Some people think once they have an estate plan in place, they don’t need to think about it anymore. But there is more to estate planning that you should know about – and some major mistakes to watch for. The first significant mistake is not having an estate plan at all, but it’s not the only faux pas that could affect things after you pass away. Understanding possible errors may help you to create a more comprehensive plan that suits your particular circumstances.
Estate planning the right way
Those who have decided to create an estate plan have already taken a step in the right direction. Moving ahead with an estate plan, a testator would be wise to watch out for these common mistakes:
- Thinking that planning could be bare bones since there aren’t many assets to consider
- Taking a do-it-yourself approach that could result in documents that aren’t legally binding
- Not thinking about tax implications
- Not having a backup plan in case some details in an original plan no longer work
- Not protecting assets for minors who will only inherit them when they are older
- Not revisiting or updating a plan as life circumstances change
- Naming an executor without discussing it with the person first
Estate planning doesn’t need to be complex. As long as everything adheres to Ontario’s estate planning laws, the estate plan will be valid. But Ontarians need to have the proper information and help when creating a well-rounded estate plan.
How can mistakes be avoided?
Since estate planning typically involves a number of legal documents, getting acquainted with Ontario legalities that speak to the issue would be wise. Estate plans must comply with the law, so receiving professional advice and exploring one’s options could prove invaluable. A lawyer experienced in such matters can answer all of one’s questions and concerns and ensure any formal estate plan covers all personal needs and legal requirements.