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Are you making these estate planning mistakes?

When it comes to estate planning, you want everything to go as planned. You realize that one mistake, no matter how big or small, could negatively impact you and your family now and in the future.

Fortunately, when you review your estate plan often, you can make note of any mistakes that need addressed at once.

Here are some of the most common estate planning mistakes:

-- Not having an estate plan. Believe it or not, many people don't think they need a plan. Instead, they continue to put this off.

-- Neglecting to update your estate plan when necessary. There are many reasons you may need to do this, such as if you had a child or have gone through a divorce.

-- Forgetting to plan for a disability. Many people think that an estate plan is only for when they pass on. You also need to consider what would happen if you were to become incapacitated. Who will make key medical and financial decisions on your behalf during this difficult time?

The only way to know if you have made estate planning mistakes is to review what you have done. At that point, you may find something that needs adjusted in the near future.

If for any reason you have made a mistake, it is not the end of the world. The best thing you can do is find out what went wrong and change it for the better. If you do this with the help of an attorney, you can be more confident in your plan moving forward.

Source: FindLaw, "Ten Common Estate Planning Mistakes to Avoid," accessed July 28, 2016

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