Creating an estate plan for the first time is sure to stress you out. And that’s okay. You’re tackling a very important process that will affect you and your family now and in the future.
Even if you’re stressed, it’s important that you slow down and carefully look at every detail in front of you. This will go a long way in helping you avoid estate planning mistakes.
Here are three mistakes that many people before you have made. With the right knowledge and approach, you can avoid them yourself:
- DIY estate planning: It’s a topic that comes up often among first time estate planners. While looking for a way to cut corners and save money, DIY estate planning sounds like a good idea. However, as you learn more, you come to find that it’s not easy to create a comprehensive estate plan on your own.
- Rushing through the process: Estate planning takes both time and knowledge. If you rush through the process, you could make a decision that back fires down the road. For example, you could name the wrong person to act as your power of attorney agent, causing trouble on the financial front.
- Focusing solely on your assets: Many people believe that estate planning is nothing more than deciding what happens to their assets upon their death. This is a big part of it, but it goes deeper than that. Things such as incapacity planning, long-term care planning, and naming a guardian for your minor children are just as important.
If you’re going to spend time creating an estate plan, you might as well do so with the idea of getting it right the first time. Contact us with your questions, to schedule a consultation, and to learn more about our estate planning services. We’ll make sure your first estate plan suits your every need.
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