Life can be quite unpredictable. One minute it seems everything can be going your way and the next minute you are left wondering if things could possibly become any worse. Just as it is important in day-to-day life to plan ahead, the same advice is true in the event of serious illness and/or death. Proper estate planning not only makes good financial sense, it can also provide peace of mind to your loved ones. However, too often people make errors when it comes to estate planning. The following are some of the most common mistakes Kansas City residents make when it comes to estate planning:
Adopt the thinking that estate planning is not for me. Probably the biggest mistake an individual can make is to not have a will and/or trust made because he or she thinks that it is not right for them. There are multiples reasons why people think this way, including:
- Do not have enough money: Many people think that estate planning is solely for the wealthy. But you do not have to be Bill Gates to engage in estate planning! If you have family or loved ones that you want to protect in the event of your passing, then estate planning is for you.
- Too young: Are you in your 30’s and think that you are too young to worry about estate planning? Think again. Unfortunately, illness or sudden tragic events do not plan and can happen regardless of your age—so that is why you need to be ready just in case disaster strikes. Do not put off estate planning just because you think you have not hit some magic age.
- Spouse will take care of everything: Some individuals think they do not need a will because his or her spouse will take care of everything. However, if a person dies without a will, his or her estate will be divided per the intestacy laws of the state in which he or she resided, not how his or her spouse desires. There is also the possibility that a married couple will pass together, like for example in a car accident. In this type of event, a person will most likely not be “okay” with the court make the decision of who will become the guardian of the couple’s children. While this possibility is remote, one of the main purposes of estate planning is to be prepared in case of the unexpected.
Fail to review and/or update will and trusts regularly: If you make a will in your late 30s, it is important that you do not think that you are set for life, so to speak. As your life continues, things will change and you will want your will and/or trusts to reflect these changes.
Not meeting with an estate planning attorney. It is true that many basic estate planning tools can be found online. However, it is always best to speak with an estate planning attorney who can make sure that all of your unique needs are addressed and that your will or other estate planning is done without error.
If you want your family or loved ones to be properly taken care in the event you become seriously ill or pass away, then you need to speak with a Kansas City Estate Planning Attorney. A seasoned Estate Planning Attorney can help you avoid making common mistake planning mistakes. The experienced Kansas City Estate Planning Attorneys at the Hubbard & Kurtz, L.L.P. have helped countless clients, in both Kansas and Missouri create estate plans that meet their individual needs. To schedule a consultation, please contact our office today at (816) 472-4673. Too often people delay estate planning for a multitude of reasons. Do not delay—talk with an estate planning attorney today!