When you decide to create an estate plan, it is important to create one with success in mind. You can do this by recognizing and knowing how to avoid some of the biggest mistakes others make when creating their own estate plans.
You must first take basic steps to ensure your plan succeeds, including starting one in the first place and keeping it up to date. Next, ensure you have all crucial components like a will, living trust, power of attorney and so on. What next?
Beware of conflicts within the family
Forbes examines what goes into a successful estate plan. After you achieve the basics, you can go on to take further steps to ensure your plan succeeds. First, make space for family conflict. Even if you do not want it to happen, it might, and you will need a plan on how to handle it if it does. The details of your plan might unintentionally provoke ire or stoke the fires of old resentments. Do not gloss over the potential for conflict with your estate planner, as they are the ones with the tools you need to circumvent these issues.
Simplify your plan and organize it well
Next, do these three things: simplify, organize and prepare. Make things easy on your executor; have all of your information written down and easy to access. This includes all details of the estate, which you should consider simplifying as you age. This helps avoid lost assets while making the settlement process cheaper and faster.
Communicate with your family
Finally, communicate with your family members. Many estate plans fail because of a lack of communication. Ensure your children will not squander their suddenly inherited wealth, but will instead benefit from it fully. Again, an estate planner can help you achieve this goal.