Mistake #1: Misinformation From the Internet
When dealing with a new topic they are unfamiliar with, most people will search the internet for information about it. Unfortunately, an increasing amount of information on the internet is misleading at best and completely incorrect at worst. Newlyweds considering estate planning for the first time often develop misconceptions about the process after reading about it online, which can lead to mistakes that may create further problems later.
How to Avoid
Every couple’s circumstances and goals are different. Thus, they need individualized plans tailored to their needs. By working with a knowledgeable estate planning attorney, married couples can move forward with confidence, knowing that the information they receive is accurate and tailored to their specific situation.
“Sit down and tell your story to someone who’s qualified to give you the legal advice that you need.”
Mistake #2: Belief That a Will Guarantees No Probate
Many people assume that having a will means they’ll be able to avoid probate, saving their families from stressful and contentious disputes over their assets. However, all assets that are not jointly owned, that don’t have any specific beneficiary designations, or are not part of a living trust are subject to probate, regardless of whether the decedent has a will. Thus, even the most airtight will still have to go through the probate process.
How to Avoid
While all wills generally must go through probate, having a detailed will can prevent lengthy contests in probate. A skilled estate planning lawyer can also help you set up a trust-based plan that can keep your assets out of probate and make the transition as smooth and painless as possible for your family.
Mistake #3: Belief that Estate Planning is One-and-Done
Some people think that once they’ve done some estate planning and have their key documents set up, they’ll never have to worry about it again. However, you should continually update your estate planning documents over time as your family and life path change.
How to Avoid
Estate planning is like going to the doctor: If you were healthy 10 years ago, that doesn’t mean your test results would be the same today. You should periodically see an attorney—about every two to five years—to reevaluate your estate plan and ensure it still meets your needs and accomplishes your goals.
If you already have an estate plan in place, it is best practice to review it every two to four years to ensure it is up to date and still accomplishes your wishes.
Ready to Feel Confident About Your Estate Plan? We’re Here for You.
For over two decades, the experienced legal team at Evans & Davis has helped more than 30,000 clients achieve their estate planning goals, avoid common mistakes, and protect their families’ legacies. With offices in 22 states and team members licensed to practice in 47 states, our firm provides reliable, personalized legal services nationwide.
Starting your estate planning journey as a married couple can feel overwhelming, but you don’t have to do it alone. We’re here to help you protect what matters most.
Contact us online today for a free consultation to learn more about how we can help guide you through the estate planning process.
