Newman Law Group | Trusts | Estates | Families
Blog

2 Ways to Contact
Newman Law Group
Fill Out Form| 714-795-3074

Avoid these common estate planning mistakes

On Behalf of | Dec 12, 2023 | Estate Administration & Probate

Regardless of your age, you can benefit from creating an estate plan. Even if you have few assets, this is a necessary step for ensuring your wishes are upheld and your California loved ones are protected. However, while doing so, it’s crucial to avoid making these common mistakes.

Not including a will

A last will and testament is an important part of estate planning that allows you to name beneficiaries and guardians for your minor children. It also lets you establish your final plans such as whether to be buried or cremated and your funeral. One of the biggest mistakes you can make is not including a will in your estate plan; however, it also shouldn’t be the only document you hold.

Naming only one beneficiary

Many people have a specific person in mind they wish to name as a beneficiary. However, naming only one person is a common estate planning mistake to avoid; if you don’t name a contingent beneficiary and your first choice passes away before you, it prevents you from handing down assets.

Not updating your documents

Some situations in life require you to update your estate planning documents. Whenever a major life change occurs such as marriage, divorce, death or the birth or adoption of a child, it’s crucial to review your estate plan and make changes. For example, if you’re divorced and remarry someone new, your new spouse should replace your former spouse on your documents.

Not creating powers of attorney

Powers of attorney for your financial and healthcare matters, respectively, should be included in your estate plan. Sadly, some people forget to include these documents; this mistake prevents them from having someone trusted handle their financial and health-related matters if they become incapacitated.

There is always much to consider when creating an estate plan. Avoiding certain mistakes can better secure the future for yourself and your loved ones.

Archives

Contact Form

FindLaw Network
""