Every Georgia adult can benefit from planning for the future, regardless of income, age or health status. Estate planning is a prudent step for most adults, but there are certain common mistakes that can derail even the most thoughtful efforts to plan and prepare. Each individual preparing a plan or adjusting an existing plan would be wise to know about these common mistakes and take care to avoid them.
Avoid these missteps
In some cases, one may not know he or she committed a mistake in his or her estate plan until it is time to implement the plan or follow instructions left in a document. Others may make inaccurate assumptions about estate plan, inadvertently affecting their future interests. Some of these common missteps and assumptions include:
- Assuming one does not need an estate plan because of limited wealth
- Putting off the estate planning process until it is too late
- Not relying on professional help to create an estate plan
- Failing to consider future contingencies
- Not updating beneficiaries after major life changes
- Failing to adjust estate plans after important events, such as a divorce or remarriage
These mistakes could impact the effectiveness of an estate plan in the future, possibly leading to complications or disputes among heirs and beneficiaries.
The guidance of a legal professional
It can prove invaluable for one to rely on the guidance and support of an experienced Georgia legal professional for estate planning concerns. This support can help one make decisions that will provide protection and security for years to come. An attorney can also evaluate an existing plan to ensure one does not commit mistakes that will negatively impact him or her in the future.