When creating an estate plan, most people think only of their will, but they are actually quite comprehensive. There are many things that can go wrong with an estate plan, whether it’s from a change in family situation for you or one of your beneficiaries, a sale or purchase that affects your assets, or some minor change in the law. Here, we’ll go over some of the most common pitfalls to avoid in putting together your estate plan.
Estate planning is not something you do only when you get old or when your life seems to be winding to a close. Some events cannot be planned for, and you may find yourself suddenly short on time. In addition, not every aspect of an estate plan has to do with your passing. A well-constructed plan will also include provisions for who can make decisions on your behalf if you become incapacitated, or detail who will get custody of any children still at home if you pass on. Having your plan together early will benefit you throughout your life, not just at its end.