Question By: An Estate Plan is a document that plans for and sets out the methods for disposing of your Estate. Having an estate planner for estate planning is always better, an Estate Plan tries to ensure that your intended beneficiaries will receive what you want them to receive, and it also attempts to maximize the value of your estate by reducing taxes & other expenses.
It is important to see that your estate planning has been done correctly, you might be young, but planning for your estate always keep you ahead & safe from uncertainty. Here are some mistakes people make by not doing estate planning.
1. Making a will to remove any uncertainty about your intention.
2. No appointment of guardians for children
3. The impact of Care Home Fees has not been considered.
4. No plans made to manage your affairs if you are incapacitated
5. Not having a life insurance policy
Making these mistakes, we are putting our loved ones under tremendous pressure. Hence estate planning is necessary.
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