5 Most Common Estate Planning Mistakes

With Gilbert estate planning being as complicated as it is, there are many places where mistakes can be made. Learning about some of the most common mistakes for estate planning can help you when it comes time to prepare your own estate.

Mistake 1 – Not having a plan at all

Gilbert estate planning should be considered for any size of estate, and one of the most common misconceptions is that a small estate will not need to consider Gilbert estate planning.

Mistake 2 – Picking the wrong executor

Your choice of an executor (the person who handles the affairs of the estate after your death) should be based on a number of factors that may exclude the common choice of a close family member. After your death your close family members will be upset, and it will be difficult for them to manage your estate’s affairs. They also might not have the basic estate law knowledge that an executor would need, so the best choice for an executor is often someone other than a close family member.

Mistake 3 – Forgetting life insurance

Life insurance can be very important no matter how much money you have in your estate, as it can take care of many Gilbert estate planning expenses after your death and help with funeral costs. Life insurance is commonly overlooked during the Gilbert estate planning process, but it should be considered as a way to help replace lost income, especially if you are a breadwinner.

Mistake 4 – Procrastinating

Your Gilbert estate planning process should occur before anything happens at all. Although it is difficult to start thinking about Gilbert estate planning, nearly everyone should have a plan in place so that a family is prepared if the unthinkable were to happen. Not having an estate plan in place will make difficult events even more difficult.

Mistake 5 – Not working with a professional

One major mistake is not working with professional estate planners during the Gilbert estate planning process. Experts can help you with determining what you will need to include in your estate plan and give you ideas on how to prepare your estate from an educated perspective.

Need Help?

If you are not sure as to what legal document you currently have contact one of our professionals to help you with your planning needs. They will make sure you have all of your grounds covered and have the right legal documents that best suite your wants and needs.