Mistakes in your estate plan can cause a lot of problems for your family and also perhaps for you. Let’s look at the kind of mistakes people commonly make.
The first and perhaps most serious mistake is not to make a plan. While most people know they should make an estate plan, many believe they can put it off until later.
You might get away with that, but what if you do not? What if you fall seriously ill or die before you get around to making your estate plan? It is always better to make some kind of estate plan now. You can update it later if you decide you need something more sophisticated.
While a large part of estate planning relates to what happens after your die, part of it should cover things when you are alive. For instance, you should have a financial power of attorney in place so that someone can pay the bills if you fall into a coma. You should set out any special health care wishes you have, as there is little point in saying you did not want a particular type of medical intervention after doctors have already performed it.
You may choose to only give sparse details, but a little information can go a long way. For instance, telling your loved ones who you have chosen to execute the estate and where specific necessary information can be found. You might also want to break any bad news to people rather than leaving it as a surprise, which might lead them to suspect foul play by others. Consider legal help to find out more about creating your estate plan.