Post By: Dana Sunderlin
When it comes to basic estate planning, time and time again I run into these five common mistakes. Learn what they are and how to avoid them when making or updating your estate plan.
1. Mistake #1 - Failing to Make an Estate PlanWhen it comes to basic estate planning, I've found that many people simply avoid it. The typical reasons why range from fear of death, to misperceived expensive costs, to complicated family situations. Suffice it to say that without an estate plan, you'll be leaving your loved ones in the dark, and they'll end up spending thousands of dollars (that you thought you saved by not creating a plan) figuring out what to do for you if you become disabled and what to do for themselves after you die. Avoid this #1 estate planning mistake. Begin your planning early, while you still have your wits about you, and then review and update your estate plan frequently to insure that it will work the way you intended when it's actually needed.
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