A History Of Growing Trust In Kentucky

Estate planning errors that should be avoided 

On Behalf of | Sep 15, 2023 | Estate planning

Drafting an estate plan is something that everyone should consider carefully. As soon as you hit 18 years of age, it’s likely that you have started to own assets, which are worth protecting. You want the products of your hard work to be passed on to those you love most. 

An estate plan can also help ensure that your own healthcare needs are taken care of. There are a host of estate planning tools, such as a will, trusts, powers of attorney and more. 

There are also some common errors that you’ll want to avoid. Outlined below are a few things to keep in mind:

Not complying with state laws 

State laws on estate planning can change. This means that if you drafted a will some time ago, it may no longer be in compliance. Chances are, it may no longer even reflect your final wishes accurately. 

Ensuring that your estate plan is up-to-date is a key part of the process. Failing to do so can make documents invalid or irrelevant. 

Not communicating with beneficiaries 

The documents in your estate plan should only reflect your final wishes. No one else can directly influence who you give assets to. However, this doesn’t mean that your loved ones can’t be part of the process or looped in on the key details. 

Failing to communicate with beneficiaries is a common error that leads to will disputes. Your loved ones may benefit from understanding why you made the decisions you did. 

Having legal guidance behind you at each stage of the estate planning process can help you avoid the errors mentioned above.