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Common Mistakes to Avoid in Estate Planning

Do you have a solid estate plan? Many people think they do. However, there are many mistakes that people make when planning their estates that can result in great costs down the road. The following are some of those common mistakes and how to avoid them.

1. Thinking a last will is all you need

When people think of estate planning, many think that it means having a last will. While a last will is one of the main documents required for estate planning, there are various other documents that are necessary for protecting your interests and those of your beneficiaries. It is important to work with reputable wealth management services Vancouver residents trust to ensure you have all that you need.

2. Not creating Powers of Attorney for healthcare and finances

Failing to create Powers of Attorney for healthcare and finances will result in others making decisions for you when you are incapacitated. Your wishes may not be followed.

Creating Powers of Attorney is a great way to ensure your rights are protected. You can be as specific as you like in the creation of Powers of Attorney. You can specify your wishes for healthcare issues such as end-of-life decisions or how your family’s finances should be managed in the event of incapacity.

3. Not updating your estate plan

Your estate plan is not set in stone. In fact, it ought to change to reflect the changes in your life. For example, if you get married, you may need to include your spouse in your estate plan. If you go through a divorce, you will have to reassess your assets and determine a new estate plan that does not include your spouse. Not updating your estate plan can result in loss of assets or conflicts. You could even have your estate plan overturned in court.

Contact Lugen Family Office for more info on estate planning Vancouver services and how to avoid these common mistakes.

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