There’s a common misconception that estate planning is only for the wealthy and that people of modest means won’t get much use out of it. The truth is that everyone benefits from having a plan as it ensures their final wishes are carried out. Sherri K. Rutherford, an estate planning attorney in Chillicothe, OH, shares some common estate planning mistakes you’ll want to avoid.

4 Estate Planning Mistakes to Avoid

1. Waiting Too Long to Create an Estate Plan

It can be unsettling to consider what you hope is the distant future, but it is important to make these decisions as soon as possible. Unexpected incidents or illnesses happen, and having a draft of your estate plan will help you through the process. For example, your plan will likely name someone to take care of health care and financial decisions for you in case you become incapacitated. Your estate planning attorney will help you choose someone suitable for this responsibility.

2. Failing to Update Your Will

When a major life change occurs, such as the birth of a child, a divorce or death, it’s necessary to make changes to your will. You can include or remove certain individuals as your relationships change and family grows. You will also need to reallocate assets as you acquire new items, secure promotions and raises, and decide how to spend your savings.

3. Appointing the Wrong Executor

The executor of your estate has an important job to do, so choose someone who is responsible, trustworthy, and willing to fulfill all the duties. If you can’t find a family member or friend to do the job, you can always hire an estate planning attorney to do it.

4. Not Meeting With an Estate Planning Attorney

Working with a skilled estate planning lawyer is definitely worth the investment. An attorney will help you draw up a valid plan and give you plenty of guidance along the way. If there are certain complexities in your plan, such as substantial debt or property in another state, they can advise you on the best ways to deal with these circumstances.

If you are ready to start planning for your future, contact an estate planning attorney. Sherri K. Rutherford specializes in estate planning and takes the time to help her clients draft the best possible wills. She listens carefully to her clients’ needs and is always upfront and honest about possible solutions. To schedule an appointment, call (740) 775-7434, and visit the website to learn more about the team.