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By Laura Beck, November 17th, 2024
No one really enjoys thinking about estate planning. It’s intimidating and can feel overwhelming.
Add in all the emotions of thinking about what happens after you’re gone and it’s no wonder many people keep pushing it to the bottom of their to-do list. But if estate planning isn’t done right, families can end up fighting, money doesn’t go to loved ones and assets end up with the wrong people.
Here are four critical mistakes to watch out for in 2025
- Not Having a Comprehensive Estate Plan
- Not Keeping Your Beneficiaries Up to Date
- Not Choosing Your Executor Carefully
- Not Introducing Your Financial Planner to Your Family
An estate plan is more than just a last will and testament. It is vitally important that the estate plan also include incapacitation planning. If a person becomes incapacitated and does not have a durable power of attorney, there is no one (including spouses or adult children) with the ability to make non-healthcare decisions on their behalf.
Erin Smith, Director of Estate Planning, Edelman Financial Engines
