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Estate planning mistakes - What they are and how to avoid them Thumbnail

Estate planning mistakes - What they are and how to avoid them

Many people plan their estates diligently, with input from legal, tax, and financial professionals. Others plan earnestly, but make mistakes that can potentially affect both the transfer and destiny of family wealth. Here are some common and not-so-common errors to avoid.

Too many wealthy households commit these common blunders:

  • Doing it all yourself
  • Failing to update your will or trust after a life event
  • Being too vague with your heirs about your plan
  • Failing to consider what will happen if you and your partner are unmarried
  • Leaving a trust unfunded (or underfunded)
  • Ignoring a caregiver ulterior motive
  • Appointing a co-trustee