Mistake #2. Having an Outdated Will
Congratulations, you have a will in place! However, that was made years ago. A will should be updated frequently to reflect your latest assets, make sure your previous wishes still apply, and ensure any tax code changes are accounted for!
Potential negative consequences:
1) If your will was prepared years ago and not planned for what your estate might be at your life expectancy age, the appreciation of assets, inflation, and any anticipated inheritances could have all threw away your old estate plan!
2) If you have had a major life event after your will, for example, a divorce and a new marriage, and you pass away without updating the will, your previous spouse whose name still on your outdated will might get everything, while your new spouse is left out without nothing!
In our next blog post, we will discuss estate planning mistake #3.