September 17, 2021
5 Common Estate Planning Mistakes
Estate planning can help you make beneficial decisions about your assets. Planning about your estate will make you think about your death and its effect on people around you, which is saddening to think of. However, with a good plan, you can help your loved ones by providing for them even when you are gone. There are many mistakes a person can make during estate planning. It is advisable to collect all the knowledge before you create one.
Here are some common mistakes people make while planning their estate-
Mistake #1- Creating a Poor Plan: Opt for a good lawyer and ask them to create a plan precisely according to your requirements and assets. A poor estate plan can create problems for your beneficiaries.
Mistake #2- Not Using a Trust or Life Insurance: A trust and life insurance can both help you set up a better estate plan. They even help you protect your existing property and increase them through profits. The assets in them neither have to go through probate nor involve federal taxes.
Mistake #3- Not Updating: An estate plan is affected by many factors like your relationship status, your estate, your finances, lifestyle choices, and much more. Moreover, the laws in your state also determine what you can and cannot include in your estate plan. You should remember to update your estate plan as your life changes.
Mistake #4- Not Including a Long Term or Health Care Plan: Illness, injury, and adversity can occur at any time. It is in your best interest to include plans that overlook your long-term needs and health care emergencies. You can have a power of attorney to keep your assets protected during such times.
Mistake #5- Giving Joint Ownership to Your Children: Making your children beneficiaries is better than making them joint owners of your assets. Just in case they ever get into debt, their creditors will come after your house.
About Castle Wealth Group
Create your estate plan with the multiple benefits of life insurances with us. At Castle Wealth Group, we build a perfect strategy for your retirement, including income planning, investment planning, tax planning, health care planning, and legacy planning. Visit our website or call us at 844.885.4200 or email us for your financial advice.