5 common mistakes to avoid when making an estate plan

On Behalf of | Dec 2, 2022 | Estate Planning

It’s ideal for you to create an estate plan so you can financially support your loved ones upon your passing. With that said, estate planning is something that requires great care.

Unfortunately, some people make mistakes when establishing their estate plans. Below are five common errors made during the estate planning process.

Assuming an oral will is as valid as a written will

Oral wills are only recognized in a handful of states, and Nevada isn’t one of them per Nevada Revised Statutes Chapter 133.100. Furthermore, an oral will wouldn’t help your case since it lacks clear evidence of your personal wishes and established heirs.

Not having an estate plan in place

Less than 50 percent of American adults possess a will. If you don’t have a specific estate plan before your death, your assets will go through probate, which gives the state — instead of you — control over who inherits what.

Neglecting to update your estate plan

Having an outdated estate plan could lead to dire consequences. For example, suppose you outlive a primary intended beneficiary. Unless you’ve listed secondary beneficiaries, the assets might go through probate.

Selecting an unfit executor

Choosing an executor isn’t a task to take lightly. If you appoint someone without screening them first, you might end up with an individual who would either bungle the job or use funds for self-centered purposes. 

Forgetting to include burial/funeral wishes

Your death will be hard enough on your family. It’ll be harder for them to deal with if you fail to specify your funeral or burial plans. Figuring out whether you want a funeral or cremation could take a while to settle in probate court.

Estate planners should do everything possible to avoid the above errors. If you need help laying out your trust or will, consider seeking legal guidance for estate planning assistance.