Common Mistakes to Avoid in Estate Planning
Estate planning is an important part of ensuring that your wishes are carried out after you die. However, many people make mistakes when creating their estate plans. Here are some of the most common mistakes to avoid:
- Not having a will. A will is a legal document that outlines your wishes for your assets after you die. If you don’t have a will, your assets will be distributed according to the laws of your state, which may not be what you want.
- Not updating your will. Your will should be updated whenever there is a major change in your life, such as getting married, divorced, having children, or moving to a new state. If you don’t update your will, it may no longer reflect your wishes.
- Not naming a guardian for your minor children. If you have minor children, you need to name a guardian who will take care of them if you die. If you don’t name a guardian, the court will appoint one for you, and you may not be happy with the choice.
- Not naming a power of attorney. A power of attorney is a legal document that gives someone else the authority to make decisions on your behalf if you become incapacitated. This is an important document to have in place, even if you think you’re healthy.
- Not naming beneficiaries for your assets. If you don’t name beneficiaries for your assets, they will be distributed according to the laws of your state, which may not be what you want. Make sure to name beneficiaries for all of your assets, including your bank accounts, investments, retirement accounts, and life insurance policies.
If you’re not sure how to create an estate plan, or if you’re not sure if your current plan is up-to-date, it’s important to speak with an estate planning attorney. An attorney can help you create a plan that meets your specific needs and ensure that your wishes are carried out after you die.
Contact the Law Office of Constance A. Aschenbrenner
The Law Office of Constance A. Aschenbrenner is a full-service law firm that provides comprehensive estate planning services. Attorney Connie Aschenbrenner has many years of estate planning experience and can help you create a plan that meets your specific needs.
Sign up for a workshop
The Law Office of Constance A. Aschenbrenner also offers free workshops on estate planning. These workshops are a great way to learn about the basics of estate planning and to get your questions answered. To sign up for a workshop, please visit the Law Office of Constance A. Aschenbrenner’s website at www.akwillstrusts.com.