What is the biggest mistake people make in wills and estate planning?

Hard to say. Probably the biggest mistake people make in wills and estate planning is not having a will at all. This is the most common mistake because many people believe they do not need one or do not have enough money to worry about estate planning. According to the World Bank, only 62% of Americans have a will. That means 38% of Americans die intestate, without a will.

In addition, more than half of Americans who die without a will leave an estate that requires administration by the courts. The average cost of probate (the court-supervised process for assets after death) for a decedent with assets between $100,000 and $500,000 is $8,345; for an individual with assets valued between $500,000 and $1 million, the average cost jumps to $43,252; and for estates worth over $1 million, it increases to $80,822.

Given these statistics, it is not surprising that even many people with estates large enough to require professional assistance shy away from estate planning due to the perceived costs and potential hassles associated with doing so. However, estate planning does not have to be expensive or complicated. A good place to begin is by making sure you have a valid will.

Parklin Law LLC

5772 West 8030 South, Unit N206

West Jordan, UT 84081

(801) 618-0699

https://parklinlaw.com/estate-planning-mistakes-that-you-must-avoid/ 



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