Common Estate Planning Mistakes
Estate planning is necessary for everyone, and a last will and testament is just one part of a comprehensive approach.
At Bogutz & Gordon, PC, we understand that estate planning can be intimidating. Our goal is to help our Arizona clients understand as much as possible about their options so that they can craft a plan that best reflects their values and goals.
What Are The Biggest Errors People Make With Estate Planning?
The biggest mistake people make with their estate plans is simply not having one. Many people put off the process because they simply do not know where to start or think that they have more time. Other common mistakes include:
- Thinking that an estate plan is only for the wealthy: Estate plans do not just address major assets. They can also be used to direct the distribution of sentimental items, and they can be used to address what happens if you are ever incapacitated prior to your death. That helps you retain control over your life even if you cannot speak for yourself.
- Failing to update an estate plan after life changes: Estate plans need to be reviewed approximately every three years and after any major life change, such as a divorce, a marriage, the birth of a new child or grandchild or a move, among other things.
- Creating DIY estate planning documents instead of using an attorney: Estate plans need to be customized to the individual’s needs and adhere to certain legal requirements to be valid. Online templates are not a substitute for experienced legal guidance.
- Omitting key components from the estate plan: This is a major risk with online templates, and many people do not realize that they need more than a basic will to be fully protected.
- Not choosing the right executor or trustee: The instinctive choice for an executor or trustee is not always the right choice.
At Bogutz & Gordon, PC, we understand how to cut through any confusion so that you can accomplish your estate planning goals quickly and with absolute clarity.
Let Us Guide You: Learn More About Your Estate Planning Options
Good estate planning is essential for everyone, and it is the best way to ensure your legacy is clear and your loved ones are secure. Let us help you through the process. Call 520-321-9700 or use our online contact form to schedule your initial consultation with an experienced estate planning attorney here in Tucson, Arizona.