There are three primary reasons why estate plans can fail. To succeed in estate planning is not rocket science, but still, why people fail mainly due to many reasons, the most prominent are below. While it's true that estate plans can fail for various reasons, it's important to note that the specific reasons may vary from case to case. The reasons mentioned below are common pitfalls people may encounter when dealing with estate planning.
#1 NOT USING THE RIGHT RESOURCES
It is crucial to seek professional advice when creating an estate plan. Estate planning involves complex legal and financial considerations, and relying solely on free online templates may not cover all your specific needs. Estate planning professionals, such as estate attorneys or financial advisors, can provide tailored guidance based on your unique circumstances and help ensure your estate plan meets your objectives.
#2 NOT VISUALIZING THE END ESTATE PLANNING GOAL
To create an effective estate plan, it's important to have a clear understanding of your goals and objectives. Merely assuming that your plan will work without considering all aspects can lead to unintended outcomes. Proper estate planning involves taking inventory of your assets, considering potential tax implications, determining your beneficiaries, and addressing any special circumstances or wishes you may have. Visualizing your desired outcomes and discussing them with a professional can help you create a comprehensive plan.
#3 NOT SECURING ESTATE PLANS
It's essential to keep your estate planning documents safe and ensure they are accessible to the relevant parties when needed. Many individuals overlook this step and fail to inform their family members or loved ones about the existence and location of their estate plans. It's important to communicate the existence of your estate plan to your heirs or designated representatives and provide them with necessary information, such as the location of the documents and how to access them. This ensures that your wishes can be properly executed and minimizes potential challenges or delays.
Wassiyyah provides a centralized dashboard and resources to help individuals with their estate planning needs. Having a user-friendly platform can certainly assist in organizing and managing estate plans effectively. However, it's important to note that while a platform like Wassiyyah can provide valuable tools and resources, it's still advisable to invest some of your time to learn the estate planning can be most valuable. Wassiyyah's centralized dashboard and content may serve as a helpful supplement to the overall estate planning process, but it's essential to combine it with learning to ensure the best possible outcome for your specific circumstances.