When many people hear the words “estate planning,” they assume it’s just for the wealthy. But that’s not correct – everyone can benefit from some form of an estate plan. And when you’re creating one, you’ll want to avoid some common mistakes.
For example, don’t make the mistake of not communicating your estate plans to the individuals you’ve chosen to help carry out the plans. You won’t want them to be unpleasantly surprised when it’s time to settle your estate.
Here’s another mistake: Making your plans and forgetting about them. Your life may change in many ways over time, so you’ll need to adjust your plans accordingly.
Similarly, don’t ignore your beneficiary designations on insurance policies, retirement assets and investment accounts. If your family situation changes, you’ll need to update these designations.
One last mistake: not getting the help you need. Estate planning can be complex, so you’ll need to work with an attorney and possibly your financial and tax advisors, too.
By avoiding key mistakes and working with a qualified team of professionals, you can create and maintain an estate plan that will help you leave the legacy you desire.
This content was provided by Edward Jones for use by Daniel Pellerin, your Edward Jones financial advisor at 189 East Main Street Suite G, in Newport, (802) 334-6261.