Estate planning is a very important activity to take on, and despite common misconceptions, it’s never too early to start estate planning. Not having an estate plan could cause a lot of problems in the event that you die. So how do you go about estate planning, and what mistakes should you try to avoid? We’ve got all the information. Visit this link for more information.
Not Updating Your Plans Over Time
Estate Planning isn’t a set it and forget kind of thing. A lot of things tend to change in life, and you need to update your plans every time there’s a major life event that changes things. For example, moving to a new state will necessitate updated estate plans because most legal instruments are state-driven, and each state has different laws. Read about the Steps to Take After the Death of a Loved One here.
Putting Other Names on The Deed
Unless it is completely necessary, avoid putting other people’s names on the Title deed. It just adds complications as it increases taxes, and you’re exposed to creditors from other names on the deed.
Not Planning for Disability and Long-Term Care
Plan ahead by looking into disability and long-term care insurance policies. However, don’t wait too long as the prices increase every year.