When creating an estate plan, a Nevada adult will have to make decisions regarding what should happen to personal property and other issues in case of incapacitation or death. During this process, it is easy to overlook certain matters or make certain missteps that could affect the validity of the plan. Each person creating an estate plan will benefit from knowing about common estate planning mistakes and how to avoid them.
Missteps to avoid when creating a plan
Even a small mistake when creating an estate plan can have devastating consequences. Unfortunately, mistakes in an estate plan often go unnoticed until it is time to settle the estate or put certain plans into action. Some of the most common missteps to avoid during the estate planning process include:
- Failing to plan for the possibility of a future disability or need for nursing care
- Not updating beneficiary designations as needed
- Naming the wrong person to act as the executor of the estate
- Putting a child on a deed to a home
- Failing to take steps that will reduce estate taxes
- Waiting too long to create an estate plan
One of the biggest mistakes people make regarding their estate plans is failing to have one. Dying without a will or failing to have certain documents in place could leave loved ones in difficult positions.
Don’t leave it up to chance
Through a carefully crafted estate plan, one can have confidence regarding his or her future legal and financial interests. An assessment of one’s needs, objectives for the future and other factors can provide assurance that long-term interests are secure. Working with an experienced estate planning attorney can reduce the chance that one will commit certain estate planning mistakes.