What are some common mistakes people make when creating their estate plan?

As a lawyer, some common mistakes people make when creating their estate plan include:

1. Failing to create an estate plan: Many people put off creating an estate plan because they do not want to think about their eventual death or do not believe they have enough assets to warrant a plan. However, failing to create an estate plan can result in unnecessary costs and complications for family members after you pass away.
2. Not updating the estate plan: It is important to regularly review and update your estate plan, especially after major life events such as marriage, divorce, birth of a child, or a significant change in your financial situation. Failure to update your estate plan can result in assets going to unintended beneficiaries or to an ex-spouse.
3. Failing to consider all assets: Some people only consider their tangible assets (such as their house, car, and jewelry) when creating their estate plan. However, it is important to also consider intangible assets such as bank accounts, retirement accounts, and life insurance policies that may have named beneficiaries.
4. Choosing the wrong executor or trustee: Choosing the wrong person to oversee your estate can result in unnecessary expenses, delays, and conflicts among family members. It is important to select someone who is trustworthy, competent, and capable of managing your assets.
5. Not considering tax implications: Estate planning involves considering potential tax consequences of transferring assets to beneficiaries. Failing to properly plan for tax consequences can result in significant tax liabilities for both the estate and the beneficiaries.

To avoid these common mistakes, it is important to consult with an experienced estate planning attorney who can help you create a comprehensive and effective estate plan. The attorney can explain any potential limitations or exceptions to the advice given and provide suggestions for further action if necessary. By working with an attorney, you can ensure that your estate plan is tailored to your specific needs and goals, and that your wishes are carried out as intended.