Creating a plan for the future requires thinking about what will be important and necessary years or decades from now. Estate planning is not only for those who have great wealth or health needs that could shorten their lifespans, but it is important for every North Carolina adult. When considering plans, it is prudent to be intentional about avoiding mistakes and missteps that could cause problems in the future.
The best of intentions
A common mistake with estate planning is assuming there is no need for a plan or there is enough time to take care of it in the future. Life is unpredictable, and it is impossible to know when someone will need legal and financial plans. It is also a mistake to fail to update existing plans after major life changes, such as a divorce, birth of a new child, death in the family and more.
When naming an executor of an estate, some may be inclined to name a family member to act in this capacity. This may seem like a practical decision, but this can lead to complications among heirs when it is time to settle the estate. Finally, one of the most common estate planning mistakes is failing to consider the tax implications of certain decisions or failing to take advantage of certain tax exemptions.
The goal of estate planning is to have control over financial and legal decisions in the future. A North Carolina adult will benefit from the assistance of an experienced attorney as they seek to make plans that will make sense and provide security for years to come. With guidance, it will be easier to avoid mistakes that could be problematic.