Common Estate Planning Mistakes

Common Estate Planning Mistakes

December 28, 2022 1:34 am Published by

Estate planning can be quite a complex thing to do, especially when you do it on your own, using a service like The Lost Coin Financial planning will help to ensure everything is in place. However, if you are wishing to try and sort your estate alone, then there are a number of things you should avoid doing. Not having the correct things in place as part of your estate plan, will only cause headaches for your loved ones, when you are no longer here. Keep reading below to find out some of the most common estate planning mistakes.

Common Estate Planning Mistakes

5 Estate Planning Mistakes

1. Not Having An Estate Plan

You’d be surprised how many people don’t have an estate plan in place, and many people think a will will be sufficient and in some cases it is. However, if you own multiple assets, be it property, vehicles or businesses, then it’s vital to have an estate plan in place. Estate planning will help to ensure your personal and financial affairs are handled properly upon your death or incapacitation.

2. Updating The Will

If you have a will in place, then it’s important you check it regularly and make sure it is up to date. People undergo changes in their lives all of the time, whether you distance yourself from people or new people are introduced to your family, as well as many other factors. It is recommended to periodically update your will, to ensure people are added or removed, as per your wishes. If you haven’t updated your will and the worst does happen, then you might find some of your friends, families or charities miss out.

3. Your Executor and Beneficiary

You’d be surprised how many people only name one executor or beneficiary and they do this, because they think it’s the easiest thing to do. However, you should have at least two, this will help to ensure your wishes are followed correctly and that the executor handles both your personal and financial affairs correctly and follows your wishes.

4. Incapacitation

Incapacitation, this might not seem like a nice word, but many people believe estate plans are only for when you pass away. However, this is a common misconception and they are also needed should you become incapacitated, whether it be a new disability or you need lifelong care. Without an estate plan in place, usually guardianship proceedings are needed. Having an estate plan and a lasting power of attorney in place, will help to ensure your dealing are handled on your behalf, when you are not longer capable of managing it yourself.

5. Not Using An Estate Planner

Using an estate planner will save you a lot of headache and your family a lot of heartache in the long run. Even if you are confident you can handle things by yourself, an estate planner can provide review services to ensure the one you have put in place yourself, covers everything you need it to. Using an estate planner isn’t about handing over control, it’s about having the right support in place for the difficult decisions you will have to make.

How We Can Help

At The Lost Coin Financial Planning Ltd, we take great pride in being one of the top independent estate planners in the local area. We have years of experience putting in place estate plans and can also review existing ones that our clients have in place; either from themselves or other providers. We provide honest and ethical advice and our aim is to do what is best for your and your estate.

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