Estate planning is typically something that people avoid talking about. However, if you own significant assets, have children, or are in a committed relationship, it is crucial that you discuss wills and trusts with your family. We have put together the top mistakes with wills and trusts that we see many clients make so you can avoid them.
Wait Too Long
Many people wait too long to sort out their estate. The end result is the family being in a position where they cannot ask the person what their wishes are for life-sustaining care or distribution of assets because that person is incapacitated. If you have recently become married, had children, or purchased a house, it is the perfect time to start creating a will or trust.
Use Boilerplate Documents
There are many quick options online for creating your estate plan. However, it is a big mistake with wills and trusts to trust something so important to an online program to get right. There may be tax implications, distribution problems, or other complex legal issues that the online document will not address. It is always best to get the advice of an experienced estate-planning attorney when drafting your will or trust.
With a will or trust, you need to be direct and clear with your intentions. The biggest mistake with wills and trusts is the use of vague language. The whole point of estate planning is to lay out a plan for the distribution of your assets after your passing as well as dictating your wishes for end of life care. Leaving things up to interpretation may cause these directions not to be followed properly.