If you are starting to think through your estate planning process, it can be difficult to know where to start. In our decades of practicing as Houston estate planning attorneys, we have noticed several mistakes that are common for people to make as they start their estate plans, and we have developed helpful tools for how to avoid them. On today’s blog, we will review these estate planning mistakes in hopes of helping you get a strong start in your estate planning journey.
Mistake #1: Not Starting Early
It is tempting to wait until you are “later in life” to begin your estate plan. Unfortunately, the reality is that we never know what life has in store for us. No matter your age, it is prudent to speak with an estate planning attorney that can help you figure out how to draft a plan that works for you. If something unexpected were to happen and you did not have a plan in place, your loved ones would be left in disarray trying to make arrangements for your assets.
Mistake #2: Using a “One Size Fits All” Approach
We understand the allure of using a DIY will that you can find online. In reality, though, every person has a different set of needs and circumstances. In fact, a will might not be right for you at all: a trust might be a better tool for your estate plan, in that it could help you avoid probate and get money to your beneficiaries more efficiently. Without taking the time to explore different options, you could miss out on important tools to shape your estate plan. Exploring these options also reinforces the importance of including provisions that many people forget to include in their plans, such as power of attorney, end of life care instructions, funeral arrangements, and instructions for your digital footprint.
Mistake #3: Failing to Update the Plan
Your estate plan should be updated either every three to five years or after every change in life circumstances. Instead of writing your estate plan and then never thinking about it again, we strongly recommend that our clients continue to review their plans to make sure they are current. If you die with an outdated estate plan, it could be difficult for your loved ones to properly execute the plan.
Mistake #4: Trying to Go it Alone
If you are trying to create your estate plan alone, know that there are Houston estate planning attorneys ready and willing to help you out. When perusing firms, you should look for experience, positive client reviews, and transparency about legal fees. The sooner you contact an attorney to get your estate plan started, the better.
Call Us Today at McCulloch & Miller
At McCulloch & Miller, we are a group of thorough and detail-oriented Houston estate planning attorneys that keep your priorities at the forefront of our strategy. To inquire about how to move forward with your estate plan, give us a call today at 713-903-7879. You can also fill out our online form with your contact information to have an attorney get back in touch with you as soon as possible.