Don’t Make This Mistake with Your Estate Plan

  • 4 October 2017
  • Author: IEP Team
Don’t Make This Mistake with Your Estate Plan

We know, estate planning isn't super glamorous. It's right up there with doing taxes in terms of how you want to spend your time. However, it's important to have your wishes and financials on paper and protected in your personalized Legal Life Plan. (We've talked about that a lot. You can read up here. Or here. Or here.)

The first mistake

Getting folks to get in here (or anywhere) to make up their estate plan is like pulling teeth. In fact, we'll bet dentists have better luck getting teeth pulled than we do making estate plans! Okay, it's probably a toss-up, but recent surveys show about 6/10 adults don't have wills, trusts, or other similar documents. Well, when you compare that to the statistic that 10/10 adults will pass away eventually, a good estate plan is something everyone needs to ensure their wishes are honored.

This is one of the big mistakes people make: not having a personalized plan to begin with.

Here's the thing, you have a plan, even if you didn't make it. You have the one-size-fits-no-one government plan. And, if you don't like your family and don't care what happens to your assets, this might be the option for you. But if your one of those people who wants to do it their way, or has specific wishes for their assets, then you need to get it done.

The other mistake

People make a big mistake when they finally make their plans and get their documents in place: they never update them. We know, we probably sound like we're never satisfied. But the reality is that life changes, people change, family changes, health changes. And since we can't predict any of that, we have to make changes to our plan. And that's okay. The biggest issue here is that things change, but plans don't, then people end up being really unhappy.

It's great that you have a plan, and making changes to it shouldn't be a big deal, but you need to make them. New spouse? Grandkids? Change in homes? Whatever the case, it warrants an update to your plan.

Contact us today for help with an old or new plan. We can make sure what you have is what you want and will protect you and your loved ones.

Categories: Estate Planning
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