When you make the decision to plan your estate, it can be overwhelming trying to figure out where to begin. Depending on where you are in your life, you will have different needs and things to be addressed. You may only plan for where you are now, not taking into consideration for changes in the future. Let's look at some common mistakes that are made when estate planning.
Mistake #1: Delaying Your Decisions with Your Wheat Ridge Estate Plan
Often when people are faced with difficult decisions, they try and put them off. Especially if decision making is not your forte. You will be asked to make A LOT of decisions when it comes to estate planning and drafting your will. Sometimes it's because people don't feel that a particular situation applies to them at that particular time. For example, let's say you are a healthy 30-year-old with 2 kids. The main reason you want to do your estate plan is because you want your kids to be taken care of if something happened to you. You may not feel it necessary to make decisions about medical care, but it is equally as important to have your wishes in writing.
Mistake #2: Not Updating Your Estate Plan as Your Life Changes
As you get older, your situation and needs will change. Your estate plan should account for that. Referring back to that healthy 30-year-old above, it's likely that when creating your estate plan at that age, you chose parents, friends, or other family members to take care of your children and handle your finances. But, it's common that later in life, you would actually give that responsibility to your children, who are grown.
Mistake #3: Choosing the Wrong Estate Executor
Estate planning can be an emotional experience. You should also remember that when your estate plan comes into play, it will be an emotional time for your loved ones. You want to make sure that you choose the right person to be your estate executor. Someone you can keep a level head and is very pragmatic and reliable. Especially if there are any disputes or issues among the family, you want to make sure the person you choose remains objective. This could mean choosing someone outside your family.