Certain situations in life can leave individuals feeling as if the floor has dropped out from beneath them. An event may occur in which they find themselves wishing they had prepared better, but instead, they are left with a pit in their stomach due to worry and anxiety. Unfortunately, this could happen because of the actions or inaction of someone close to them as well, and if Ohio residents make common estate planning mistakes, their loved ones may be the ones left feeling that anxiety.
Creating an estate plan can certainly be complex. Because it is a formal legal process that hinges on properly drawn up documents, the possibility of errors during this process is high, especially without the right help. In many cases, the instructions in a person’s plan do not go into effect until after his or her passing, and if mistakes exist, the fallout of those errors land in the laps of grieving loved ones.
In hopes of not putting one’s family members in that type of difficult predicament, individuals may want to watch out for these common errors:
- Not planning at all, which leaves family members completely in the dark as to what a loved one may have wanted
- Choosing a family member to act as the executor, which could put too much burden on someone experiencing immense grief or which could result in an unqualified person being in this essential position
- Receiving and acting on planning advice received from family, friends or unreliable resources, which could result in someone not planning in a way that complies with state laws or that suits their actual needs
These estate planning mistakes may be more easily avoided than some people realize. Even if Ohio residents only want to create a will, having that document could benefit their family more than not leaving any instructions. Additionally, there are legal resources and professionals available who could help interested parties make sure that they have the right information when creating an estate plan.