List Headline Image
Updated by Katie Alvarez on Apr 22, 2014
 REPORT
7 items   1 followers   0 votes   4 views

Estate Planning Mistakes

The last thing anyone wants to think about is their own death, but you will soon realize that looking at all the possibilities after your death and planning your estate accordingly will be one of the most important things you will ever do in your life.

1

Estate Planning Mistakes

Estate Planning Mistakes

The last thing anyone wants to think about is their own death, but you will soon realize that looking at all the possibilities after your death and planning your estate accordingly will be one of the most important things you will ever do in your life. Planning your estate out ahead of time is important because there are many mistakes that can be made while planning for, so planning it out earlier will give you the chances to double and triple check your estate plan.

Here are some common mistakes made when estate planning.

2

No Estate Plan

No Estate Plan

Not having an estate plan at all is one of the biggest mistakes you could ever make. If you fail to create a plan then you have failed to write a will, which means if you die the State will decide how your estate will be divided up. Consider hiring an estate planning attorney in Salt Lake City to avoid this problem.

3

Do-It-Yourself Wills

Do-It-Yourself Wills

While this is possible, it is not smart. Without seeking the help of an estate planning professional you could miss some very important things that should be in your will. Write your will yourself all you want, but at least have someone look over it for you.

4

Failure to Coordinate Beneficiary Designations with your Will

Failure to Coordinate Beneficiary Designations with your Will

People who fail to coordinate leave the strings loose, making it possible for someone to get something that they were not actually supposed to inherit. An estate planning professional in Salt Lake City can prevent people from getting things they aren’t suppose to.

5

Failure to Provide Flexibility in Estate Plan

Failure to Provide Flexibility in Estate Plan

No one knows what is going to happen in the future, especially with taxes. Leaving a little flexibility will leave room for your will to change should the laws change.

6

Trusting People to Do the Right Thing

Trusting People to Do the Right Thing

If you have learned anything in this life then you should know to never trust anyone to do the right thing, especially when money is involved.

7

Author Bio

Author Bio

Taylor Hatch is a writer for Fusion 360 in Salt Lake City. She writes content for York Howell and many other clients.