Everyone makes mistakes. While many mistakes are inconsequential, an estate planning mistake can lead to legal disputes, family fights and unfulfilled last wishes.
If you have an estate plan, then it is important to review your plan and avoid these costly mistakes:
1. Your will is not signed
You must sign your will to make it valid. This signature must be made when you are of sound mind. Furthermore, your will needs signatures from two witnesses who were present when you signed it and do not benefit from your estate plan. Without these signatures, your will may not be used to decide how your assets are distributed.
2. You have not updated your estate plan
Estate planning is an ongoing process. Over the years, you may need to consider making changes to your estate plan. Typically, people alter their estate plan every five years. However, you can also update your estate plan after major life events, such as marital status changes or a serious medical diagnosis. If you do not make changes to your estate plan, you may have final wishes that are never met.
3. No one can find your estate plan
It is important that your will is placed somewhere safe. You do not want the wrong person handling your estate plan. However, you also do not want to make it impossible for people to locate it after you pass away. If no one can find your estate plan, assets may be distributed based on intestate succession laws, which could go against your last wishes.
You may need to consider reaching out for legal guidance to review your estate plan. Avoiding common mistakes can prevent disaster for your loved ones.