Where estate planning is involved, there are some big mistakes that you should make sure to avoid.
Issues can begin when parents and their adult children haven’t discussed the subject. And even when they do, they often don’t reach the proper level of detail.
There can be misunderstandings and bruised feelings as children often view the amount of money each one gets as how much each one was loved.
An article on dailyfinance.com lists some of the biggest mistakes that can be made when it comes to estate planning by recounting some true stories.
Mistakes to avoid:
1) Not planning. The article recounts the story of a grandfather whose grandson had put his life on hold to care for the grandfather, yet the grandfather made no estate plans, so when he died, the grandson got nothing.
2) Simple administrative details can gum up the works. This is illustrated by the story of a woman whose entire estate went to her new husband, with nothing going to her kids, because she forgot to update her beneficiary designation.
3) Sibling arguments. In this story, two children ended up fighting over possessions because their mother’s will did not leave specific items to specific children.
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.
