Minefields In Estate Planning-And How To Avoid Them

Even though a myriad of celebrity stories point out the challenges associated with failing to create a solid estate plan, it seems like taking this action just isn’t on the radar for most people. Even though 61 percent of people aged 55 and older had an estate plan in 1998, that number has dropped to 54 percent. 

The reality is that you’re never too young to utilize planning. When control over beneficiaries is handed to the court, probate costs might be incurred upwards of $10,000. In comparison, the cost of protection is quite low, especially if you only need basic documents like a will and a power of attorney.

The key to your estate planning completion-and regular revision- is to create a comprehensive list of assets with beneficiaries named. At least once every five years (and hopefully sooner), you need to review these items. If there are life changing events (such as a marriage or divorce) or if the law changes, you need to get your documents reviewed even sooner.