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Protect your estate plan from common mistakes

On Behalf of | Jan 27, 2023 | Estate Planning

The value of an estate plan can provide you with ongoing support throughout your life. In addition to protecting your assets, a functional plan can also give comfort and guidance to your surviving family members.

Making mistakes while you plan could jeopardize your intentions and prevent your heirs from deriving the plan’s full benefit. Your diligence and care can help you avoid costly missteps.

Rushing the process

You might feel overwhelmed when you consider everything estate planning involves. A one-size-fits-all approach might appeal to you. However, rushing the process or relying on automated resources to do the job for you could have a disappointing result. Developing an estate strategy requires a close-up look at your life and your goals for the future. An assessment of the things that matter most to you will enable you to build up a plan that will continue to work in your favor for years to come.

Forgetting to update

Keeping your strategy updated is one of the most critical aspects of an effective plan. According to U.S. News, experts suggest revisiting your estate plan every five years. Unless, of course, extenuating circumstances require you to make updates sooner. You will need to make immediate changes when significant events happen in your life. This could include divorce, remarriage, selling your business or collecting an inheritance, for example.

Taking your time to create a customized plan and then making sure it remains updated over time is an excellent way to improve the effectiveness of your strategy.


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