Five Costly Estate Planning Mistakes

The biggest mistake you can make with your estate planning is simply not doing it. Waiting because you don't think you need it, would rather not face your mortality, or don't think you have enough money for it. It's something that no one wants to think about, but everyone needs.

Although that is the number one issue we see, there are a few other mistakes you can make as well.

🤦‍♂️Like getting a Power of Attorney that isn't "durable." Just missing that one word could mean that your Power of Attorney may not be valid if you are diagnosed with dementia or Alzheimer's.

💲Not funding your trust by moving your house into the trust, or not getting life insurance and having a plan to pay for taxes.

⚠️Only focusing on the will and asset allocation and ignoring your Health Care Directive, Durable Power of Attorney, and Disposition of Remains that are going to be vital to your care and wishes at the end of your life.

👨‍👩‍👦‍👦 Lastly, and probably one of the more common mistakes, is not updating your estate planning as your kids become teens, move out, or as other major life events happen. Your estate plan should evolve as your life does.

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