7 Estate Planning Pitfalls to Dodge
Estate planning is an essential process that everyone should undertake to ensure that their assets are managed and distributed according to their wishes after their passing. Unfortunately, many people make mistakes during this process that can lead to unintended consequences and legal disputes. In this blog, we will discuss some of the most common estate planning pitfalls to avoid. 1. Failing to Plan: The biggest mistake people make is not having an estate plan at all. Without a will or trust, the distribution of assets will be left to state laws and court decisions, which may not reflect the individual's wishes. A well-drafted estate plan ensures that the individual's assets are distributed according to their preferences. 2. Not Updating the Estate Plan: Another common mistake is not updating the estate plan as life circumstances change. Major life events such as marriage, divorce, birth, or death in the family can impact the estate plan. It is essential to review and upda