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Five common estate planning mistakes

On Behalf of | Apr 2, 2022 | Uncategorized

Your weekend likely does not include preparing for your death, but maybe it should. Families in mourning tend to argue without direction from the deceased. Giving your loved ones clear instructions can help keep the peace and ensure they carry out your wishes.

Estate planning can be overwhelming. When creating your plan, avoid these five common mistakes.

1. Not having a living will

Do not leave it up to anyone else to decide if you should live or die. Make your end-of-life wishes clear as day. This document can absolve relatives from making this gut-wrenching decision for you.

2. Not telling anywhere where you keep your paperwork

If your people cannot find your will, they cannot execute it. Make copies for your executors to keep, and tell a few trusted individuals where to find the original.

3. Not thinking about your funeral

Funerals are expensive. According to Forbes, the average cost of a funeral in 2021 reached nearly $8,000. If you do not factor this cost into your final expenses, your family may be stuck with the bill.

4. Not informing executors

Appoint at least two executors. Do not surprise them with their roles after you are gone. Make sure they are up to the task now so you can find replacements if necessary.

5. Not having a plan at all

The biggest mistake by far is not making arrangements for your future. Thinking of your death may be uncomfortable, but it will protect your legacy.

Consider your family by preparing for your death. With your desires in writing, they can celebrate your life without the added stress.