These are the common mistakes people make about estate planning. 

Mistake #1 - Failing to Make an Estate Plan

When it comes to basic estate planning, I've found that many people simply do not want to deal with it. The typical reasons range from believing one is too young to need a plan, to thinking there are no assets worth considering, to fear of death, to misperceptions about costs, to complicated family situations. Some mistakenly believe, “I just don’t need it.”  Suffice it to say that without an estate plan, you'll be leaving your loved ones in the dark, and they'll end up spending thousands of dollars (that you thought you saved by not creating a plan) figuring out what to do for you if you become disabled and what to do for themselves after you die. Avoid this #1 estate planning mistake. Begin your planning early, while you still have your wits about you, and then review and update your estate plan frequently to insure that it will work the way you intended when it's actually needed. 
Mistake #2 - Forgetting About the Little Things
When it comes to basic estate planning, I've found that many people overlook making a plan for their personal effects, including jewelry, art work, and collectibles. They simply assume that their loved ones will be able to agree on how to divide it all up. I have found these things are what people argue over the most. Just recently I worked on an estate where two siblings litigated for four years over the "stuff" left in their mom's house. What they spent on attorneys’ fees far exceeded the value of the things Mom left behind.  And their relationship was so damaged in the process that it will be extremely difficult to heal.   Don't let this #2 estate planning mistake happen to you and your loved ones. Ask what everyone wants and then make a simple but smart plan for your personal belongings. 
Mistake #3 - Failing to Fund Your Revocable Living Trust
When it comes to basic estate planning, I see this mistake over and over again - people who don't understand the importance of funding their revocable living trust. If you have taken the time and spent good money on creating a solid foundational estate plan, then don't stop there, or your assets could end up in a court-supervised guardianship if you become disabled.  After you die the assets you failed to put into the trust will end up going through probate.   Avoid this #3 mistake by taking the time to go through the legal formalities to fund your trust.  For example, if you want your house to be in your trust then you need to deed it to the trustee, even if you are the trustee!    
Mistake #4 - Choosing the Wrong Fiduciaries
When it comes to basic estate planning, this is another common mistake.  People who choose the wrong people or institutions to serve as their Personal Representatives, Successor Trustees, Attorneys in Fact, or Health Care Agents are just asking for trouble. In fact, choosing the right fiduciaries for your estate plan is just as important as creating the plan in the first place, since your plan depends on your fiduciaries doing their jobs capably.  There are two essential qualities for any fiduciary.  First, the fiduciary must be trustworthy.  Second, he or she must be capable to do the job.  This includes the ability to resist pressure from competing interests, as well as the capability of know when to seek help from skilled advisors such as financial planners, accountants, and attorneys.
Being a fiduciary is a thankless job.  Family members who serve in this role very often become the object of scorn by other loved ones – even in the best of families! 
Avoid this #4 estate planning mistake by working with your estate planning attorney to choose the right people or institutions for the right jobs.   
Mistake #5 - Making Your Estate Plan Too Complicated
When it comes to basic estate planning, some people go over the top and make their plan so complicated that it will take over a dozen lawyers and accountants and a judge, not to mention hundreds of thousands or even millions of dollars, to unscramble the plan and make it work. An overly complex estate plan will not only frustrate your loved ones, but it will also tie the hands of your fiduciaries since they won't be able to do their jobs without seeking expensive professional advice. Avoid this #5 estate planning mistake by working with your estate planning attorney to create a practical and common sense estate plan that will work as you intended but without the need for advice from multiple attorneys and accountants.

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