Mistake: Not having an estate plan

One of the biggest mistakes people make is not having an estate plan at all. Many individuals avoid creating an estate plan, assuming it is unnecessary or complicated. However, regardless of a person's family situation or assets, having an estate plan is essential. Even in seemingly simple family situations, basic estate planning documents like wills, healthcare directives, and financial powers of attorney are important for addressing situations during one's lifetime. By neglecting to establish an estate plan, individuals increase the risk of encountering difficulties and disputes in the future.