It is impossible to avoid making mistakes in every aspect of your life. No one can always be perfect at everything. Estate planning is no different.
CNBC recently wrote about some of the common estate planning mistakes we can avoid in "Don't drop the ball when planning your estate."
- Many people do not make a will. Without a will, then you cannot decide who gets your property. Every estate plan should have a will of some sort.
- After making a will some people never update it. This is a mistake as a will should be changed whenever there is a significant change in circumstances to make sure the will reflects the new circumstances.
- It is a mistake to not consider how your heirs will handle their inheritances and whether they are capable of being responsible with anything you leave them.
- It is a mistake to not consider getting a trust, especially if your heirs have the potential to be irresponsible. A trustee can oversee the inheritance and make sure it is used appropriately.
- Finally, it is a mistake to not think carefully about who to appoint as an executor of a will or as a trustee.
If you realize that you need a will or trust, call Profit Law Firm for a consultation.
Reference: CNBC (Sept. 13, 2016) "Don't drop the ball when planning your estate."