Estate planning is often compared to a road map for ensuring your wishes are carried out after you pass away or if you become incapable of making certain decisions yourself. That is why estate planning mistakes can lead to massive headaches for your whole family and leave critical choices at the mercy of the courts. Thankfully, some of the most common estate planning mistakes are easy to avoid, and in the below guide, we will walk you through them and what you can do to prevent them.

3 estate planning mistakes

#1 Mistake: Not Setting Up an Estate Plan

The biggest mistake people make when it comes to estate planning is not setting one up. It is common for individuals to feel that they do not need an estate plan because they tend to associate these plans with the wealthy or those who have expensive assets. However, it is important to realize that everyone has something of value that they will want their loved ones to have after they are gone.

Unfortunately, if an estate plan is not set up, individuals risk their property being handled by the courts and going to the wrong people. That is why if you have not yet set up an estate plan, consider talking to an experienced Louisiana estate planning attorney at Losavio & DeJean, LLCas soon as possible. Our lawyers can walk you through the estate planning process and determine what to do to ensure your goods and property are transferred to the people you want.

#2 Mistake: Not Updating the Estate Plan

Another estate planning mistake that individuals make is not reviewing their estate plan over time or not making changes to their plans when major life events arise, such as a marriage, birth, death, or divorce.

In truth, you should review your estate plan at least every five years or when there are major life changes that can impact your future plans.

#3 Mistake: Creating a “Do-It-Yourself” Estate Plan

While today it is easier than ever to go down the do-it-yourself route when it comes to estate plans, especially with all the available software and downloadable forms. It can cause people and their families numerous issues when they are not done right.

Even if your estate is modest, it can still be significant to your beneficiaries later. By not properly setting up the estate plan or abiding by the laws that apply, it can impact what happens to your assets and the procedures your loved ones will have to go through to fix these mistakes.

That is why consider reaching out to a knowledgeable Louisiana estate planning lawyer who can make sure that your plan is drafted correctly and adheres to the state’s statutes. 

Thinking About Creating an Estate Plan? Contact Losavio & DeJean, LLC Today

If you are considering an estate plan and want to make sure you avoid some of the more common estate planning mistakes, reach out to Losavio & DeJean, LLC, at 844.779.2551 for a free case consultation and learn how our trusted legal team can help ensure you and your family are taken care of in the future.