Although everyone's estate plan is unique, there are a number of common mistakes that can cause your loved ones unnecessary grief down the road. Here are just a few of the mistakes people make when planning their estate:
Doing It Yourself
I can't count the number of people who think it's fine to write their own Will. Or equally as bad, they'll download a do-it-yourself form off the Internet. Estate planning is a complex legal area that is governed by a whole host of rules and regulations.
If you have the wrong form, if it's not signed in the right place or if you've somehow missed something else along the way, there's a good chance that your homemade Will won't be honored and a judge will decide how your estate is distributed. To get more knowledge about estate planning, you can also visit http://speedwelllaw.com/alexandria-estate-planning-attorney/.
Forgetting the Big Picture
Estate planning isn't just about having a Will and ensuring that your best friend gets your coin collection. Quite the contrary, estate planning is about protecting your loved ones, providing for them as best you can and also protecting you and your estate if you should become disabled.
Never Updating Your Plan
The Will you created ten years ago is probably not the Will you need today. Let's face it: there will be changes and they will occur in 3 areas: the law will change, your circumstances will change and the attorney's advice, which is always dependent on the law and your situation will, of necessity, change.