Frequent Estate Planning Mistakes

Estate planning done right isn’t easy – that’s why there are lawyers and financial advisors who focus on helping people with their estates.

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If you review your documents, ensure that they are signed and pick the right experts, you should do well, according to an article on cnbc.com.

However, there are errors that people make all the time, the story says. Here are some of them:

  • Failing to create an estate plan at all. Half of Americans don’t even have a will.
  • Forgetting to sign the will or other documents that you have created.
  • Leaving assets to your ex-spouse. Many people fail to update their wills or estate plans.
  • Losing track of documents. Many people misplace their wills, power of attorney forms, insurance documents and other paperwork. Even putting them in a safe deposit box can be tricky if your heirs can’t get into the box.
  • Failing to fund a living trust. Many people set up living trusts but never put anything into them.
  • Not protecting pets. People often fail to include provisions for the care of their beloved pets.

 

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