Creating an estate plan is essential to prepare for the future and ensure your loved ones are taken care of. However, making estate planning errors can negate the entire process, making it difficult to execute your wishes. Understanding the most common estate planning mistakes is crucial to avoiding them, which can make the process less stressful. If you need assistance planning for your future, you’ll want to keep reading to learn how a Woodland Hills, California estate planning attorney can help you avoid costly errors.
What are the Most Common Estate Planning Mistakes?
One of the most common errors people make when creating their estate plans is forgetting to include their digital assets. While this wasn’t a problem thirty years ago, the booming digital age has changed what gets included. Many people don’t realize they need to create a digital estate plan to account for online banking accounts, rewards programs, and social media accounts. This is especially important is these accounts have value, as you can pass them on to beneficiaries to take ownership of the asset. Instead, taking the time to catalog your digital assets and granting access to a designated party can help ensure these accounts are taken care of according to your wishes.
Unfortunately, many people make extremely specific requests in their will, which can often be impossible to carry out. Though often well-intentioned, they can cause significant issues for the beneficiaries of the estate. Often, heirs must endure an arduous legal battle to evade the impossible to fulfill terms. Instead, try to leave specific terms that may be improbable out of your will to avoid placing additional stress on your beneficiaries and executor.
When you create an estate plan, frequently updating it is crucial to ensure the terms of your will reflect your current circumstances. For example, if you get married, you’ll want to update your will to include your spouse. If you have children, you should update it to ensure all of your kids are included. Even if no significant changes occur, you should review your will every five years, as this helps ensure the plans align with your current wishes.
Can an Attorney Help?
If you’re ready to start planning your estate, reaching out to an attorney is vital. Due to the complicated nature of estate planning, trying to create your own will can lead to mistakes that invalidate your will. Contacting a competent attorney can alleviate these issues, as an experienced lawyer will have the knowledge necessary to ensure your estate plan is mistake-free.
At the Law Offices of Yacoba Ann Feldman, we understand that estate planning can be challenging. Our experienced legal team can help make the process simple, allowing you to achieve peace of mind for the future. Reach out today to get started and connect with a competent attorney.