• Failing to include power of attorney – A power of attorney names someone you trust who can act in your stead should you become medically incapable of making important financial, legal, and/or medical decisions. 
• Misunderstanding your estate plan  It’s critical you take the time to read through and understand the plan, what it entails, and what will happen when it is put in motion. 
• Forgetting to update it as circumstances change – Our lives evolve constantly, and it’s important that your estate plan reflects changes. I have dealt with estates where assets and money were left to ex-spouses or deceased family members. Additionally, I have seen feelings hurt by a family member who was left out of the document because they married into – or were adopted into – the family after the plan was created. It is vitally important that you revise your plan at least every five years to make sure your wishes are reflected and followed.
• Failing to fund revocable trusts – Many estate plans include a revocable trust. Assets owned by the trust are protected from being tied up in probate court. Your attorney will draw up the appropriate paperwork, but you will need to transfer the relevant assets to the trust. For example, your house will need to be owned by the trust and not by you individually. Many clients fail to realize this and skip this important step, negating the work they did in creating the trust in the first place.

The best way to avoid mistakes is to talk to a lawyer. Contact us today about your estate planning needs.