What are common estate planning mistakes to avoid?

What are common estate planning mistakes to avoid?

Some common mistakes include not having a will, failing to update beneficiaries, and not considering tax implications.

Why is it important to have a will?

A will ensures your assets are distributed according to your wishes and can help avoid family disputes.

How often should I update my estate plan?

You should review and update your estate plan every few years or after major life events like marriage or the birth of a child.

What happens if I die without a will?

If you die without a will, your assets will be distributed according to state laws, which may not align with your wishes.

Can I make changes to my estate plan myself?

Yes, you can make changes, but it's best to consult with a legal professional to ensure everything is valid and enforceable.