For many people, the worst estate planning mistake they can make is not having any estate plan at all. It is easy to let this important task slip down you r list of priorities, but it is not something that should be put off. It may be unpleasant to think about uncontrollable tragedies like becoming incapacitated in the future or dying, but having a plan in place puts you in control of what happens to your belongings and to you.

Too many families do not talk about, or even consider, medical instructions until loved ones become incapacitated and cannot answer the hospital staff's medical questions. Estate planning should not be delayed, specifically for such reasons.

Estate taxes have been on the rise and fall since 2008. That same year brought a $2 million tax shelter, and the limit raised to $3.5 million in 2009. Congress allowed limitless exemptions in 2010, but the exemption drops to $5 million for 2011.

Estate taxes can change annually, so have a plan that takes into account these potential up- and down-swings. Also be sure to allow for significant changes in personal wealth, and the health of any beneficiaries.

A living will is sometimes a good choice for a simple estate with few complications. For larger, more complex estates and family situations, trusts can be a good option. You can obtain forms for wills and trusts on your own, but for a complex estate, an attorney is more cost effective in the long run. Buying the forms and filling them out may sometimes be cheaper than hiring an attorney, but keep in mind that a simple mistake can render one or more aspects of a will or trust invalid causing much more trouble in the long run.

Source: The Wall Street Journal "Taking Charge of your assets," Glenn Ruffenach, Oct. 31, 2011