Are you a resident of Kentucky currently drafting an estate plan? If you have never done this before, it is important to know what estate planning mistakes are often made by others, so that you can avoid making them.
According to FindLaw, here are some of the most common estate planning mistakes people make.
The first is not keeping your plan or will updated. Due to the many unexpected changes that life can throw your way, you can’t guarantee you will want your property and assets divided the same way twenty years down the line as you do today. Updating your will periodically will ensure that your most recent wishes and desires are the ones that are honored.
Another big mistake is choosing the wrong person to act as the executor of your estate. You will need to select someone trustworthy and objective, who can do things the way you yourself would want them done while simultaneously maintaining a level head. Unfortunately, not every best friend or closest relative will tick all of these boxes.
Not doing what you can to cut taxes for your loved ones is also a big mistake. This is especially true if you don’t take advantage of federal exemptions for spouses. Each spouse can have a federal exemption of up to $11.18 million. This allows them to inherit your assets without you having to worry about them owing huge amounts of taxes.
If you are considering writing or updating your estate plan, you may also want to contact an attorney. They can help you create a plan that suits your needs at the current time and ensure that it is legally sound.