Four Costly Estate Planning Mistakes

If you’re finally considering setting up your estate plan, good for you! As experienced Cincinnati Will and Trust professionals, we’ve seen various estate planning choices, from the most prudent to the unwise. Here are four big mistakes some people make in their estate planning:

1. They Don’t Keep Their Estate Plans in an Accessible Location

It’s unfortunate when surviving loved ones scramble to find important documents or don’t know precisely what they’re looking for. Some services or platforms allow you to store your estate plans online. Doing so is smart, especially if your family and beneficiaries do not live in the same town.

2. They Don’t Update Their Plans

Keeping financial documents up to date is crucial. Death, marriage, childbirth, and other life changes typically necessitate a redraft of your Will, Trust, or other estate plans. Updating your plans should not require much time, so be sure to keep them current.

3. They Don’t Tell Their Loved Ones Their Wishes

Talking with your adult children about your assets and estate plan will keep them informed and avoid confusion or hurt feelings. Your kids need to know what finances are in place if anything happens or incapacitates you. They should also know which accounts and holdings exist and what financial affairs they may need to oversee on your behalf.

4. They Don’t Make Provisions for Their Healthcare

Having a Will or Trust is essential, as is having Power of Attorney clarified for your assets and finances. Also crucial—and often overlooked—is the need to draft a Healthcare Power of Attorney and Living Will, which allows you to name a healthcare agent. This person, such as an adult child or trusted friend, can act on your behalf if you are incapacitated and can’t make medical decisions. A healthcare agent can ensure you receive healthcare that aligns with your wishes.

An Estate Attorney Can Help You Avoid Mistakes

Working with a local estate planning attorney is always a good idea as opposed to managing your affairs yourself. The lawyers at Donnellon, Donnellon & Miller will help you avoid common pitfalls to ensure your family is in good hands.