Estate planning doesn’t seem to be a top priority for most people. In fact, around 60% of Americans don’t even have a will. If you want to avoid some of the simplest estate planning mistakes out there, however, it’s probably time to start thinking about what’s going to happen to your estate and your family after you’re gone.
One of the most common estate planning mistakes you can make is not doing any planning at all. But even those who think they’ve got everything planned perfectly can fall into a few common traps. If you don’t want to risk your estate after you’ve passed away, learn about these four simple estate planning mistakes.
Thinking Only Rich People Have Estates Large Enough for Estate Planning
It’s a common mistake to assume that just because you aren’t a millionaire that you don’t need an estate plan. But just because you don’t own a mansion or a private jet doesn’t mean that you and your heirs can’t benefit from putting protections in place. Whether you’re a Fortune 500 CEO or a small business owner trying to leave something behind for your kids, you have an estate worth protecting.
Thinking Your Situation Isn’t Complex Enough for an Estate Plan
You might not have bank accounts in the Caymans, but your situation is probably more complicated than you think. The truth is, however, that even when your financial situation is simple, you probably still need an estate plan because it covers more than the financial side of things. Do people close to you know what your wishes are regarding end of life decisions and incapacitation? You can save your family from a lot of painful decisions by creating an estate plan that covers what you need.
Waiting Too Long
Maybe you’ve had the intention of creating an estate plan for a long time but have never gotten around to it. It probably seems like the least of your worries when compared to your job and your family obligations. However, none of us know what the future holds, and we could have less time left than we think.
Neglecting Digital Assets
With the way things have been going for the past ten years, you’ve probably got a few digital assets that you need to protect. Passwords and user names to social media accounts, online banking accounts, and other important digital assets could be lost forever if you don’t document them in your estate plan. Tell your surviving loved ones where and how to access your important digital assets to avoid losing the forever.
Avoid These Estate Planning Mistakes. Contact Casal & Moreno!
Got any questions about estate planning strategies? Get in touch with Casal & Moreno today so we can discuss your needs. The sooner you contact us, the sooner you’ll be able to protect your estate and make sure your family gets what they need after you’re gone.