Estate planning is one of the most important things that you can do. But there are some common mistakes that people make when it comes to planning their estate. Below are three common estate planning mistakes that many people make.
- Not Planning
This is the most common mistake that people make when it comes to an estate. When you don’t make this a priority, it means that the estate’s financial future is risked. This also puts loved ones and your legacy at risk. So don’t make this mistake.
- Not Talking It Over with Family & Friends
There are a few exceptions. However, it’s generally advisable to speak with loved ones and friends. When you set expectations ahead of time, you can lessen disagreements and contention after you have passed. If you can’t do this, you can put it into your will so that anyone who contests anything may be left out.
- Naming a Single Beneficiary
The reason that you shouldn’t do this is simple – what if the beneficiary passes away prior to your passing away? So, it’s a good idea to have someone called the contingent beneficiary. This way, the person who is the contingent will be your beneficiary.
These are three common estate planning mistakes that you should avoid making. The last thing that you want is for the government to take over your estate because you have made one of these mistakes. So, start planning your estate now so that you have control over what happens to your assets.