Top 5 Estate Planning Mistakes

Estate Planning
Estate planning is an important step for families in Franklin to ensure their loved ones are taken care of financially when they are no longer around. While estate planning can be complicated and overwhelming, it is essential to make sure that all the details are taken care of correctly. Unfortunately, people make many common mistakes when estate planning, which can have severe financial and legal consequences. Here are the biggest mistakes people make when estate planning and how to avoid them.

1. Not Creating a Will

One of the biggest mistakes people make when estate planning is not creating a will. Without a will, the state will decide how to distribute your assets and who will receive them. This may not be what you intended and can cause conflict among family members. It is essential to create a will to ensure that your wishes are followed.

2. Not Updating Your Will

Another common mistake people make is not updating their will. Many people create a will and never update it, even when their circumstances change. This can lead to assets not being distributed as intended. It is important to review your will periodically and make changes as needed.

3. Not Utilizing Trusts

Trusts can be a valuable tool for estate planning, but many people do not take advantage of them. Trusts can help you manage your assets and provide for your loved ones in the event of your death. They can also help you avoid the probate process and reduce taxes.

4. Not Naming an Executor

An executor is a person who is responsible for carrying out the wishes outlined in your will. It is important to name an executor in your will so that your wishes are carried out accordingly. Without an executor, the court will appoint someone to handle your estate.

5. Not Consulting a Professional

Estate planning can be complicated, and it is important to make sure that all the details are taken care of correctly. Consult a professional to ensure your estate plan is properly set up and all the necessary documents are in place.

At Puryear, Newman & Morton, PLLC, we can help you create a comprehensive estate plan that meets your needs and ensures that your assets are distributed according to your wishes. Contact us today to learn more about how we can help you with your estate planning needs.