Some people in California might be like others throughout the nation who tend to avoid any topic of conversation that has to do with their own mortality. However, many see great value in such discussions, especially in regard to estate planning. The process of planning an estate is highly customizable, so there are often many various questions and issues that need addressed before a final plan is executed.
Just as important as what should be included in a particular estate plan is what potential errors an estate owner should try to avoid. Many fail to include certain types of documents in their portfolios and later regret it. This is one of many reasons it often helps to rely upon an experienced estate planning attorney before executing a plan.
Beyond the most common mistake many people make (which is not preparing estate plans at all) another potential error is failing to keep an existing plan updated. Various life changes (such as deaths or marriages, etc.) may bear significant impact on the details of an estate plan. Failure to make sure all documents are current can lead to serious complications when the time comes to administer an estate.
An estate plan might not be as thorough as it could be if the only document included is a last will and testament. Therefore, California residents considering estate planning options may want to explore the many other types of options available, such as living wills, trusts, powers of attorney and child guardian designations. With experienced guidance, one can hope to avoid common estate planning mistakes and help loved ones prepare for the future as thoroughly as possible.
Source: tapinto.net, “Avoid These Common Estate and Elder Law Planning Mistakes“, Anthony J. Enea, Feb. 15, 2017