Estate Planning Mistakes You’re Making

As a financial advisor, I am in an incredibly unique position to be the quarterback for my client’s complete financial picture, and this is a responsibility I take very seriously!

One of the most critical pieces of the money puzzle is the one that no one likes to think about – estate planning. It can seem overwhelming, and frankly, scary to think, “what do I do with my money when I don’t need it anymore?”

Nothing like a little existential dread, am I right?

(Sometimes, you’ve got to throw a bit of dark humor in there to cut through the awkwardness.)

I like to approach estate planning pragmatically, and my clients take heart in knowing that they have a plan in place once we’ve created it. Even if you and I never work together, I do recommend that you take a look at your current estate plan – and compare it to the most common mistakes I’ve seen.

• Not creating a plan at all. Caring.com’s 2021 Wills and Estate Planning Study showed that only 32.9% of US adults have an estate plan. It might seem like ‘not a big deal, I can do it later,’ but death does not happen on our clocks. Creating a plan while you’re capable of doing it will help ensure that your final wishes are respected and minimize the chances of disputes over your assets.
• Not properly appraising your assets. The thing about assets is they appreciate and depreciate. Without regular updating, that house you thought was worth $550,000 might be worth closer to $750,000 in today’s market. This can have a significant effect on the amount of taxes that your heirs are subjected to.
• Not updating your will. Your family dynamics and wealth can change more rapidly than you might think. Update your will to ensure that heirs are added and removed as needed, and that their inheritance details are accurate.

That’s just the tip of the iceberg. There are considerations unique to your specific situation that I can’t even begin to touch on here.

If you want to have my expert eyes on your plan to make sure it’s all laid out properly, I’m here to help you cross all the t’s and dot all the i’s.