There are several common blunders people make when they are doing their estate planning.
Here are several, as outlined in a story on consumerreports.org.
They include:
- You think you are too young or don’t have enough assets. There are plenty of reasons to need an estate plan no matter your age or how much money you have.
- You put everything in joint ownership. This is a common mistake one parent will do after the death of the other. They add a child’s name to various assets but this can put the assets at risk.
- You forget a will does not include retirement plans or insurance policies.
- You can have your legacy squandered by turning your assets over to someone who can’t handle the money. Better to put into a trust that turns the money over to the beneficiary over time in some cases.
- You start sibling rivalry. Make sure to ask each child if there is some item he or she particularly wants.
If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.
