The Top 5 Estate Planning Mistakes Families Should Avoid by The Life and Legacy Counselors.

 Estate planning is an important step in ensuring that your family’s financial future is secure. Unfortunately, many families make mistakes when it comes to estate planning. The Life and Legacy Counselors have compiled a list of the top five estate planning mistakes families should avoid. 

1. Not Having an Estate Plan at All 
2. Not Updating Your Plan 
3. Not Naming Guardians 
4. Not Making Digital Copies 
5. Not Being Specific Enough 

1. Not Having an Estate Plan at All

– Having a plan in place for how your assets will be distributed after you die is essential in protecting your family’s future. Without an estate plan, the distribution of your assets will be determined by state law and could end up going to someone other than who you intended to receive them. 

2. Not Updating Your Plan

– Even if you do have an estate plan in place, it’s important to update it regularly as life changes occur, such as getting married or divorced or having children. This ensures that your wishes are still being followed and that your loved ones are taken care of the way you want them to be.

3. Not Naming Guardians

– If you have minor children, it’s important to name guardians for them so they are taken care of by someone you trust if something happens to you and/or their other parent. It’s also important to name alternate guardians just in case the first choice is not available or willing to take on the role. 

4. Not Making Digital Copies

– Many people forget about the digital copies of documents they have stored on their computers and phones when creating their estate plans; however, these can include important information such as passwords, bank accounts numbers and more that need to be included in your estate plan so those items can be accessed easily by whomever needs them upon your death or incapacitation 

5. Not Being Specific Enough

– When making out an estate plan, it’s important to make sure all directions are clear and specific so there is no confusion about how assets should be distributed after one passes away or becomes incapacitated due to illness or injury. Being vague can lead to problems down the line when trying to get access to certain assets or funds from a deceased person’s account since only certain people may have access depending on what was stated in the original document. 

Overall, having an up-to-date estate plan can help ensure that all of one's wishes are carried out upon their death or incapacitation due to illness or injury without any confusion or conflict among heirs regarding who gets what asset(s). By avoiding these five common mistakes when creating an estate plan, families can rest assured knowing that their loved ones will be taken care of properly according to their wishes instead of leaving everything up to chance with the law deciding who gets what after death.