Many people think estate planning means drawing up a will an the rest will take care of itself. That’s a common error people make. Here are a few others.
Surveys have found that not only do 50% of people with children not have a will, many don’t have any other estate planning documents drawn up. This applies not just to young people but older retired Americans in all income categories.
People quite often don’t want to deal with estate matters because it means they have to think about their death. They also make the mistake of thinking their assets will automatically go to their surviving spouse or kids. That all depends on the state law. Different states have different laws.
Not signing your will
So you have drawn up a will. Good for you. But have you signed it? That might sound like a stupid question but It is not uncommon for people to draw up a detailed will, take it to their attorney and forget to sign it. Without your signature, it’s just a piece of paper.
You may think your assets will go to your spouse after you die, but another big mistake is not updating who you beneficiaries will be. If you remarried you might have forgot to update your will. The court system is littered with people battling it out over inheritances because the deceased forgot to update their will and their money went to their ex,
These are just three common mistake in estate planning. Consult a good estate attorney for more detailed information on what you need.