Estate planning is a great way to protect your Nevada family and secure your assets for future generations. Creating these legal documents may be overwhelming, but it’s crucial to take your time and avoid making mistakes in order to ensure they’re done properly to prevent potential problems. .
Choosing the wrong executor
Estate planning includes choosing an executor who will handle your estate’s affairs after you have passed away. This shouldn’t be just anyone; you might want to pick your spouse or child for the role, but it’s not always best. Anyone who is overly emotional or who has financial issues shouldn’t be chosen as executor.
Not naming a contingent beneficiary
A common estate planning mistake is to only name one beneficiary. If you only have one person in mind and they prematurely pass away, you have no one to inherit your assets. Instead, those things go back to your estate, and your survivors have to endure a lingering probate process. Naming a contingent beneficiary can prevent that from happening.
Not planning for disability
No one wants to think about possibly being disabled in the future. However, not planning for it can create headaches if you end up in this situation and can’t verbalize what you want. To avoid this mistake, it’s crucial to have a durable power of attorney drafted and choose someone you trust to serve as your agent. This person is responsible for ensuring your financial and healthcare matters are carried out according to your wishes.
Not updating your plan
Estate plans should be updated as circumstances change. If you fail to do this, your assets could end up in the wrong hands or someone no longer in your life may be legally authorized to handle your financial and healthcare matters.
Don’t make mistakes with your estate plan. Staying on top of things early on can benefit you and your family.