Even the most well-intentioned plans can go wrong if key details are overlooked. Here are seven common estate planning mistakes and how to prevent them:
- Not having a plan at all: Create at least a basic Will and Power of Attorney now.
- Failing to update beneficiaries: Review your bank accounts, insurance policies, and pensions annually.
- Neglecting to revise your Will after life changes: Update it after marriage, divorce, birth of a child, or property purchase.
- Ignoring the benefits of a Trust: Large or complex estates often need one to avoid probate delays.
- Using vague or unclear language: Always use legally sound and specific wording, verified by a solicitor.
- Overlooking tax consequences: Seek tax advice to minimise inheritance and capital gains taxes.
- Letting emotions guide financial decisions: Work with an independent adviser to keep your plan objective.
In summary: Small oversights can cause major legal and financial trouble later. Careful planning and professional review ensure your wishes are carried out exactly as intended.
