Putting things in place, on what to do when you die, can be a daunting task; however, it should still be done.  Therefore, make sure you avoid doing the following.

-1-  Avoid having no will.  Or, having a will written in another state.

60% of adults in the U.S. have no will or estate plan.  You should do your will today.

Your will should be drafted for the state in which you live.  An out-of-state will slows the probate process because it does not meet state requirements. It may even be declared invalid.

-2-  Avoid confusing estate taxes with probate

Wills are probated, and you may have to pay estate taxes.   If your estate is less than $11.58 million, you can avoid federal taxes.

-3-  Avoid Probate Complications

You may be able to use a streamlined probate process for small estates.  The amounts vary by state — it’s just $30,000 in New York, for example, but $166,250 in California.  However, the bottom line is that your heirs may have fewer fees, easier paperwork and shorter timeline with a bit of planning on your part.

Planning includes updating the forms designating beneficiaries on all your life insurance and retirement accounts, and setup Pay-on-Death beneficiaries on your bank and investment accounts.  You can also setup a revocable living trust.