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Estate Planning Blunders to Avoid

People don’t plan to fail, they fail to plan. As we age, things happen, life happens, sometimes terrible things happen. Be prepared. Here are a few estate planning blunders to avoid:

  • Failing to Make a Living Will

It is a very important estate planning document. A Living Will addresses prolonging your life if you are being kept alive on a respirator; it takes the burden out of your family’s hands, and can preserve your entire estate.

  • Not Updating Your Will

Imagine your ex spouse, girlfriend or partner inheriting everything because you are too lazy or cheap to revise your Will. It will leave lots of questions and a pretty perturbed family and friends.

  • Not listing a beneficiary on your IRA

An IRA allows a person to designate a beneficiary upon death. This money will then go directly to the beneficiary and avoid the probate process. Another good reason to designate your IRA, is that it allows your IRA to continue to grow after your death.

  • Not executing a power of attorney or health care directive

Everyone, and I mean everyone, needs to have an iron clad power of attorney and health care directive in place. Do not leave this to chance. With no power of attorney or health care directive in place, a Guardianship may be necessary.

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