The primary goal of estate planning is the smooth transition of your legacy. However, even the most careful and well-intentioned person can stumble along the way.  Here are eight estate planning mistakes you will want to avoid.

1. Not having a plan

When it comes to estate planning, many people choose to avoid it. There are many reasons people avoid planning and it ranges from fear of death, to sticker shock on the cost, to difficult family situations. If you do not have an estate plan, the state you live in does and it probably will not be what you would have wanted.

2.  Not Using Professionals

There are tons of books and websites on creating your own estate plan. There are even online templates to help you create a basic will. But more often than not, these documents don’t do what people think they are going to do. Please consult with an estate planning attorney. The cost of hiring an attorney is often much less than the cost of a mistake or dispute in the future.

3.  Not addressing your personal effects

Many people overlook documenting the details about who gets their personal effects such as jewelry, antiques, collectibles, etc. They assume their family will be able to agree on how to divide it equally. However, in reality these are the things that people argue over the most. Instead of stating that all items are to be divided equally, ask your family what they would want and then create a written plan and include it with your trust document.

4.  Not planning for incapacity

Dying is not the only reason to have an estate plan in place. Long-term disability can often have greater consequences on personal and financial affairs. Decisions such as who will handle your finances or make healthcare decisions on your behalf is extremely important.

5.  Not funding your living trust

Many people go to their attorney and set up a living trust and think they have a completed estate plan. However, a critical step that people forget to do is to retitle their assets in the name of the trust. Retitling is fairly easy. Just contact your financial institutions and fill out the required paperwork. For real estate, you must change the title of the deed. Failure to retitle your assets in the name of the living trust can result in having to go through probate, which is exactly what you wanted to avoid by creating the trust in the first place.

6.  Not choosing an appropriate person to handle your estate

After death, the executor/trustee is the quarterback of the estate plan. They are responsible for handling all the assets that transfer to the beneficiaries. Most people choose a spouse or an adult child. This may not always be the best choice. Your spouse may be too overcome with grief to handle the duties and your children may live out of state which would make the task impractical. Look for someone who is honest, competent, detail oriented, and understands your objectives.

7.  Not sharing the plan with your family

Let your family know that you have prepared the appropriate documents to settle your estate. Share the content of your estate plan including the person you have chosen to be the executor/trustee. Talk about any issues or potential areas of conflict. Talking with your family now will provide a better understanding for your decisions and help avoid hurt feelings, misunderstandings and court battles in the future.

8.  Not keeping your estate plan up to date 

An out-of-date estate plan can be worse than no plan at all. Update your plan every few years or when major life events take place such as marriage, divorce, health condition, birth of children or grandchildren.

Take time this summer to review your estate plan.  If you have not created an estate plan for your family legacy drawer, please contact an attorney and get that started right away!