Jeffrey M. Verdon Law Group, LLP
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Two estate planning mistakes you need to avoid

When you've never planned an estate before, you'll be in the dark as to all the options available. You will also be vulnerable to making numerous common mistakes if you don't have experienced guidance.

Following are two estate planning mistakes you'll definitely want to watch out for:

Failing to update your estate plan: Your will is not a static document. Your family, state and federal estate laws and tax rules will change. Many other things could require that you make updates and revisions to your estate plan. The older your estate plan is, the less likely it is that it applies to your current situation. For this reason, everyone should check in with their estate plan once a year, or at least every several years, to make sure that it doesn't require any updates.

Selecting the wrong executor: Depending on your situation, you may have many bank and investment accounts as well as real estate, retirement savings, insurance policies, tax liabilities, loans and more. If you select someone to administer your estate who isn't experienced with handling and managing all of these assets, your estate could fall into ruins before it ever gets distributed. It's vital that you select someone to serve as your executor who is savvy enough, mature enough and energetic enough to take on the task of managing and distributing your estate ethically and in accordance with your wishes.

There are so many more mistakes you might make when planning your estate. Make sure that you educate yourself on California estate planning laws and seek an experienced estate planning attorney.

Source: Findlaw, "Ten Common Estate Planning Mistakes to Avoid," accessed June 15, 2018

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