Avoiding Common Estate Planning Mistakes
“Your estate plan is much more likely to be successful, when you recognize and avoid the most common mistakes and take some key actions that often are overlooked.”
Most estate planning attorneys will tell you that the same mistakes recur with frequency whether the estate is worth a billion dollars, several hundred thousand dollars or anywhere in-between. Of course, the biggest mistake of all, reports the article “7 Steps To Ensure A Successful Estate Plan” from Forbes, is not having an estate plan at all. Having an outdated estate plan can be just as bad.
Importance of Having an Updated Estate Plan
Ensuring Estate Plan Success Beyond Documentation
Educating and Communicating with Heirs
Education and communication. If the next generation isn’t prepared for the contents of the estate plan, it’s going to be challenging for them to carry out your wishes. They may mismanage assets, or even lose them to scammers. At any age and stage, people who are not ready for an inheritance may easily go through their entire inheritance and find themselves at a loss for what happened.
One solution is to leave the estate in trusts and limit access. A better solution is to ensure your heirs are prepared and understand how to handle money. Children benefit from their parent’s teaching them about managing, accumulating and donating money.
Anticipating and Managing Family Conflict
Strategies for Gifting and Wealth Transfer
Creating a Gifting Strategy
Understanding the Differences Between Cash and Property Gifts
Developing a Comprehensive Understanding of Your Estate Plan
Regularly Meeting with Your Estate Planning Attorney
Asking Questions and Taking Notes for Clarity
Organizing and Preparing for Estate Execution
Simplifying Records and Informing Executors
Locating and Managing Important Documents
Business Succession Planning for Small Business Owners
Importance of a Succession Plan for Business Continuity
The Critical Step of Funding Trusts
Retitling Assets to Ensure Estate Plan Success
Estate Planning Legacy Planner
Everyday, we work with people who have lost someone they care about. There is so much these folks have to organize and manage. This planner organizes the information they will most need, in our experience, saving so much time and unnecessary cost. Besides organizing your information, it's so important to have a good estate plan that will keep your family out of court and conflict.
Please use the button below to receive a free copy of our Estate Planning Legacy Planner, an organization tool essential to any estate plan designed to help your loved ones take care of you and handle your affairs.