5 Estate Planning Mistakes to Avoid in Washington and Oregon
Estate planning is essential for ensuring your assets are distributed according to your wishes. However, many people make critical mistakes that can lead to unnecessary stress and financial burdens for their loved ones. Here are five common estate planning mistakes to avoid if you’re in Washington or Oregon.
-
Not Updating Your Will
Life changes—whether it’s marriage, divorce, the birth of a child, or the death of a beneficiary—should prompt an update to your will. Failing to do so can result in your assets not being distributed as you intended.
-
Overlooking a Durable Power of Attorney
A durable power of attorney is crucial for managing your affairs if you become incapacitated. Without this document, your loved ones may have to go through a lengthy and costly court process to manage your estate.
-
Ignoring State-Specific Laws
Estate laws can vary significantly between states. In Washington and Oregon, for example, community property laws play a significant role in how assets are distributed. Ensure your estate plan reflects the specific legal requirements of your state.
-
Forgetting to Name Beneficiaries
Make sure your retirement accounts, life insurance policies, and other financial assets have named beneficiaries. Failing to do so can lead to those assets being subject to probate, potentially delaying their distribution.
-
DIY Estate Planning
While DIY estate planning might seem cost-effective, it often leads to errors and oversights that can cost your beneficiaries more in the long run. Consulting with an experienced estate planning attorney ensures that your estate plan is thorough and legally sound.
Avoiding these common estate planning mistakes can save your loved ones from unnecessary complications and ensure that your wishes are honored. At Kehoe Moneyhun Law, LLC, we specialize in helping clients in Washington and Oregon create comprehensive estate plans tailored to their unique needs.
estate planning mistakes, will updates, durable power of attorney, estate laws Washington, estate laws Oregon, community property, DIY estate planning
