The road to a successful estate plan can be a tricky one. Laws create a path that has many steep inclines and sharp curves. The biggest roadblocks to a successful estate plan, however, are not written in statute books or government regulations. They exist in the mind.
A good estate plan is the result of collaboration between an estate planning attorney and a client who together can anticipate any potential roadblocks that get in the way.
The professional estate planning attorney is there to navigate past any laws without crashing and to offer the wisdom of experience.
The client, however, has the bigger roadblocks to overcome because those roadblocks exist only in the client's mind.
Recently, Financial Planning wrote about those client roadblocks in "3 Biggest Barriers to Successful Estate Planning."
While you will want to read the original article, here are the highlights:
- Procrastination - It is important to get past the idea that you can always create an estate plan later. If you do not, then you might put it off so long that it is too late.
- Indecision - Rather than make important decisions, many people who are unsure about what to do, do nothing. Estate plans require that difficult decisions be made. If you are unsure, ask your attorney if he or she has any insight.
- Inattention - Even after finishing an estate plan, it is important to keep paying attention to it. Things change. It is important that lack of attention does not cause your estate plan to fail to change with your life circumstances.
Contact an experienced estate planning attorney who can help you avoid common mistakes made by others.
Reference: Financial Planning (August 6, 2015) "3 Biggest Barriers to Successful Estate Planning."
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