These costly estate planning mistakes can be fixed

Advisors


Make a list of the parts of your estate plan that need attention and work your way down the list.

The four key documents everyone should have in place, according to Wells Fargo, are a will, a power of attorney for financial matters, an advance health care directive and a power of attorney for health care.

Carolyn McClanahan, co-founder of Whealthcare Planning and a certified financial planner at Life Planning Partners, has her clients start with the most financially threatening tasks.

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That includes putting a high priority on naming beneficiaries for all assets and titling trusts properly.

Next, make provisions for your health care. That includes naming a health-care surrogate — someone to make important health-related decisions for you — and specifying the kind of care you want to have.

Breaking out the tasks you need to do one by one can help you stay motivated, Everplans’ Schneiderman said.

“It can be overwhelming and that can be a huge hurdle in getting it done,” she said. “We’re using technology to make it easier on people in that way.”



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