Common Mistakes in Estate Planning and How to Avoid Them
Procrastination The most common mistake people make in estate planning? Not doing it! Many people view estate planning as overwhelming and easy to delay pending more pressing life events. Sometimes people are simply uncomfortable discussing estate planning, so they avoid it. Another common reason for delaying or avoiding estate planning is the mistaken belief that only rich people need estate plans. However, an estate plan is important for all people. Life is uncertain. Estate planning helps combat the uncertainties of life. Often people discover the importance of estate planning when there is an emergency and the lack of medical and financial powers of attorney make caring for and handling finances on behalf of a loved one impossible. It is important to have a plan in place that offers your loved ones direction if you are deceased, or unable to make decisions for yourself. No matter your age or stage in life, it is important to have at least a basic plan in place. DIY Estate Planning While there are online resources available to people plan their estates on their own, not all online estate planning forms and resources are accurate, reliable, or sufficient for a person’s needs. In using
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