We cannot stress enough the importance of having a carefully-drafted estate planning strategy in place sooner rather than later. And the benefits of doing so, of course, are numerous. Tops on that list are that you have control over protecting everything you own and everyone you love. And equally as important, you preserve your legacy for generations to come.
Clearly, putting your affairs in order leads to immeasurable peace of mind and protection. And yet, life happens, and many people delay getting the process started or do not recognize that many of their bases still are not covered. As a result, unfortunate things happen. That is why we feel a sense of urgency about helping you protect your family.
Here are 5 of the most common estate planning errors we see people make.
1. Procrastination — You had to know we would start with this common estate planning mistake. The reality is that none of us can predict the day we will pass away, so putting off creating an estate plan altogether or neglecting to revise your estate plan when life circumstances bring change is a recipe for disaster for you and your family.
2. Not choosing a guardian — Many people start the estate planning process but put off naming a guardian, either because they cannot decide on someone or they assume their kids will be adults before they pass on.
3. Wrong beneficiaries — This happens a lot. Someone gets a divorce, remarries, or has more children and forgets to update the recipient list for their IRAs, 401(k)s, and life insurance policies. Beneficiary forms governs over the estate plan.
4. No Power of Attorney designations — Who do you want to make your healthcare or financial decisions for you if you cannot? A person appointed by the Court? Probably not. Therefore, executing a durable POA allows you to appoint who you want to carry out your wishes.
5. Not enough life insurance — If you are the income provider for your family, you need to have enough life insurance to see the family comfortably through a difficult financial and emotional time.
No one wants their family to suffer, yet we have seen these unfortunate things happen. At Leigh Hilton PLLC in Denton, TX, we help individuals and families understand the importance of estate planning and create a unique plan to pass their wealth, wisdom, and values to loved ones in the most efficient way possible.
Call Leigh Hilton PLLC today!!
Have you never done estate planning before? Are you afraid that the plan you have in place is outdated or not as comprehensive as it should be? Call Leigh Hilton PLLC in Denton. By working with us, you can be confident that your estate plan will be current, take advantage of the latest planning opportunities, and address your goals using an approach that makes sense to you and a strategy that you can be confident in.
Leigh Hilton PLLC wants to be your first call every time for any estate planning need. We look forward to serving you.