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No one really enjoys thinking about estate planning.
Its intimidating and can feel overwhelming.
Here are four critical mistakes to watch out for in 2025when planning your own estate.
But if thats all you have, your assets and your loved ones needs wont be fully protected.
It is vitally important that the estate plan also include incapacitation planning.
Beneficiary designations have the potential to derail an estate plan, Smith said.
Aproperly-executed beneficiary designationsupersedes the terms of a last will and testament and a revocable living trust.
It is vitally important that the beneficiary designations coordinate with the overall estate plan.
If youve listed beneficiaries that dont match your current life situation, it could get messy.
Your assets might go to your ex-spouse instead of your current spouse, for example.
Always keep your beneficiaries up to date.
Like many things related tofinances and family, choosing an executor can be an emotional decision, Smith said.
However, the settlement of an estate today is often more complex than it first appears.
It could even mean fights between the beneficiaries.
Death does not always bring out the best in people, Smith added.
This goes for your executor, but also your spouse and children.
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