Some common estate planning mistakes are mentioned all the time. There are other common mistakes that receive less attention.
There are many articles written about mistakes in estate planning. They often mention the same few things over and over again.
That is good.
The more often mistakes are mentioned, the less likely it is that people will make them.
The Ithaca Times recently discussed some of those lesser mentioned estate planning mistakes in "Key estate planning mistakes to avoid," including:
· Forgetting to update an estate plan when a spouse or child passes away. It might not be the best time for you to change your estate plan, especially given everything you are going through. Not doing so, can result in problems later.
· Not reviewing and updating retirement plan and insurance policy beneficiaries for years.
· Many people have the mistaken belief that if they have a will, then their estates will not go through probate. That is almost never the case. If your objective is for your estate not to go through probate, see an estate planning attorney to learn how to accomplish that.
· People too often assume that once their children reach the age of 18, they will be able to responsibly handle any inherited assets. That may not be the case. You should plan for any minor children to have assistance with assets for longer than that.
Reference: Ithaca Times (Nov. 8, 2017) "Key estate planning mistakes to avoid."