You are ahead of the game if you have an estate plan. If you haven’t updated or reviewed these documents for some time, now is the right moment. It’s important for your estate plan to be ready and adequate when it comes time to execute it so loved ones avoid difficult situations, conversations, and circumstances and your wishes are honored. Some of the most common estate planning mistakes can be avoided with simple diligence and review.
1. Not Updating Old Documents
Circumstances can shift without warning. Whether you have experienced financial change, divorce, or any family or business strife that could impact your estate documents, it’s time to look at what you have in writing now. Health and legal directives, a will, a living trust – any of these documents can be affected by retirement, the birth of grandchildren, buying a second home, and more. Your estate plan must reflect your priorities since they are likely to change as time goes by.
2. Keeping Silent
Having estate planning documents is a good thing. Failing to discuss the details of your estate plan with your significant other, executor, heir, or beneficiaries is a bad thing. People make assumptions about family members and business partners when it comes to final wishes, but it’s what you have in your documentation that matters. Save the people you love from unnecessary infighting by discussing your intentions with them now and making the particulars of your estate planning documents clear.
3. Choosing the Wrong Executor
The executor of your will is meant to do the hard work of fulfilling your wishes upon your death. This person must be strong, decisive, and respect your wishes. It also helps if you respect them and their independent thought process. If you have had a falling out with your chosen executor, or you realize they are incapable of following through with your estate plan, talk to your attorney or financial planner about choosing an impartial third party to do this important job. End-of-life decision-making shouldn’t be emotional or tainted by someone’s health or well-being.
4. Not Having an Estate Plan
It is not easy to think about your own death, especially when you have people who rely upon you, whether family or business partners or both. Your legacy, though, is important and how you arrange it will directly impact the people who love you. Not having an estate plan can lead to painful consequences, many of them financial, for your loved ones. Plan now while you are healthy, of sound mind, and prepared to make hard decisions to save others from the difficulty later.
Get Estate Planning Help in Southfield
You can’t predict a lot of things in life, but your estate planning documents can make it clear what you would hope to have happen. Consult with the financial professionals at Hollander Lone Maxbauer in Southfield, MI, to support you in your endeavors now and for the future. Contact us to schedule a consultation.
