Planning for the future is not always an easy task. Estate planning can be an emotional and difficult process, especially for people who do not want to think about passing away someday or what will happen if they experience incapacitation. However, there are significant benefits to having a will in place and drafting other estate planning documents.
You may already have a plan in place, but you may want to take the time to consider what you have and may need. Estate planning needs can change as life changes, and it's possible you committed estate planning mistakes and not even realize it. Missteps and errors in your plan can eventually cause problems for you and your beneficiaries.
Common mistakes, big problems
When there is an issue with an estate plan, it may not be obvious until it's time to settle the estate or the person needs medical care and is unable to express wishes. Some of the most common mistakes that could potentially derail your planning efforts and complicate things for your loved ones include the following:
- One common mistake is to fail to change beneficiaries and update beneficiaries for specific assets. This is common after a divorce or after the death of a spouse.
- Having important documents in place for your kids, even if they are over the age of 18, is critical. This will allow you to help them in case of an emergency, even if he or she is legally an adult.
- Not having a plan or failing to update a plan is a serious mistake that can have consequences that can impact you and other members of your family.
The above examples are only a few of the mistakes that could impact your plans and intentions for your loved ones. If you would like to avoid missteps, it may be helpful to seek an assessment of your case and explanation of what steps may be appropriate for your situation.
Your future is at stake
You worked hard for your money and to accumulate assets, and you should have a say over what happens to it. You also have the right to have a say over what happens to your health and what type of medical care you may want. By failing to plan or failing to update your estate plan after life changes, you could be relinquishing those rights. If you are unsure of where to start, you may want to speak with a Montana estate planning attorney about your concerns.