Many people make the mistake of assuming that a written will is all they need for their estate plan. Unfortunately, the truth is you can’t rely solely on a will to tie up all of your loose ends when you’re gone. While it is essential, a will simply isn’t enough.
This article is one in a series from Forbes contributor Bob Carlson that highlights the most frequent mistakes people make when planning their estate. The first mistake most people make? Relying only on a will.
“A complete estate plan includes key documents that might be needed before your passing, such as a power of attorney and advanced medical directive,” Carlson writes. “These documents empower one or more people to make decisions and take actions regarding your assets or medical care when you aren’t able to.”
Another thing to consider when planning your estate are trusts, which are very flexible and can protect your assets while maintaining privacy. Trusts, according to Carlson, often surpass wills as key documents in estate plans.
It’s easy to procrastinate planning your estate, but it can become an issue in the case of a sudden health crisis. Don’t wait until it’s too late – contact us today to get on the right track with your estate planning.