In fact, getting your estate in order early can help you reach many other financial goals. At the very least, it can give you peace of mind. This is crucial to enjoying life, especially after your retirement.
Ultimately, most people with complex concerns pertaining to their estate opt for the advice of an estate attorney. However, time spent researching the matter is time well invested.
With input from our clients and leading industry experts, we’ve compiled a list of top mistakes in estate strategy. They may not be the most common, but they are considered to be the most costly.
Let’s take a closer look:
1. Forgetting to Secure Your Plans
Even if you don’t decide to work with an estate attorney, it’s essential that all documents related to your finances, investments, property, and plans for all of the above be easy to find. Today, that means multiple copies – one at home and one in a safe deposit box, for example – as well as a digital copy stored online. Ideally, your loved ones should be able to access the latter instantly.
2. Failing to Determine Your Priorities
Even if you don’t know much about the technicalities of planning for your estate’s future, you no doubt have some ideas about which issues are pressing and important to you. Your own insight is always valuable and can help get things off to the right start. If you are going over your plans yourself, break things down into manageable “chunks” so you can tackle the planning to-do list.
Some of the top concerns to consider include:
- Naming beneficiaries for each key asset.
- Appropriately titling any and all trusts.
- Making provisions for your healthcare.
- Naming your healthcare surrogate.
- Communicating your healthcare choices.
3. Never Reviewing Your Plans
Although it’s very useful to establish your estate plans early, it means you’ll need to be more sensitive to the potential for changes in the future. Major changes don’t happen frequently, but it is prudent to check in on your plan quarterly. Remember to revisit your plan whenever there is any significant change in your property (particularly real property), investments, or health status.
4. Never Telling Your Loved Ones
The vast majority of Americans look at their finances as an intensely personal matter. While this is understandable, it does not usually serve your interests well once it comes time to structure your estate. It is better to broach the subject early, preparing both yourself and your loved ones to stick to a well-considered course of action in an emotional time.
Avoid Mistakes With Professional Help From Financial Planners
No matter how thoughtful and detailed your plans are, it’s difficult to think of everything that should go into an estate plan. BD Financial Concepts can help implement your estate plan strategy utilizing our financial planning process.
To find out more or get started, contact BD Financial Concepts today.