One of the biggest mistakes you can make with estate planning in Golden is procrastination. No matter your age, you might feel like you have all of the time in the world to do it. Or, if you already have plans in place, you might feel like you do not need to review them. Regardless of which side of the fence you are on, it is necessary for you to be proactive in case an unexpected event happens.
You might feel primarily concerned with protecting your assets and passing your wealth down to your loved ones. But you should keep in mind that you might have end-of-life needs. You could live longer or fall ill or suffer a serious injury and require the care of others before you die. Your loved ones might not be in a position to contribute financially to your end-of-life expenses. Consider the following information to make your estate plans more comprehensive.
Have you chosen an executor?
You may think the best person to serve as your estate executor is a family member. But you do have the option of choosing an institution or unrelated individual for the job. It is important for you to choose an individual who is capable of respecting your wishes, managing your estate properly and distributing your assets in a timely manner while addressing your family’s concerns and minimizing conflicts.
Did you overlook anyone?
One common issue that often arises is someone gets left out of the will. People marry and divorce and have children all the time. You may have had some major life events happen that require you to take a second look at your estate plans. It can be easy to overlook the birth of a child or the end of a relationship and for you to forget to reflect those changes in your documents. Review your documents often and update them whenever there is the addition or loss of family members, assets and businesses.
Estate planning is not always easy. You might consider working with an attorney to make sure you meet your estate planning needs.