Idaho Law Blog
In the many years that I’ve worked as an estate planning attorney, I have met a variety of people. I find that most people are generally interested in getting their estate planning done, but don’t know how to get started. I’ve also found that completing your estate planning is one of those items that seems important but is always pushed lower on the To Do List by more pressing matters. Here are the 4 biggest estate planning mistakes that I have found are made by everyday people.
1. THINKING THAT YOU HAVE TIME TO GET IT DONE LATER
Most people tend to put off getting done the things that are really the most important. Many times this is done because people don’t know where to start, or because they think they’ve got plenty of time to get it done later. Procrastination when it comes to completing your estate planning is the number one mistake made by everyday people. You may be right that you will live for many more decades. However, estate planning has much more to do with your circumstances while you are alive than it does in dealing with your property after you pass away. For this reason, it would be best for most people to avoid the procrastination and simply get their estate planning done.
2. THINKING THAT ESTATE PLANNING COSTS TOO MUCH
The second biggest mistake that I see people make when it comes to their estate planning is waiting to get it done because they believe it costs too much money. As I’ve stated in previous articles, completing a simple estate plan will cost somewhere in the range of $600 to $1,000. That may seem like a lot of money, but it really is not. If you fail to get your estate planning done and then your family is forced to do a guardianship proceeding on your behalf or take some other legal action to protect you, the costs will easily be triple or more than what it would have cost to have gotten your simple estate plan done in the first place. It is much cheaper to get your estate plan done early than it is to wait until there is a problem.
3. HAVING THE SAME ESTATE PLAN FOR DECADES
Another big mistake made by individuals who actually do get their estate planning done is to leave it the same for several decades. Our lives are always changing. Our circumstances never stay the same. For this reason it is important to check your estate plan over the years to make sure that when your circumstances change, your estate plan still accomplishes what you would like. Additionally, you may have named individuals in your estate plan as either beneficiaries or your legal representatives. If these people are no longer around or able to act in those capacities, it would be a good idea to make changes to your estate planning so that it is updated and current.
4. NOT TALKING TO THE PEOPLE YOU NAME AS YOUR REPRESENTATIVES
The 4th big mistake that everyday people make when having their estate planning completed is failing to talk to the individuals they would like to appoint as their representatives. This could be somebody who is named as a personal representative in a last will and testament. It could also be the person who is named as your legal guardian in your Durable Power of Attorney. Nobody can be forced to act in these capacities. Even if you have named an individual, they can declare that they do not want to serve. If that happens, the law will not require them to serve. For this reason, it would be important for you to discuss these appointments with the people you have chosen to make sure they are willing.
If you have questions about completing or updating your Estate Plan, we can help. Call us toll free at 877-232-6101 or 208-232-6101 for a consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Idaho. You can also email Lane Erickson directly at lve@racinelaw.net. We will answer your Idaho Estate Planning questions and will help you solve your Idaho Estate Planning problems.
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