Estate Planning Mistakes to Avoid

Sep 11, 2014
by The Atkins & Markoff Team

Estate Planning Mistakes to Avoid

When many people hear the words ‘estate planning’, they think of something that is just for the rich and famous. However, this couldn’t be farther from the truth. Most people have at least something of value, whether it be money in the bank, a car, or a home. By planning ahead and being proactive about having an estate plan in place, you will be helping your loved ones in the unfortunate event of your death. It is no question that the idea of deciding how you are going to die and who you wish to receive your assets is both overwhelming and somewhat depressing, but that’s where we come in.

By enlisting the services of an estate planning attorney in Oklahoma, you will not only be able to help maximize the actual value of your estate that will be passed on to your beneficiaries, but you will have the opportunity to make informed decisions concerning how your assets are handled. Because estate planning can be so daunting to many, it is important to be aware of some of the most common mistakes that occur during this process.

Help Your Beneficiaries By Avoiding These Mistakes

Here are a handful of the most common mistakes we see when it comes to estate planning. While no one likes to think about death, this is an important subject that should be dealt with in order to protect your belongings and assets once you have passed.

  • Not having an estate plan at all. Perhaps the most common estate planning mistake that we see is not having a plan in place at all. Unfortunately, no one can escape death, but being proactive and sitting down with an estate planning lawyer in Oklahoma will help ensure your personal and financial affairs will be handled with care.
  • Failing to update your will. Whether you like it or not, there are many changes that can occur within a family or business structure. Whether it be births, divorces, deaths, new business partnerships, or new property acquisitions, it is important that your will is kept current when these life changes occur.
  • Choosing the wrong person to handle your estate. Unfortunately, sometimes the person who you may think is the best choice to be in charge of your estate is not always the case. It is important to choose someone who can be objective and handle the many duties required of them without getting emotionally charged and upset. Because of this, it is not always a great idea to appoint your spouse or children as executor, trustee, or guardian of your estate.
  • Procrastinating. Even people who understand the importance of an estate plan are guilty of this. As we cannot plan for an unexpected death or disability, it would be wise to contact an estate planning law firm in Oklahoma as soon as possible so you can begin to draw up a basic plan at the very least.
  • Not meeting with a professional. Another of the most common mistakes people make when it comes to estate planning is not meeting with an estate planning lawyer. If you have complicated assets or are concerned about your own ability to draft up a plan, you should be sure to contact a lawyer to help you. This can be a complicated process, and any mistakes could prove to make things extremely difficult in the future.

Estate planning is a must, regardless of your age, medical condition, and assets. Keep in mind that you are never too young to have an estate plan drafted up, and one of our friendly and knowledgeable attorneys is here to help.