In estate planning, mistakes can be costly. Effective estate planning can help ensure your financial affairs are in order and designate someone to manage your affairs in the event you are incapacitated. An estate plan will outline your healthcare wishes, list beneficiaries, and specify how your estate should be distributed when you’re gone. Without estate planning, loved ones will be left to fight over assets and may have to navigate a stressful probate process at a time when they should be grieving.
The most common estate planning mistake is procrastination. Only one-fourth of Americans have an estate plan. Most people have a will, but it’s estimated that 68% of Americans die without a valid will. This can happen when a will is lost, not signed and witnessed, or they had relocated to another state and died before updating their will. Even when a will is valid, without healthcare directives, a durable power of attorney, and other necessary estate planning documents a person’s wishes may not be carried out.
Many people make the mistake of creating a will or other estate planning documents on their own but neglect to tell family members where the documents are located or explain what each document means. At Alloy Wealth Management, we offer estate planning services and work with fee-based attorneys to create and file necessary estate planning documents. We’ll work with you to prepare your estate plan then create a notebook giving clear direction for each document to your loved ones so they will know what to do when it’s time. And we’ll keep in touch so we can update your documents when you experience life changes like marriage, beneficiary changes, and changes in assets. When you become a client, you become a part of our Alloy Wealth family. Call 800-689-3935 if you have questions or would like to schedule an appointment.