Estate Planning Mistakes

Avoid These 5 Mistakes in Planning Your Estate

Your estate plan is one of the most important things you will ever do.

Here are five of the more common mistakes to avoid:

  1. Don’t put it off until later. The worst thing you can do is procrastinate. An estate plan delayed is an estate plan not done. Now is the time, while you are able, to complete the task.
  2. Don’t do it by yourself. Saving a few dollars in professional advice will not provide the level of inner peace and confidence that you and your family deserve. Nothing can replace the benefits of a face-to-face meeting with a good estate-planning attorney who knows how to prepare a document that will accomplish your objectives.
  3. Don’t rely on it solely. Your estate plan needs to be considered along with other transfer documents, such as life insurance policies, joint-ownership accounts, and retirement accounts. Make sure your entire estate is coordinated properly.
  4. Don’t put it away and forget about it. Things change. New laws are passed affecting estates, and new developments occur regarding health issues and financial resources. An outdated plan could create more problems than it solves. Make sure your estate plan is current and will accomplish what you want.
  5. Don’t put it where no one can find it. An estate plan is worthless unless it can be located at your death. Yet, nearly every day someone dies with a “lost” estate plan. Be sure to put it in a safe place, but also let someone else know where it is. Tell one or more loved ones, or a trusted friend. A little foresight like this can spare your family added stress during their time of grief.

St. Paul’s Senior Services wants you and your loved ones to be protected with a good, up-to-date estate plan. If you need help in starting this process, contact Liam Dunfey, Director of Major Gifts & Planned Giving, via email or at (619) 239-6900.