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You don’t want to make any of these estate planning mistakes

Even though you may not realize it right now, creating an estate plan is one of the most important things you will ever do. Not only does this give you peace of mind, but it goes a long way in helping your family live a better life in the future.

You never want to make an estate planning mistake, as this could have a negative impact on both you and your loved ones.

Here are five common estate planning mistakes that you should avoid at all costs:

-- Procrastination. Once you realize that you need to create an estate plan, it's time to dive right in. If you continue to put this off, you are taking a big risk that could have a negative impact on your family.

-- Failure to update your estate plan when necessary. Just because you have an estate plan does not mean it will remain the same for the rest of your life. For example, if you have a child or go through divorce, you'll want to adjust your estate plan accordingly.

-- Neglecting to plan for a disability. Many people believe that an estate plan only comes into play once they pass away. This is not the case. Did you know you can also make decisions that will benefit you while you are alive? For example, a power of attorney gives someone the ability to make important decisions on your behalf should you become incapacitated.

-- Forgetting to name a guardian for minor children. Who will care for your child or children if you and your spouse pass on before they reach the age of 18?

-- Focusing on one type of estate planning document. It's important to learn more about each type of document. For instance, don't assume that a will is best for you when a trust could be the right answer.

These are just some of the more common estate planning mistakes that people make. If you want to avoid these, review your current plan and think about what you want to accomplish in the future.

Also, consult with an experienced estate planning attorney. When you do this, you never have to worry about making mistakes or overlooking an important strategy.

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