Common mistakes people make with their estate plan
Preparing your South Carolina estate plan is important for your future. However, there are certain mistakes that are commonly made with estate planning.
Not planning at all
The biggest mistake you can make is to not plan for your future at all. Not having an estate plan means that you won’t be able to have your estate taken care of and your assets secured for people you want to leave them to.
Not naming a contingent beneficiary
Naming a beneficiary to inherit your assets after you’re gone is a good idea. However, you need to name others in the event that your original choice dies before you. Contingent beneficiaries can inherit whatever you intended to leave your first beneficiary.
Forgetting about powers of attorney
Powers of attorney such as those for handling your medical care and financial matters should never be forgotten when planning your estate. If you fall ill and become incapacitated, you will not be able to make decisions on such matters. With no powers of attorney in place, your wishes will not be carried out.
Not including legal documents
Some people make the mistake of believing that all they need is a will. However, that leads to a longer probate period, which means it will take a longer time for your heirs to receive assets and property.
Neglecting other legal documents like trusts can hinder the progress of your estate after your death.
Not having a conversation with family
Although it can be difficult, it’s important to have a conversation with your family about your estate plan. Some people avoid doing this because it’s an uncomfortable topic, but your family should be in the know. It allows you to prepare them so they know what to expect.
Planning your estate doesn’t have to be difficult. Avoiding these mistakes can help you be more thorough and to better secure the future for your family.