It is human nature to make mistakes. Unfortunately, some mistakes cost more than others. When it comes to planning for your loved ones, you can’t afford to mess up. At the Bingham Legal Group PC, we understand that the choices Detroit residents make now regarding the division of their estates and assets later can be either beneficial or disastrous for their heirs.
In this post, we will discuss some of the most common mistakes you might make when doing your estate planning, as outlined by U.S. News. The first two are as follows:
Failing to keep your estate updated. If you think you’re done once your will has been planned out and signed, think again. Anything can happen between now and the time you pass away. One of your beneficiaries might die or have a falling out with the family. You could divorce and remarry, or have more children. It is a good idea to update your estate plan every few years, as well as any time there is a big life change in your family.
Not choosing an unbiased executor. We understand that you may think your closest family members or friends have your best interests in mind. However, those close to you are usually the least likely to make impartial decisions regarding your estate. Instead of naming a sibling or adult child the executor of a trust fund, appoint someone unbiased and professional for this job.
Next week, we will talk about other errors in estate planning, which can also have grave results. You may learn more about planning for the future by visiting our page on wills and estate planning.