Everyone needs an estate plan. However, not just any estate plan will do. In fact, it may be better to have no estate plan at all than an estate plan that is riddled with mistakes. Therefore, before beginning the estate planning process, you should contact an experienced estate planning attorney for assistance. In this article, we discuss seven of the most common estate planning mistakes.
Having No Written Plan
The first mistake many people make when it comes to estate planning is having no written estate plan in place. If you fail to create an estate plan with the assistance of an experienced estate planning attorney, the court will do so for you after you pass away.
Having an Outdated Plan
If you have an estate plan in place, you and your attorney should review it at least once every few years. And if you have a major life occurrence, such as a birth, death, marriage, divorce, or critical illness, you should review it with your estate planning attorney immediately.
Only Having a Will or Trust
Many people believe that a will or trust is all that is needed to plan for the future. Unfortunately, these documents won’t do much good unless they are part of a comprehensive estate plan.
Using Estate Planning Templates
DIY estate planning documents are readily available in stores and online. However, it’s unlikely that such one-size-fits-all documents will adequately address the unique needs of you and your family.
Failing to Name a Guardian for Minor Children
If you have minor children, and you fail to assign them a guardian, then a judge will make this important decision should anything ever happen to you.
Failing to Plan for Health Care and End-of-Life Decisions
If you fail to plan for health care and end-of-life decisions, then your family will be tasked with making some very difficult decisions on your behalf. This often creates an extraordinary amount of stress on families and can be easily avoided by addressing these issues during the estate planning process.
Failing to Plan for Disability
Finally, failing to plan for disability is another common estate planning mistake. By failing to plan for disability, you place this burden on your family. However, by executing documents like a durable power of attorney, living will, HIPAA authorization, and medical power of attorney, you relieve your loved ones of having to make tough decisions regarding your care.
Contact a Michigan Estate Planning Attorney
If you want to avoid making mistakes during the estate planning process, you should contact an experienced Michigan estate planning attorney for assistance. At Keating Law, PLC, attorney Thomas Keating will help you create an estate plan that takes your unique needs and wishes into account. With over two decades of estate planning experience, Thomas Keating knows what it takes to ensure that you and your loved ones remain protected for years to come. Please contact us today to schedule a free consultation.