It can be easy to be confused or intimidated by the estate planning process. There are many options to consider and no two estate plans will be the same. In fact, some people probably put off the important task of having a comprehensive estate plan drafted because they’re afraid of making mistakes.
So, what is the biggest estate planning mistake to avoid? Well, according to a recent news article, the answer to that question is quite simple: Failing to have an estate plan in place is the biggest mistake of all.
A straightforward approach
The recent article discussed estate planning in terms of the present state of the national economy, particularly the stock market, and whether or not that should play a role in a person’s estate planning process.
The article suggested, however, that other factors and goals should be at the forefront when thinking about the needs of an estate plan. It can be important to keep a straightforward approach with estate planning goals, such as avoiding probate, designating guardians for minor children and appointing trusted individuals to make financial or health decisions for you if you become incapacitated.
Some people in Colorado may think that they do not need an estate plan, and that’s why they avoid this process. However, almost anyone can benefit from having certain, basic estate planning documents in place, even if it is just a simple will and power of attorney documents.
When it comes to estate planning, our readers need to be sure to get the right information for their own unique situation and family dynamics.