Accounting today listed as the 10 Biggest Estate Planning Mistakes the following:
1. Procrastination. Failing to do any Estate Planning thinking there is always “tomorrow.” Maybe not!
2. Do it yourself mentality. Thinking you can perform complicated legal work with online forms which doom you to failure.
3. Failing to think of all the angles – What if? An experienced Estate Planning Attorney has seen so many situations, many of which you haven’t considered and they need to be planned for.
4. Divorce – Failing to consider if you and your spouse divorce or failing to consider if your adult children divorce.
5. Missing the Fine Print – The professional advisors need to be involved. The Estate Planning Attorney needs to work with you and other trusted Advisors to make sure your Estate Plan matches your goals.
6. Forgetting Pets. For many families, their pets are part of the family and should be planned for.
7. Failing to Update Documents. Three things are always changing: (1) the Law (2) What you Own, and (3) your Relationships. Your Estate Plan needs to be updated to match those changes.
8. Underestimating Trusts. Trusts can not only help you avoid Probate Court, they can protect the surviving spouse in a remarriage and your adult children in a divorce.
9. Failure to consider Digital Assets. Much of what we have now is stored digitally and must be remembered when planning.
10. Not passing on Digital Libraries or Music Collections. Many people have Nooks, Kindles, I-pods and other electronic versions of books, movies and music that are valuable and should be Estate Planned for.
Theses are many of the same issues we speak about regularly. We are not the only ones telling you to take care of these issues!
At the Law Firm of Steven Andrew Jackson, Attorney and Counsellor at Law, we have helped hundreds of families protect themselves and their loved ones, avoid Estate Taxes and Probate Costs, and keep their Estate Plans current with the law through The Customized Protective Estate Planning Solution™.