Common Estate Planning Missteps That Can Haunt Your Beneficiaries and How to Avoid Them

Estate planning is essential. However, even well-thought-out plans are often undone by avoidable mistakes or estate planning missteps.

Below are two common estate planning missteps… pitfalls to watch out for and how to steer clear of them.

Lost Original Documents

Sudden or unexpected death is distressing, but it’s even worse when crucial estate documents are missing. Courts require original documents for probate. When original documents aren’t present the courts often assume they were destroyed.

Securely storing your originals, like in a fireproof safe, and ensuring your Executor or Power of Attorney knows where to find them is crucial. Too often, individuals place their documents in “safe” places, only to forget where they are or fail to inform family members of their location.

Unfunded Trusts

A revocable trust is a powerful tool for avoiding probate, maintaining privacy, and ensuring smooth asset transfer. However, the trust must be funded. Meaning, assets need to be re-titled in the trust’s name. Failure to do so can result in probate, defeating the purpose of the trust.

Many people delay this crucial step, leading to costly, lengthy, and emotionally draining legal disputes for beneficiaries. Ensuring a trust is fully funded during your lifetime might prevent these issues.

Taking Action to Avoid these Estate Planning Missteps

These common estate planning errors can cause distress and financial loss for your loved ones. If you’re unsure where your documents are or need help funding your trust, don’t delay—reach out to an estate planning professional today. An ounce of prevention can spare your beneficiaries a world of trouble.

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!