Planning your estate is an important part of life. It comes with a lot of uncomfortable discussions that you need to have with your spouse and your children since it deals with things that will happen if you become too ill to make decisions or for when you die. Because of this, many people will forgo this vital aspect of life. There are some risky mistakes that people make during estate planning that thankfully can be fixed.
Many people don’t think that elder abuse will ever happen to them as they age. The sad fact of the matter is that it can happen and when it does, it often involves financial abuse such as fraud. You can protect against this happening to you and your estate by making the following changes in your life right now.
Store all of your estate planning documents on a secure cloud server. You can no longer keep them in a safe deposit box or other box under your bed. Cloud servers are secure and you can give access to the account to all of your children, if you so choose, so they can access the documents from anywhere.
Be sure to update the documents regularly. This doesn’t have to be every six months, but you should at least review the documents annually. A good time to do it is around tax season. You should also update the documents as soon as possible after a life event has occurred.
Have the difficult conversations with your loved ones before it is too late. This includes telling them about your wishes for when you die or if you become incapacitated to due an injury or an illness.
As you can see, the mistakes mentioned in this post are very scary when it comes to planning your estate. You need to review your estate plan to make sure that these mistakes have not been made by you or your spouse in St. Petersburg, Florida.
Source: CNBC, “These costly estate planning mistakes can be fixed,” May 09, 2018