! Unfortunately, this complex process is not a DIY job, as even minor mistakes can render your estate planning documents invalid in court. When this happens, it can make the probate administration<\/a> process difficult and contentious for your loved ones.<\/p>\n\n\n\n

4. Naming a Single Beneficiary<\/h2>\n\n\n\n

Naming a single beneficiary for your assets might seem like a good idea, but things can become difficult if this beneficiary passes away unexpectedly. This is why it\u2019s a good idea to have multiple options for beneficiaries, known as \u201ccontingent beneficiaries.\u201d<\/p>\n\n\n\n

5. Failing to List Final Arrangements<\/h2>\n\n\n\n

Your main concern may be what happens to your finances and your assets, but your loved ones might be just as happy to know about your preferences for final arrangements. Instead of allowing your grieving friends and family to guess about your wishes, write out what you\u2019d prefer to have happen with your funeral arrangements.<\/p>\n\n\n\n

6. Not Updating Your Estate Plan<\/h2>\n\n\n\n

Creating an estate plan isn\u2019t a one-and-done procedure. When your personal situation changes, you\u2019ll need to update your documents. This is true in the case of divorces, births, deaths, buying or selling property, starting a business, and much more.<\/p>\n\n\n\n

Avoid These Common Mistakes in Estate Planning<\/h2>\n\n\n\n

Creating an estate plan is a great first step, but make sure you aren\u2019t undermining your efforts as you draw up your documents. With the right mindset, you can create a plan that will protect your family and loved ones when they need it most. Reach out to a local estate planning lawyer today for more specific advice!<\/p>\n\n\n\n

Looking for more of the insights you need to know? Be sure to take a look at our other posts for additional tips and tricks.<\/p>\n","protected":false},"excerpt":{"rendered":"

One unexpected side effect of the recent pandemic has been a sudden spike in the number of people creating wills. Experts noted that over a quarter of Americans who wrote a will last year did so out of fear of serious illness or death due to COVID-19. If you\u2019ve found yourself among this number, you […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"_links":{"self":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/9161"}],"collection":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/comments?post=9161"}],"version-history":[{"count":1,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/9161\/revisions"}],"predecessor-version":[{"id":9163,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/9161\/revisions\/9163"}],"wp:attachment":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/media?parent=9161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/categories?post=9161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/tags?post=9161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}