Estate planning isn’t something you want to take lightly. It’s imperative to the future well-being of your loved ones, so there’s never a good time to get off-track. Unfortunately, there are many pitfalls lurking, all of which can result in estate planning failure.
Knowledge of what could go wrong can help you avoid trouble. Here are three of the top causes of estate planning failure.
1. DIY estate planning
DIY estate planning is a growing trend. It’s also a trend that could lead you down a dark and dangerous path. The biggest problem with DIY estate planning is the increased risk of making a costly error. Even worse, if you don’t rectify the error while you’re alive, it could affect your family after your passing.
2. Waiting too long
Don’t fall into the trap of believing that you have plenty of time to create an estate plan. While it may be true, this isn’t something to keep on the back burner. Even if you don’t have a family, you still need an estate plan. And yes, estate planning is important for everyone — even those who don’t have a large number of assets.
3. Neglecting to conduct regular reviews
Creating an estate plan is only the first step. You must conduct regular reviews to ensure that it remains in order. Common times to review your estate plan include marriage, divorce, a significant increase in net worth, and the death of a loved one.
The word “failure” should never be associated with your estate plan. Success is the only thing on your mind. If you’re ready to create a comprehensive estate plan that will serve you and your family well, contact our law firm online or via phone at (817) 899-3286. Our entire team is ready to provide you with personalized service to meet your every want and need.
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