One common mistake in estate planning is not getting around to writing a Will at all. Many people sincerely intend to create a will, but most do not actually follow through with their intentions. Excuses for not drafting a will usually involve waiting for a certain event, such as the purchase of a house, the sale of a business, the birth of a child or a marriage. The thought usually goes something along the lines of, “I will make a will once…X happens.”
However, with no Will, the state will make decisions for you according to a distribution schedule it has already established. The state tries to pass assets to people it thinks benefit the most, but unfortunately, this may not be in line with your wishes or what is best for your family.
Some people also have difficulty with estate planning because of the misconception that their assets are not large enough to warrant a will. Writing a Last Will and Testament is not just for people with large estates. Most people, when all property and accounts are considered, are worth more than they think. In addition, some possessions may not have great market value, but they do have substantial sentimental value. These are items that you will want to keep in your family, and it is important that you know they will be well cared for.