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3 Common Mistakes in Estate Planning

A lawyer sitting in her officeEstate planning is a complex process and requires legal expertise and experience. An experienced estate planning attorney helps individuals develop a reliable estate plan so their loved ones can benefit from it after their death.

If there are errors in an estate plan, your loved ones will have to deal with the legal matters on top of emotionally coping with your death.

Here are some common mistakes people make in estate plans.

1.   Handling the Estate Planning Process Privately

Many people who are in the process of estate planning keep it hidden from their family members. While there are some essential details in an estate plan that should be kept private, important facts such as where the estate plans are located and who is provided what proxy in case of incapacitation should be disclosed to trusted people.

Make sure to escalate important information to the people you appoint as trustees of your estate plan, those who play the role of personal representatives in your will, and of course, your Powers of Attorney.

The agents that will act on your behalf and enact your estate plan after your death and the people who will use your estate plan must know about it beforehand. You need to ensure these people understand their responsibility and are willing to accept it.

A man sitting on the couch and reading papers2.   Assigning Duties to the Wrong Person

Often, people who are planning for their estate select the wrong person to manage the estate after their death. When you’re in the process of estate planning, you need to decide who is best suited for the tasks they will be required to execute as part of your estate plan.

In the event of your demise, you must know for certain who would be the most ideal candidate in representing your wishes and taking on the responsibility to make decisions in your stead.

The person you choose will control your estate and finances, so whoever you choose must be trustworthy and have good financial values.

3.   Putting Off the Documentation

An estate plan ensures your assets will be safe in the future. If you put off making the proper documents for your estate plan, you’ll be vulnerable in the event of incapacitation or death.

If you’re looking for experienced estate planning lawyer in Reno, get in touch with us at Kalicki Collier. We’re a full-service law firm in Reno, Nevada, and we have a team of estate attorneys who will guide you through this process. Contact us today.

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