Estate Planning: Avoiding the Top 3 Mistakes

By Neel Shah, Trusts|Estates|Law posted 06-05-2015 09:39


Make sure you avoid the most common estate planning mistakes both to give you peace of mind and to increase the chances that your loved ones have minimal challenges when you pass away. 

No Estate Plan

Too many people avoid putting together a plan at all, which puts their estate at risk of being determined by the courts. You need to consider more than just your will, too- what about the complicated decisions surrounding your end of life? Don’t force your family to figure that out- instead put your wishes in writing.

Failing to Gift Assets Before Death

One of the best ways to reduce the size of your taxable estate is to give assets before you pass away. As an added bonus, it’s also your chance to see if your beneficiaries are capable of handling larger gifts. Talk to your estate planning specialist to determine what you can do during your life.

Failing to Correct Beneficiary Designations

Small mistakes can cause big problems down the road if you’re not clear about your beneficiary designations. This can change, especially if the main beneficiary passes away before you do or you get divorced. Make sure your papers are in line with your life changes.

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