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Are you avoiding these estate planning mistakes?

When it comes to the estate planning process, there are things you should be doing and mistakes you must avoid at all costs. If you don't know what is right and vice versa, there is always the chance you could head down the wrong path.

Those who are familiar with common estate planning mistakes are able to keep these on the outside looking in, ensuring that they have a sound plan for the future.

Here are several mistakes that others have made in the past:

-- Not having an estate plan. This is the biggest mistake you can make, as there will come a time when you pass on. Thoughtful planning will ensure that your financial and personal affairs are handled in the appropriate manner.

-- Thinking your estate plan will remain the same from now until the day you pass away. Imagine this: you create an estate plan in your 30's before you have children. You are now in your 50's but you have yet to update your plan. As your life changes, so should your estate plan.

-- Neglecting to think about a disability. An estate plan can come in handy before you die, such as if you become disabled. You need to make decisions as to who will handle your finances and other key components of your life if you are disabled and unable to do so on your own.

When you avoid common estate planning mistakes you will feel much better about your current situation and what the future holds. An estate planning attorney has seen it all, and can help people in all situations avoid costly errors.

Source: FindLaw, "Ten Common Estate Planning Mistakes to Avoid" Dec. 09, 2014

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