Your estate plan may very well be the most important set of documents you create during your lifetime. With that in mind it certainly makes sense to do everything possible to avoid making mistakes within the plan or during the planning stage. The best way to avoid making a mistake with your estate plan is to work closely with an experienced Missouri estate planning attorney. It may also help to keep the following top five estate planning mistakes in mind throughout the planning process and beyond.
3. Going the DIY route. It may be tempting to DIY your estate plan; however, do not give in to that temptation. Much of your estate plan will not actually be put to the test until you are gone, and therefore unable to correct any mistakes in the plan. For this reason alone is should be obvious why you should work with a professional when creating your estate plan. Leave the DIY projects for the garden or the craft room.
4. Having unrealistic expectations. Estate planning involves making a number of important, albeit sometimes difficult, decisions. When you contemplate those decisions it is imperative that you have realistic expectations or your decisions will lead to failure of your plan. You may, for instance, be madly in love with your spouse; however, is he/she really the best person to be the Executor of your estate?
5. Forgetting your plan once it is in place.Once you create your estate plan you can’t simply walk away and forget it. On the contrary, our plan should be routinely reviewed every three to five years until retirement age and then every five to eight years thereafter. Furthermore, important events, such as a birth, death, marriage, or divorce should also prompt you to review your plan and make any necessary changes.
If you have additional questions or concerns about your estate plan, contact the experienced Missouri estate planning attorneys at Amen, Gantner & Capriano, Your Estate Matters, LLC by calling (314) 966-8077 to schedule an appointment.