Creating an estate plan does not have to be hard, but it does require a thoughtful approach. Otherwise it is very easy to make otherwise avoidable mistakes, most of which will significantly impact the future. As people in Georgia get ready to welcome the new year, it is a good time to think about estate planning goals for 2020. Here are a few mistakes to watch out for.
Wills are very important components of effective estate plans. However, wills only function correctly when they contain correct information. Although it is a good idea to review wills at least once a year, it is important to always update information after significant life events. Marriage, the birth of a child and divorce are just a few examples. Keeping the same will for year after year is a serious mistake that can have unintended consequences for loved ones.
The average Georgia resident understands why it is important to create a will for after death, but few realize that it is also possible to plan for end-of-life needs. Of adults over the age of 65, 70% will require long-term care at some point. Most people do not have the $100,000 that it costs to live in a nursing home or $50,000 to employ a home health aide. It is easy to see why not creating a long-term care plan is a big mistake, and any estate plan without one is not complete.
Some mistakes in life are unavoidable, but that is not the case with estate planning. Most people can successfully create a thorough and comprehensive plan that supports their personal needs and wishes. Aside from educating oneself about estate planning, another great way to avoid mistakes is to seek guidance from a knowledgeable attorney.