Planning for the unexpected is important, to be sure. Having worked diligently to provide for your family, you probably want to do all you can to designate your assets among your loved ones. However, in matters of estate planning, mistakes can be especially costly. If you are incapacitated or pass away, it will be too late for you to make things easy on your family.
It can be difficult to think about planning for the inevitable, but failure to accept the necessity to plan might be the biggest mistake you could make. There are certain things you should consider as you establish a will, choose guardians for your children and consider your healthcare needs.
3 ways to avoid mistakes during your estate planning process
While estate planning is designed to benefit you and your loved ones, there are some specific things you would be wise to consider. Depending on your circumstances, these might include:
- Designate a guardian. If you want to leave assets to your minor children, be sure your wishes are clear regarding how your chosen guardian ought to care for them and how, specifically, your children’s money is to be used for their benefit.
- Be sure your beneficiaries want what you leave to them. Although this may seem counterintuitive, having discussions about your plans might be good prior to designating something like a home or piece of land to someone. While your intentions are good, and your offers are generous, some gifts may not fit another person’s plans or lifestyle.
- Update your estate plan. When a life change occurs, such as a birth, divorce or death, it might be important to make updates in your designations. You should also consider whether you need to make any changes if your assets increase or the law changes.
Do what you can, when you can
There are many things to think about as you take steps to protect and provide for your loved ones in the wake of your passing. Proper guidance through your estate planning process could give you a sense of peace, knowing you did all you could to leave a legacy.