When many people hear the words “estate planning,” they assume it’s just for the wealthy. But that’s not the case because everyone can benefit from an estate plan. And when you’re creating one, you’ll want to avoid some common mistakes.
Before we look at those mistakes, let’s go over what estate planning is designed to accomplish. Essentially, an estate plan allows you to pass on your assets in the way you desire. But it can also specify other actions, such as naming someone to care for your minor children if you were no longer around. In creating an estate plan, several key documents are involved, including a will, a trust, a financial power of attorney and a medical power of attorney or a health care directive.