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Anyone can make one of these estate planning mistakes

When it comes to estate planning, there are things you should and shouldn't be doing. Unfortunately, many people don't understand where to draw the line.

The last thing you want to do is make an estate planning mistake, as this can impact you and your family now and in the future.

Here are five estate planning mistakes to avoid at all costs:

  • Waiting too long to get started. You may not be looking forward to creating an estate plan, but you don't want to put this off one year after the next. Once you take action, you'll begin to realize that everything is coming together.
  • Forgetting to update your estate plan as time goes by. Just because you create an estate plan doesn't mean it can remain the same until the day you pass on. You need to make changes as the years go by.
  • Neglecting to plan for a future disability. Your estate plan should do more than decide who gets what upon your death. For example, a power of attorney can ensure that your wishes are carried out in the event of an incapacity.
  • Naming the wrong person as your beneficiary. Early on, you need to decide on who makes the most sense as beneficiary of your estate.
  • Forgetting to name a guardian for your children. If you have children under the age of 18, you need to name a guardian in your estate plan. There's no better feeling than knowing your children will receive the appropriate care if you pass away when they're young.

Even the most detail oriented individuals can make one or more of these estate planning mistakes. Despite your fears, you can implement a strategy that allows you to avoid trouble.

As long as you know your goals and have a clear idea of your legal rights, it's much easier to create an estate plan that will put your mind at ease. At that point, you'll realize that you're no longer worried as much about the future.

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