Estate Planning Mistakes to Avoid

Not having all the documents you need

Estate planning involves several steps, and it can be easy to overlook some of the most important documents. Most people know about wills and trusts, but there are other essential documents that every adult needs—no matter how young, old, rich, or poor they are! A durable power of attorney and an advance healthcare directive are a couple of documents that should be included in your estate plan.

Not coordinating your beneficiary designations

Retirement accounts, life insurance policies, and other similar assets give you the opportunity to name a beneficiary who will receive ownership of the account as soon as you pass away. Failing to name beneficiaries—or naming one beneficiary on your account, and a different beneficiary in your will—can lead to probate battles, family discord, and resentment. Remember, a beneficiary designation supersedes whatever it says in your will, so it is essential to keep these documents up-to-date and coordinated.

Appointing the wrong executor

The executor of your estate (or your trustee, if you are using a trust-based estate plan) fulfills a very important role. The executor or trustee is responsible for ensuring that all your assets reach their intended beneficiaries, and that your legacy is complete. It is essential that you pick a trusted individual for this task, or you may be putting your final wishes at risk.

Not keeping your plan up to date

Families change, as do the relationships you have with the people in your life. Under Georgia law, divorce, marriage, birth of a child or adoption of a child can cause revocation of a prior will. It is important to update your estate plan whenever a major life event happens, or to simply look over your plan annually to make sure it is in order. You would hate to leave out a new grandchild simply because you forgot to update your plan. 

Not informing your beneficiaries

If you intend to leave your assets to a family member, friend, or loved one—or if you plan on involving them in your estate plan in any way—it is important that you let them know. Making your wishes known ahead of time is the best way to avoid any unpleasant difficulties when the time comes to carry out your estate plan.

Estate planning on your own

Estate planning involves many considerations, and each state has different laws.  One of the biggest mistakes you can make is trying to do it by yourself. Estate planning attorneys are familiar with all aspects of the estate planning process, and by working with a qualified attorney, you can avoid many potential mistakes in the estate planning process.

If you do not have an estate plan, contact Angela Stewart DeLorme or William H. Mone at 706-632-0444 or by clicking here and completing our contact for for a consultation.