Common Mistakes to Avoid When Estate Planning

Estate planning is a critical step when securing your future, but it can also feel overwhelming. When planning for their estates, people face many common challenges and unique legal considerations. Once you know the common mistakes made in estate planning, you can take the necessary steps to avoid them and make sure your property is protected and your wishes are honored. Below, our Utah estate planning attorney outlines how to avoid the most common mistakes.

Failing to Update Your Estate Plan 

After you have drafted a will, established a trust, or created another type of estate planning document, you may be tempted to store it somewhere securely and forget about it. However, estate plans should be reviewed any time there is a major life event and your circumstances change. Major life events include births, deaths, marriages, and divorces. These changes may require you to add or omit beneficiaries.

You should also review your estate plan to determine if changes are necessary any time the estate planning laws in Utah change. This will ensure that your documents are still legal and will be enforced. Even without legal changes or major life events, you should still review your estate plan every three to five years to determine if you need to make adjustments.

Improperly Designating Beneficiaries 

Beneficiary designations on certain accounts and policies override the instructions within an estate plan. For example, if you name a beneficiary on a life insurance policy and give the policy to another person in your will, the named beneficiary on the policy takes precedence. It is critical that you keep your beneficiary designations consistent across your entire estate plan to eliminate any confusion regarding your wishes.

Again, regularly reviewing your plan can help you avoid unintended consequences and ensure your property is distributed to the right beneficiaries and that they align with your entire estate plan.

Our Estate Planning Attorney in Utah Can Help You Avoid Mistakes 

Avoiding the common mistakes made in estate planning requires knowledgeable, compassionate guidance from a Utah estate planning attorney. At AGS Law, our experienced attorney can help you identify your unique needs and help you create a strong estate plan that will ensure your wishes are respected. Call us today at 801-477-6144 or chat with us online to schedule a consultation with our experienced attorney and to learn more about how we can help with your case.

Source:

le.utah.gov/xcode/Title75/Chapter7/C75-7-P6_1800010118000101.pdf