Four Costly Estate Planning Mistakes
It’s that time. You are finally thinking about moving forward to set up your estate plan. Good for you! As experienced Cincinnati Estate Planning Lawyers, we have seen a lot – the good and the bad. Here are four big mistakes some people have made and what to watch out for. Each is key to prevent.
1. They don’t keep their estate plans in an accessible location
There are some services or platforms that allow you to store your estate plans online. This could be a smart move for you, particularly if your loved ones and beneficiaries do not live in the same town.
2. They don’t update their plans
Keeping financial documents up to date is crucial too. Changes to your situation – or the deaths or marriage of people named in those plans — may involve a re-drafting of your Will or other estate plans. It should not require much time to update your plans, but be sure to keep them current.
3. They don’t tell their loved ones their wishes
Talking with your adult children about your assets is a wise move. Your kids need to know what finances are in place, in case anything happens to you (including dementia or Alzheimer’s). They should know which accounts and holdings are in place, and what financial affairs they may need to oversee on your behalf.
4. They don’t make provisions for their health care
Having a Will is important, as is having Power of Attorney clarified for your assets and finances. Also crucial, though – and some people overlook this – is having a Healthcare Power of Attorney and Living Will. You need to name a healthcare agent. This person, or persons, can act on your behalf if you are incapacitated. That way this agent, or agents – it could be your child, or a trusted friend – can make sure you receive the health care you need.
Working with a local estate planning attorney is always a good idea – it’s HIGHLY recommended. They will help you avoid common pitfalls to ensure your family is in good hands.