Top 5 Estate Planning Mistakes to Avoid

Estate planning is essential to ensure your wishes are carried out and protect your assets from lengthy disputes among your loved ones. However, common mistakes can undermine even the best intentions. Here are the top five estate planning mistakes to avoid in Ohio:

1)        Failing to Create an Estate Plan:

Many people delay estate planning, assuming its unnecessary or too complicated. Without a plan, Ohio’s intestacy laws, and a probate court, will determine how your assets are distributed. That may not align with your wishes and is likely to cost 3-4 times as much as a basic estate plan.

2)        Not Updating Your Plan:

Life changes, such as marriage, divorce, deaths in the family, starting your next generation, or significant changes in your assets require updates to your estate plan. Failing to review and revise your documents can lead to unintended consequences

3)        Overlooking Beneficiary Designations:

Assets like retirement accounts, life insurance policies, and payable-on-death accounts pass directly to named beneficiaries, even if you said something different in your will or a Trust, and can cause a significant imbalance that you might not want. Ensure these designations are up-to-date and align with your overall estate plan.

4)        Ignoring the Need for a Trust:

While a will is important, it is likely not enough to avoid probate or protect your assets, especially if you have young children and want to preserve things until they are truly mature adults. A revocable living trust can provide privacy, flexibility, and efficient asset distribution,

5)        Choosing the Wrong Fiduciaries:

Selecting the right executor, trustee, or power of attorney is critical. Choose individuals who are trustworthy, capable, and willing to act in your best interests.

Avoiding these mistakes can save your loved ones time, money, and stress. If you have questions about your estate plan or need assistance, our experienced attorneys are here to help. Contact us today to schedule a consultation.

Attorney Tom Schmitt