Top 10 mistakes in estate planning
- Not having an estate plan at all
- Not planning for disability
- Using online forms for your estate planning
- Not transferring your life insurance policies into a trust
- Failing to fund your trusts
- Underestimating the power of trusts
- Over reliance on one estate planning tool (TOD)
- Not updating your estate plan.
- Putting your child’s name on the deed
- Not planning for business succession
We make mistakes, as people that fact is one of our defining characteristics. The secret to being successful is: (1) learning from your mistakes to ensure you don’t make the same one twice, and (2) learning from other people’s mistakes so you don’t have to make the same one once. Over the next few weeks, we will be looking at the top 10 mistakes that people make with estate planning in the hopes that we can support each other to learn from the mistakes of others, so they stay ONLY the mistakes of others.
Top Estate Planning Mistake #7: Over reliance on one estate planning tool
I often refer to an estate plan as a wall. It is a wall that is used to protect your loved ones and your property, so truthfully, it isn’t […]