Plan for the Future

How to Avoid the Most Common Estate Planning Mistakes

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How to Avoid the Most Common Estate Planning Mistakes

Check out these common estate planning mistakes people make — and how you can avoid them by planning ahead and having discussions in advance.

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How to avoid the most common estate planning mistakes

Poor planning, or not planning at all, can mean your family will spend more time and money to settle your estate. Here’s how you can easily avoid some of the most common mistakes.

Start here:

Make a plan.

Create a will, power of attorney & advance health care directive
Make sure documents are drafted appropriately
Sign & notarize documents

If you create your will yourself, consider finding an attorney who’ll review for a fixed fee.

Update regularly:

Review your documents annually.

Update documents if you….

Update beneficiary forms.

The info in your beneficiary form will be followed, regardless of what your will says.

Helpful tips:

Consider legal insurance.

Offered by companies like ARAG, legal insurance allows people to contact a credentialed Network Attorney and complete estate planning documents more easily and affordably than thy could on their own.

Consider an attorney to avoid estate taxes.

Make sure your family, not the state, gets what you leave behind.

Make sure your living trust is funded.

If you create a living trust, it’s important to retitle assets in the name of the trust.

Title assets appropriately.

Is the deed to your home properly titled? If someone will inherit the home, you might save money by adding their name to the title while you’re living.

Consider long-term care.