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Thursday, May 28, 2015

Estate Planning: Top 10 Mistakes

One of the most popular seminars that I present is called "10 Things Not to do in Estate Planning". While I'm talking, people in the audience laugh their heads off at the examples I give of people who have made silly mistakes, but afterwards I usually have at least a half dozen people waiting with anxious faces to tell me they've done the things I said they shouldn't do.

My point is that it's really easy to make mistakes with estate planning. Laws are complicated, there's too much wrong information on the internet, our friends and relatives are full of scare-stories and anecdotes, and lawyers are expensive. No wonder people make mistakes.

I'm attaching a really good article from www.everythingzoomer.com that talks about ten common estate  planning mistakes. It covers some pretty important points. You may recognize some things that you've done, or are thinking about doing. Why not take a look? Click here to read it.

The problem with estate planning mistakes is that we don't know we've made them. Likely we'll never know if we don't discuss our planning with a lawyer. Unfortunately, that leaves our families to clean up the mess after we've gone. If you'd prefer not to leave a dispute or a tax problem behind, start by checking out this article.

4 comments:

  1. It really does make sense how sometimes estate planning can be something that is stressful. Something that really stands out was that you mentioned that many estate planning mistakes are made without our knowledge. That seems like something that can be a big problem for those who are in desperate need to get it done. Thank you for sharing. http://www.lebaronjensen.com/estate-planning/

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    Replies
    1. You're right, John, it can be really stressful for some people. I mean, who really wants to sit around talking about their death, especially if they or their spouse is critically ill?

      I'd have to say, though, that a bigger problem than a short timeline is being too cheap to pay a lawyer. People just don't realize how complicated things are, even when they may seem simple on the surface. This is one area in which people really do get what they pay for, and if they don't pay for anything...

      Lynne

      Delete
  2. Thank you for posting such a great article! I found your website perfect for my needs. It contains wonderful and helpful posts. Keep up the good work!
    Awesome10

    ReplyDelete
  3. Estate planning can be used to eliminate uncertainties over the administration of a probate and to maximize the value of the estate by reducing taxes and other expenses.estate planning

    ReplyDelete

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