Estate planning is a complex legal process that involves your most valuable belongings and the people you love most. Unfortunately, even a relatively minor mistake can have serious consequences for those you leave behind, or spark intense disputes that can permanently damage relationships. Below are a few common estate planning mistakes to avoid.

Mistakes to Avoid When Estate Planning

1. Not Writing a Will

No one likes to think about their own mortality, so putting off estate planning is easy. Unfortunately, this can have results that may not be what you intend.

If you pass away without an estate plan, your assets will be divided according to formulas contained in state law. Preparing an estate plan is the only way to ensure your assets go to the friends and family members you choose.

2. Not Naming a Backup Executor

The executor is the individual charged with settling your affairs and carrying out the instructions in your will. This role comes with a great deal of responsibility, so it’s essential to choose someone you trust.

Unfortunately, your first choice in executor may pass before you or be unable to serve. Unless you choose a backup, the court will likely appoint a family member, which may not be the next person you would have chosen.

3. Not Updating Your Estate Plan

Once they’ve written an estate plan, many people consider the project finished. However, this could cause unintended consequences if they pass away decades later.

As you go through life, you’ll likely make new relationships, acquire new assets, and sell off property. To minimize confusion and disputes, your estate plan should be updated regularly to reflect these changes.

4. Dividing Your Estate by Percentages

Leaving an equal share of your estate to each of your children might seem like a fair, simple approach. However, imprecise instructions can trigger disputes and arguments between your loved ones.

Instead of simply saying that your estate should be divided equally among your heirs, specify which assets each should receive. Being specific will minimize the risk that your children will fight over specific pieces of property.

Since 1987, Knochel Knochel & Darus has been providing personalized legal advice to families throughout Mohave and La Paz counties, AZ. Their attorneys will listen carefully to your needs and draft detailed documents to ensure that your final wishes are respected. Visit their website to learn more about their estate planning services, and get updates on Facebook. To speak with an attorney in Bullhead City, call (928) 444-1000, or dial (928) 680-1181 to reach their Lake Havasu office.