If you remember these three mistakes, you will put yourself and your estate plan in a much better place. The ironic part is that, generally, people get their plans started correctly. The first step is creating a plan, which many people don’t do. This is the first mistake that people make. One of the most pervasive mistakes is that people don’t document their wishes. In the legal community, it is called dying intestate—which is another way of saying someone passed away without a will. We tend to look at it in an even broader sense because these people didn’t have a plan.
The state of Georgia (where we are located) has already determined who will receive your assets if you die without a plan. (Even one of our most revered presidents, Abraham Lincoln, died without a will despite being a lawyer.) Georgia has a statute that allows you to leave your assets to anyone you choose. Nothing says you have to give everything to your spouse if you are married or your children if you aren’t. The central caveat is that you have the capacity to make these decisions. The other main component is that you must put your wishes in writing.
Mistake #2: Assuming A Will Is A Complete Plan
When someone chooses to make a will, they often forget to title their assets in coordination with that will. This is something we refer to as a natural mistake. Why? Because you can’t title things in the name of a will. When you choose a will as a document that contains your wishes, you will naturally make the second mistake we just pointed out. A will doesn’t take effect until you pass away, so you can’t make your will the legal owner of your home or a bank account. To take it one step further, you can’t name your will as a life insurance policy beneficiary. For this reason, a will cannot be viewed as a complete estate plan.
Mistake #3: Forgetting To Title Your Assets
Everything we have written thus far has been building to this. If the first mistake is not having any plan, and the second is only having a will, then the third is passing away without a complete estate plan. If a will was enough and all you needed, why must you go through the probate process? The probate courts will be there to carry out your wishes and appoint an executor authorized by the court to transfer title to your named beneficiaries that are in your will.
Build A Complete Estate Plan
Estate planning is more than just drafting a will. It’s about creating a comprehensive plan that ensures your assets are protected and transferred according to your wishes without unnecessary legal hurdles for your loved ones. An effective estate plan provides peace of mind, knowing your legacy is secure and your family is protected.
Schedule a consultation with us today to avoid these joint estate planning mistakes and ensure your assets are handled precisely as you intend. We’re here to guide you every step of the way, helping you build a plan tailored to your needs and goals. Don’t leave it up to chance—get the guidance you deserve and start planning confidently.
Kevin Tharpe
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