Top Estate Planning Mistakes To Avoid

//Top Estate Planning Mistakes To Avoid

Top Estate Planning Mistakes To Avoid

Top Estate Planning Mistakes

We are human and we all make mistakes but, some can be worse than others!  When you make a mistake with your estate plan, it can be irreversible.  If the mistake you made isn’t realized until after you or your loved one passes, it could create a nightmare for the survivors.  Estate plans are used to help people preserve their ultimate wishes—not to create havoc on their loved ones. In this article we outline the biggest estate planning mistakes to avoid.

No Estate Plan in Place

Not having an estate plan in place is obviously the biggest estate plan mistake to make!  The creation of an estate plan should be high on most people’s priority list.  When you don’t have a plan in place, you don’t have any say in how your estate is handled when you pass and miss out on the opportunity to choose someone to handle your affairs should you become incapacitated.

Not Updating Your Estate Plan

This is an issue we come across all the time.  We tell our clients that estate plans are not “once & done” but are documents that have to be revisited and updated as our lives change and evolve.  Life is ever changing and your circumstances and plans when you are 40 can be drastically different than when you are 80!  Making sure your estate plan is current and up to date every few years is vital!

Not Paying Attention to Changes in the Law

It is important to keep up with changes in the law that could affect your estate plan. Certain updates or changes in the law for instance, estate tax updates, could have serious consequences if they are not handled.  At Pyke & Associates, we offer our clients a maintenance plan that covers these types of changes but, not all estate planning attorneys offer this service.  If you do not have a service like this in place you should take extra care to pay attention to any and all changes in estate law.

Not Choosing Executors & Trustees Wisely

When choosing an executor or trustee it is extremely important to choose the person that would be best suited for the position.  Often time’s people are afraid to hurt someone’s feelings in the family however, remember: these are very important roles that at times require a lot from people.  Choose people who are responsible and willing to fulfill the duties these roles require.

These are just a few of the many mistakes people should avoid making with their estate plan.  As always, we recommend seeking a professional estate planning attorneys advice before making any decisions concerning your estate plan.

By |2017-08-30T17:04:18+00:00August 8th, 2017|Estate Planning|Comments Off on Top Estate Planning Mistakes To Avoid
As an attorney in private practice in Atlanta, Charles Pyke provides a wide range of estate planning services to his clients, with a primary focus on helping them provide for the security of their loved ones, reduce the estate taxes and avoid or at least minimize the costs and delays of probate, all with a well-crafted estate plan.
X
%d bloggers like this: