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Common estate planning mistakes to avoid

On Behalf of | Mar 22, 2022 | Estate Planning

People in Texas who are creating an estate plan should take steps to avoid some common errors. One of those mistakes is failing to make a plan at all. Without an estate plan, state intestacy law will govern the distribution of your assets.

Communication and revision

However, simply creating the plan is not enough. It is a good idea to discuss it with your family and any other beneficiaries. This can help ensure that there are no surprises and that your loved ones understand your intentions. You also need to review the plan periodically because changes in your assets, your family relationships or tax laws can mean that it needs revision. Keep in mind that this does not just mean reviewing your will. You also need to make sure that other documents, such as beneficiary designations, are up to date, especially after a big change like a divorce.

Other common mistakes

Other common errors are associated with the creation of the estate plan itself. For example, using a do-it-yourself form may not be appropriate in your situation because it may not address all of the financial, legal or familial issues you are dealing with. It is also important that you appoint the right executor. This is the person who is responsible for administering your estate. In your will, you should name a guardian for any minor children. Finally, you also need to draw up plans to allow someone to manage your financial and health care issues in case you are incapacitated.

It can be all too easy to put off estate planning, but it can help protect you, your assets and your loved ones. If you have a complicated family situation, such as a blended family, it becomes particularly important in order to ensure that your assets are distributed according to your wishes.