You have taken the time to make an estate plan but often they are fraught with issues that can cause problems for your loved ones down the road if you are incapacitated or pass away. AARP is out with a list of 8 common estate planning mistakes below — important points to check against the estate plan you do have.
If you don’t have a plan, this is the time to make one. And if you do have a plan, it’s suggested that you continue to update it as things change in your life.
Here are AARPs 8 common estate planning mistakes.
- Is it complete? Has it been executed or updated?
- Do you completely understand your plan? Will it be used as intended?
- If there are investments you plan to leave to someone, ensure you own them.
- Ensure your plan complies with current laws.
- Are you beneficiary designations consistent in all documents?
- Will gifts you leave to loved ones cause issues?
- Understand tax consequences of your estate plan.
- Make sure your loved ones are informed about your plans.
AARP suggests a digital accounts access guide.
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