A comprehensive estate plan is a critical tool for everyone, no matter how many assets they have. However, estate planning does not usually make the list of priorities, especially among younger adults.
Even though there is no perfect time to create your estate, and it is never too late, the sooner you can get to it, the better.
Many Georgians avoid estate planning because it brings up uncomfortable feelings, which is understandable. However, if they knew the consequences of not having an estate plan, which can be quite serious, they would likely be more willing to work on their estate plans much sooner.
Common mistakes in estate planning
- Not creating a will and not updating it regularly
- Procrastinating and avoiding estate planning
- Not having a power of attorney
- Forgetting to designate beneficiaries
- Not considering taxes and the implications they could have on your estate
Why are these mistakes important to avoid?
Planning your estate properly, which involves avoiding the common mistakes outlined above, is critical in ensuring your wishes are fulfilled. You most likely want complete control of your assets and where or who they go to if something happens to you.
Choosing someone you trust
You also may want to be able to choose someone you trust to take care of your financial, business and health affairs if you become incapacitated. Not doing so could result in the courts getting involved and designating someone for you.
Most people want to make these decisions themselves, which is why it is important to create your estate plan as soon as possible, update it as necessary and make sure that you make your wishes very clear.
For some, estate planning can be a difficult topic, so many people avoid discussing it and doing anything in that area. However, understanding the consequences of not having an estate plan can help you understand why it is so important to have a comprehensive estate plan and create it as soon as possible.