WHAT MISTAKES SHOULD I AVOID IN MY ESTATE PLANNING?
Estate planning can be complicated or it can be easy. It all really depends on your estate. If you have a lot of complex assets, then putting together an effective plan may take longer. You will probably have more options than someone with a simple estate. In any event, whether your Texas estate is simple or complex, there are some errors that you could make that might derail your well-laid plans.
Forbes explains that when estate planning, there are two rather large mistakes that you can make regardless of the size of your estate. The first is not updating. You have to stay on top of your estate plan because life is full of changes. This means updating whenever something changes in your life. This could be a change of address, selling or buying an asset, getting divorced or married, having a child or any other change that could impact your estate plan.
The other major mistake is not understanding your estate plan. If you have added trusts and a will and other legal documents to your plan, then you better know what each of them means and does. You need to stay on top of what is happening with your estate. You need to be sure that everything is set up the way you want it to be. If you fail to understand your estate, you could leave behind a real headache for your loved ones. So, do not be afraid to ask questions and learn as much as possible. This information is for education and is not legal advice.