What are the Main Estate Planning Blunders to Avoid?

Estate Planning

Estate planning can be helpful if you have dependents who will need financial support after your demise. While an estate plan takes care of asset distribution for your loved ones, it can also create problems if not designed properly. Not taking care of certain factors during estate planning can lead to chaos and confusion down the line. Fortunately, discussing everything with your estate planner will avoid all these blunders and ensure the asset distribution takes place without any hiccups.

Here are the main estate planning blunders you should avoid.

#1- Not Updating Your Estate Plan: Creating an estate plan takes care of half the battle, but updating it with every major life event will help make it fair and enforceable when the time comes. For instance, marriages, divorce, birth, death, and adoption are a few factors that can affect your estate plan. Ensure your updated plan reflects how your life and the people in it looked before your demise. 

#2- Not Attaching Essential Legal Documents: Every time you update your estate plan, you should attach all the required documents with it. Documents like trusts and insurances with a transfer on death (TOD) beneficiary mentioned can avoid probate procedure and speed up the legal processing of assets for your family. 

#3- Not Providing Details About Documents: Informing your surviving family members or the next of kin about your estate plan before you die is essential. This will prevent your assets from undergoing the lengthy and time-consuming probate procedure. Avoid increasing the work for your beneficiaries and family by locating everything on a detailed letter of instruction. You should also mention important contacts with whom your executioner will need to communicate. You can also add credentials to any online financial accounts and websites that your family may need to settle after your demise.

About Castle Wealth Group

Contact Castle Wealth Group for all your estate planning needs today. We help you build a perfect strategy for your retirement, including income planning, investment planning, tax planning, health care planning, and legacy planning. Visit our website, call us at 844.885.4200, or email us for expert financial advice.

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