Eight Common Mistakes Made in Estate Plans Can Be Fixed With an Update. Mistakes: we all make them. Unfortunately, mistakes that are made within an estate plan can have potentially devastating consequences if they are not addressed. This is just one of many reasons why it is important to regularly review your plan to ensure that any such mistakes are remedied. A modification to an existing plan can help avoid any problems that may have occurred without an update.
Eight Common Mistakes That Should Be Remedied by an Updated Estate Plan
Even if you have taken the time to prepare a thoughtful and thorough estate plan, there may be mistakes within the pages of the plan. These mistakes are more common than many people think. The following are eight of the more frequently seen mistakes in estate planning:
- You thought that by having a will, your family would be able to avoid a probate administration of your estate.
- You have neglected to fund your living trust.
- You thought that your living trust would help you avoid estate taxes.
- You have not reviewed your insurance or retirement plans to see how they relate to your estate plan.
- You added your child’s name to the deed on your home in order to avoid probate.
- You failed to consider whether or not you should leave property outright to your children.
- You neglected to update your estate plan regularly.
- You failed to consider the tax implications relating to life insurance.
Eight Common Mistakes Made in Estate Plans Can Be Fixed With an Update. Fortunately, these mistakes can all be addressed and fixed with a proper estate plan update. If you are considering a modification to your estate plan, we encourage you to view our free guide, The Ten Things You Must Know Before Creating (Or Amending) Your Will or Trust. This pamphlet is a straight forward, easy to understand overview of the important things to consider as you contemplate changing your will or trust.