Although in the past it may have been, estate planning isn’t just for the super rich anymore. Rather, it’s a very useful tool that should be used by pretty much everyone to make sure that their affairs are in order if they unexpectedly pass away.
However, estate plans can be complicated. A lot of people have trouble creating their first estate plan, making mistakes and doing things the wrong way. With this in mind, I’ve put together a short list of the top seven estate planning mistakes to avoid. They include:
- Doing things yourself
Although it can be tempting to save a bit of money by putting your estate plan together by yourself, I’d seriously recommend against doing this. In reality, estate plans are complicated collections of legal documents that should be put together by a professional estate and wills lawyer.
- Forgetting to plan for minors
One of the most important components of estate plans deals with the future of minor children and other dependants if both parents were to pass away before they reached adulthood. Unfortunately, a lot of people forget to plan for their children. It’s important to at least name a guardian, among other things.
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