In my experience, people understand the need and value of having an estate plan, but many of them still don’t actually complete one. I think part of the problem is the uncertainty about the process and the concern that they might do something wrong. The greatest error you can make is to do nothing. Beyond that, here are three mistakes that are commonly made.
Not reviewing your plan People who don’t create an estate plan make the biggest of all mistakes, but the next concern is that people don’t review their plan periodically. An old will is better than no will, but it probably doesn’t reflect your current wishes. Take time to review your current documents and make the necessary changes if you need to update the plan.
Not updating beneficiary choices Virtually every adult has assets that will be inherited by people whom you have named as beneficiaries. When you open an account or life insurance policy, you choose those beneficiaries, but you likely don’t go back to review those decisions, and that can lead to unintended distributions at the time of settling your estate. Take time to review your beneficiary choices and make updates if necessary.
Not getting Medical Directives for children turning 18 Parents perceive a role of authority over their children until they officially move out of the house. Once your child turns 18, however, medical professionals no longer recognize you as the decision-maker for their health care. This means you lose the right to discuss their health condition or make medical decisions for them. Take the step to avoid this common mistake by creating Power of Attorney for Health Care documents for yourselves and your adult children. I can help you complete medical directives easily and at no cost!
Don’t make these mistakes. With a little bit of help, you will avoid these, and other, common
mistakes and create a plan that serves you and your loved ones. You can reach me at 262-677-4051x1116 or paul.snamiska@kmlhs.org.
Comments