Planning your estate in California is wise. It allows you to protect your loved ones by leaving your assets to them. It can also help you protect yourself, but it’s important to avoid making common mistakes during the estate planning process.
Avoiding the estate planning process altogether
One of the biggest mistakes you can make is to avoid the estate planning process altogether. It can be a huge problem for you and your family in the future. You need to protect your property and make sure that what you want to go to whom ends up going to them. You are also making a huge mistake by not making your wishes known for what should happen if you are suddenly incapable of making your own financial and medical decisions.
Planning but not implementing
Another common estate planning mistake is to plan but not carry out those plans. If you skip drafting a will, your estate will end up going through probate. If you don’t have a health care directive in place, you can end up suffering in a way you would not have wanted if your health takes a downward turn. Your financial affairs may also suffer if you don’t follow through with funding a trust.
Focusing too much on individual assets
A huge part of your estate plan should involve the inclusion of all your assets. All too often, people make the mistake of focusing too heavily on individual assets instead of all of them. You should leave your heirs a percentage of the value of your estate instead of leaving them individual assets. This is because your assets can vary over time.
Avoiding these mistakes can ensure that you plan your estate properly. You and your loved ones will be better for it.