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Estate planning mistakes could cost you time and money

On Behalf of | Sep 13, 2021 | Estate Planning

Planning for the future can be a complex process involving legal and financial decisions that will affect you and your loved ones long-term. It can be daunting to consider what you may want to happen after you pass away or in the event you are unable to speak for yourself due to incapacitation. Creating an estate plan is a prudent course of action for virtually every Ohio adult.

Even with an estate plan in place, it is possible you could experience problems when it is time to put those plans into action. Mistakes and missteps during the planning process may cause problems for both you and your loved ones. It is worthwhile to look carefully at your plans to ensure you have the full amount of protection necessary to give you peace of mind for the future.

Common missteps to avoid

Estate planning is different for everyone, and the right planning strategy for you will depend on your goals, the size of your estate and other factors. It will also be necessary to consider how current decisions will affect you in the future. Some of the most common mistakes people make with their estate plans include:

  • Failing to update plans and beneficiary designations after major life changes, such as divorce, marriage or birth of children
  • Not taking the necessary steps to plan for the possibility of incapacitation or disability in the future
  • Failing to have real plans in place, properly drafted and in writing
  • Inadvertently creating improper ownership of assets
  • Not having plans for your children or other beneficiaries
  • Failing to make plans that take advantage of benefits from charitable giving and tax planning

These are only a few examples of how committing simple errors or skipping over a few important steps will result in an estate plan that does not provide the amount of protection and security you need. Any plans you make should also provide security for your heirs and beneficiaries.

Where should you start?

There is no one-size-fits-all solution to estate planning. If you do not have a plan or need to review and update your existing plans, it is crucial to take quick action to do so. Life is unpredictable, but with proper planning, you will be able to view your future interests with confidence and peace of mind.