Mistakes That Can Wreck Your Estate Plan

An estate plan isn’t set-and-forget. Make sure yours stays airtight by steering clear of these costly errors.

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So you have an estate plan. You’ve taken a major step in making sure you leave behind a legacy and that your assets are passed down as you see fit. But that, however, is not enough. There are plenty of potential mistakes that can torpedo your estate plan. That’s why you need to mobilize now to make sure your estate plan is bullet proof.

So let’s take a look at some of the mistakes to look out for and how to fix them.

Forgetting to Update Your Estate Plan

Your estate plan is a living mechanism. And things change in life. Divorces happen. Falling outs happen. Loved ones pass away. New kids are born, and so on. These major life events could affect the sturdiness of your estate plan. So you need to go back in there and make the necessary changes to make sure the estate plan still adheres to your wishes.

Forgetting to Manage Beneficiaries

Designated beneficiaries overpower what’s in a will or trust. So you need to make sure you still have the right beneficiaries listed on accounts like retirement plans.