Estate planning is the process of anticipating and arranging for the disposal of an estate. While it can be very difficult to discuss this topic, it is something that must be planned so that your wishes can be fulfilled after your passing. As you begin planning your estate, you will want to avoid some common pitfalls others have failed to consider:
Do not procrastinate
Many individuals assume they do not need an estate plan. Everyone will be faced with these issues some point in your life. Waiting too long to take care of these issues will only put unneeded stress on your family.
Update your will periodically
Changes in family situations can easily occur (child birth, divorce, death). You must update your will when these situations arise to ensure your beneficiaries are up-to-date, and your assets will be divided based on your wishes.
Give access to your plan
It is very important to make certain your loved ones have access to a copy of your estate plan to ensure items are taken care of per your request. Your plan must be kept in a safe place, and the executor of your estate needs to be aware that they will be in charge of carrying out your wishes.
Don’t assume plans are only for the wealthy
If you own assets, then you need an estate plan. Estate plans are not just about preserving your wealth for your beneficiaries. They also help to plan end of life decisions as well as hospice and long term care.
For more information and start estate planning, call a Nevada Corporate Headquarters representative at 1-800-508-1729.