I was working with a client recently who had just gotten divorced. He wanted to update his estate plan to make sure that all of his ex-wife's rights to his estate had actually been terminated. Naturally, if he passed away, he did not want to leave her his money and physical property. He wanted it to go to his children.
I recently worked with a client who was very concerned about the lack of privacy with a will. After all, these documents are public record. After you pass away, anyone can technically look at a copy of that will.
If you want to prevent your children from fighting over your estate after you pass away, one of the best things you can do is to sit down and have a conversation with them. Tell them about your plans. Make sure everyone is on the same page.
A man called me last year to find out more about estate planning. I told him about some of the options he had, and he said he would call me back. He jokingly assured me that he would not need the estate plan any time soon, so he would get to it later.
It doesn't matter if you are going through the estate planning process for the first time or have been down this path before, nothing changes the fact that you need to avoid any and every mistake.
Are you in your 30s? If so, you know that you have a long life ahead of you. For this reason, it's easy to put estate planning on the backburner.