5 Most Common Estate Planning Mistakes
The human brain is quite remarkable. As a protective measure, it shields us from contemplating our own mortality. The brain simply does not accept that death applies to us, but only to other people.
Perhaps this is why more than 68% of Americans do not have a will.
Yet, when asked, ensuring our partners, spouses, and children are taken care of after we pass is a high priority for most individuals. So, when the time comes to prepare for the inevitable, making sure you have a solid estate plan in crucial.
Here are the top five common estate planning mistakes:
- Not Having a Plan – A real plan includes having a will or trust in place. Without these items, not only do you leave the decision of where your assets go in the hands of the State. The same is true for important decisions in the event you are no longer able to make decisions due to health reasons.
- Not Keeping Plans Current – If your will or trust is collecting cobwebs in a safe deposit box somewhere, it may be time for a thorough review. Our life changes, along with our assets and our ambitions. Regularly reviewing your estate plan will help guarantee your wishes are met should they change over time.
- Not Updating Beneficiaries – Families grow and shrink over time. So too do our feelings for those we care about. Whether you are wanting an equitable distribution of your assets or not, your beneficiary designations determine how many assets will be allocated.
- Not Accounting for Estate Taxes – One constant in life, besides death, is taxes. Ever changing, estates taxes could come as a surprise to your beneficiaries if not considered within your estate plan. Due within 9 months of passing, the IRS will want their money.
- Not Planning for Children – You may want to provide children or grandchildren with a portion of your inheritance. However, if they are a minor, they may not be given access and instead have control relinquished to their guardian. This may undermine your intentions of providing younger beneficiaries any financial bequest.
Estate planning is not just for the wealthy, but for anyone who wishes to retain decision-making control if incapacitated or owns assets with a family who may have claim to them. Take a moment to ensure you retain control of your end of life as you do today.
Featured Blogs
- How to Trim Down Hidden Costs of Flying
- What kind of mortgage is right for you?
- How to Experience Positive Aging (8 Tips)
- How much should you actually have in savings?
- When travel insurance can go wrong
- How to Build Sustainable Wealth
- How to Maintain Our Body
- Enhancing Resilience as We Age
- The best herbs to grow for beginners
- Is celebrating your 100th birthday no longer a dream?
- Medicare and Medicaid: Dual eligibility
- Summer Workouts for Your Dose of Vitamin D
- Music and Your Wellbeing
- How to Dispose of Unused Medications
- Guide to Getting a Mortgage
- Aging and Our Body’s Ability to Heal Itself
- Keeping Health Insurance After a Layoff (Copy)
- What is Credit Health Insurance? (Copy1)
- What is Credit Health Insurance? (Copy)
- What is Credit Health Insurance?
- Waking Up to the Impact of Insomnia
- How Life Insurance Benefits Women
- What experts say about raising the retirement age
- How are the proceeds of a life settlement taxed?
- Sharing the Road with Cyclists
- Buying Life Insurance for an Elderly Parent?
- What Every Renter Needs to Know about Renters Insurance
- Does Uber Insurance Cover Passengers?
- Living Your Best Life After 60
- Buying Health Insurance: A Millennial’s Guide
- Weird Things Covered by Home Insurance
- Self-Love Ideas for Valentine’s Day
- Life Without Clutter
- Winter Hydration – Do I Need It?
- I’m 60+; Do I Need Life Insurance?
- What Does My Home Insurance Policy Cover?
- Why Do I Keep Breaking My New Year's Resolutions?
- Closing Out the Year with a Smile!
- How to Enjoy a Long Layover
- 6 Cold Weather Safety Tips
- Are You Paying Too Much for Auto Insurance?
- How Social Security Cost-of-Living Adjustments Affect Your Taxes
- 10 Tips for Managing Cholesterol Levels
- How Much Life Insurance Do You Need Right Now?
- 3 Top Tips for Better Posture
- Building Bone Density for Seniors
- Fun Part-Time Jobs for Retirees
- Living Outside Your Comfort Zone in Retirement
- 16 Tips for Keeping Your Home Secure While You’re Away
- Should You Insure Your Gifts?
- The Most Important Fall Home Maintenance Tasks
- 7 Benefits of Slow Travel
- Do you need $1M to retire?
- The Harsh Reality of Credit Card Fees
- How to Retire Early
- 7 Tips to Weather Challenging Periods in Your Life
- Financial Planning After Saying “I Do!” - 3 Crucial Steps
- 4 of the Best Ways to Stay Healthy this Summer
- 4 Boat Safety Precautions to Take this Summer
- 3 Tips for Safer Grilling
- Rental Car Road Trip? Consider Buying This Coverage
- Tips to Avoid Stress Eating
- Common Exercise Pains – How to Work Past Them and When to Call for Help
- Signs Your Identity Has Been Stolen (and what to do about it)
- Are Annuities a Good Investment?
- Know the Benefits of Walking
- Using Life Insurance in Estate Planning
- Ways You Can Spend Less on Gas
- What Are Alternatives if LTC isn't Right for You?
- Is Your Retirement Income Keeping Pace with Inflation?
- 4 Tips for a Less Stressful Summer
- 6 Factors Impacting Homeowners Insurance Costs
- What are the Safest States From Natural Disasters?
- How to Choose an In-Home Care Provider for Your Loved One in 5 Steps
- How to Protect Your Home from Wildfires
- 7 Myths About Your Back Pain
- Don’t Throw Away Those Used Coffee Grounds
- Are Personal Items Covered by My Auto Insurance Policy?
- How to Spot Government Imposters
- Do I Really Need Condominium Insurance?
- Happiness Through Healthy Food
- 5 Step Checklist to Choosing a Health Insurance Plan
- The Cost of Home Ownership
- 5 Creative Spring Décor Ideas
- 10 Ways to Maintain Healthy Joints
- 3 Incredible Healthcare Smart Technologies Coming Your Way
- Death and Taxes (and Insurance?)
- Do I Need a Long-Term Care Plan?
- Aging In Place – What You’ll Need
- What Is Road Trip Insurance?
- How to Take Care of Your Personal Intangible Assets
- Dream All-Inclusive Trips to Escape the Cold
- How to Get Health Insurance if You’re a Freelancer
- Choosing the Right Homeowners Insurance
- Safety Tips for Driving in Winter
- What to do if Your Travels Get Delayed Due to Weather or Flight Cancellations
- Is Working from Home Covered by Homeowners Insurance?
- Giving and Forgiving
- Overlooked Products to Consider When Planning for Retirement
- Things We Are Grateful for This Year
- What to Avoid When Switching to Medicare from the Public Health Exchange
- Maintenance Checklist for the Year-End
- How to Host a Successful Virtual Holiday Party
- Ben Franklin: Father of Modern Insurance
- Who Invented Insurance Anyway?
- Stacked vs Non-Stacked Uninsured Motorist Coverage
- The Art of Aging Well
- Insure What? Celebrity Body Parts Insured
- Using HSAs In Your Retirement Planning
- 6 Strange Insurance Policies You Can Buy
- How Valuable Is Cash Value Life Insurance?
- Mistakes You can Make When Exercising at Home
- Baby On Board! 9 Tips for Carrying Precious Cargo
- Forget Salad Recipes, Try a Salad “Matrix”
- Mortgages Dissected: Details to Know
- Will My Life Insurance Policy Cover Me If Something Happens While Traveling?
- 5 Most Common Estate Planning Mistakes
- I’ve Been Denied a Life Insurance Policy. Now What?
- Bucket List Ideas and Why It’s Important
- Insurance Coverage All Small Business Owners Must Consider
- Getting Fit Before the Medical Exam
- The Basics of Insurance APIs
- Don’t Lose Non-Refundable Down Payments with Travel Insurance
- 8 Gas Savings Tips During Summer
- Keeping Your Landscaping Lush Under the Hot Summer Sun
- How to Stay Hydrated During the Summer Season
- Safety Tips for Outdoor Barbecues
- What You Don’t Know About Senior Fitness
- Should You Pay Off Debt or Save For Retirement?
- The Last Guide to Chair Yoga You’ll Ever Need
- Smart Things to Consider When Buying a House
- Sleep Care is the New Self-Care
- Tips for Making Dinnertime Special
- 7 Ways to Improve the Quality of Life of Seniors You Care About
- Pool Safety Tips
- Ways to Get the Best Health Care
- Flood Insurance 101
- Adapt Your Home for Safe Mobility
- Understanding Hurricane Deductibles
- Why Gardening is Good for Your Health
- Best Nutrition Apps
- Back to Work: How Businesses Are Trying to Make Workers Feel Safe
- Reducing Stress Through Music
- How to Live Without Regrets
- Power Foods that Lift the Spirit