Are you considering making an estate plan? There are many benefits to having an estate plan, such as controlling the management of your assets after you pass away and deciding your future health care. However, there are a few mistakes to avoid as you plan your estate.
To avoid costly estate planning mistakes, here are some things to guard against:
Mistake 1: Making a will without signatures
A will is one of the most important estate plan documents. This document is key to deciding how your estate is managed after you pass away. This document requires a signature from you and two witnesses to be valid. Without these signatures, the will could be considered invalid, which can create problems for beneficiaries.
Mistake 2: Using a pre-made estate plan template
There are many pre-made estate plan documents online. Using these premade documents can be cheap and fast, but they may not be valid. Many of these documents do not consider state-specific estate planning laws.
Mistake 3: Leaving an estate plan where no one can find
You should have your estate plan securely placed somewhere where it can not be lost or tampered with. However, placing your estate plan somewhere where no one can find could create complications for your beneficiaries. If your estate plan can not be found, your last wishes may not be fulfilled.
Mistake 4: Drafting an estate plan without legal help
Estate plans are complicated legal documents. Any little mistake could be costly for your family and loved ones. Legal guidance can assist you in putting together key estate planning documents to help you plan for the management of your assets.