When creating a legal and financial plan, it is important to focus on decisions that will make sense long-term. Estate planning decisions have the potential to impact Texas loved ones, as well as one’s ability to control medical decisions for himself or herself. In order to get the maximum benefit possible from an estate plan, it will be helpful to understand common estate planning mistakes and how to avoid them.
The potential impact of estate planning missteps
Unfortunately, mistakes in an estate plan may not be evident until it is time to implement the instructions detailed in these documents. It is critical to carefully review plans to determine if there are any issues that could have a negative impact later. One of the most serious estate planning mistakes is failure to have an estate plan or an incomplete estate plan.
Another common mistake is failure to discuss plans with loved ones and leaving important documents in places that are difficult to locate. A frequent misstep adults make with their estate plans is failing to update beneficiary designations after major life changes. This includes divorce, marriage, the birth of new children and other significant events.
A careful review of plans
It is helpful to have a careful review of plans in order to determine if there are issues with existing documents. This assessment can reveal if changes and updates are necessary for one to have the full amount of protection possible. It may be beneficial for an adult to discuss these concerns with an experienced Texas estate planning attorney.