If Your Estate Plan Includes Mistakes, It’s Time for an Update

Estate planning should be viewed as an ongoing and fluid process. If mistakes are made during the initial stages, those mistakes should be corrected through an update to the plan. In some cases, the “mistakes” may not have been actual errors when the plan was created, but over time, circumstances change making the plan no longer work in the way you first intended. Fortunately, mistakes of nearly any type can be addressed through a modification that can bring your estate plan up to date and in line with your goals.

11 Estate Planning Mistakes to Correct With a Modification

What are some of the common estate planning mistakes that create a need for an update? The following are 11 examples:

  1. You put your child on the deed to your home in an attempt to avoid probate.
  2. You created an estate plan before getting married but never updated it after your marriage.
  3. You created an estate plan before having children but never updated it after growing your family.
  4. You created an estate plan thinking it would avoid probate but failed to include a revocable trust.
  5. You created an estate plan involving a simple revocable trust thinking it would help you avoid estate taxes.
  6. You created an estate plan involving a simple revocable trust thinking it would help you avoid creditors and protect your assets.
  7. You created an estate plan before acquiring insurance products, pensions, or retirement assets.
  8. You created an estate plan without using a trust because you thought it would overly complicate the process.
  9. You created an estate plan leaving your assets outright to minor children.
  10. You created an estate plan involving insurance products without taking into consideration tax implications.
  11. You created an estate plan many years ago but failed to have it reviewed on a regular basis.

Reviewing your existing estate plan to look for mistakes or address the need for changes is important to ensure that your plan works as you intended. We are here to help. We encourage you to check out our client testimonials page to learn how we have helped countless clients create and modify the estate plans that are right for their families.