Estate planning can be tricky, and it’s easy to make mistakes. Here are some common pitfalls and tips on how to avoid them.
1. One of the most common mistakes is not updating your will. Life changes—such as marriage, divorce, the birth of a child, or the death of a beneficiary—should prompt a review and update of your will. Failing to update your will after significant life events can lead to unintended consequences.
2. Another frequent mistake is overlooking digital assets. Your digital assets can include everything from social media accounts to online banking and cryptocurrency. Make a list of your digital assets and include instructions for managing them in your estate plan.
3. Ignoring state laws is another pitfall. Estate laws vary by state, so ensure your plan complies with the laws in your state. This can be particularly important if you own property in multiple states or have recently moved.
Did You Know?
Over 70% of Americans don’t update their estate plans regularly, leaving their families at risk.
More than 50% of people forget to account for their digital assets, which can complicate the estate administration process.
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