Problems of Estate Planning

Estate planning is important for making sure you protect your money and your loved ones.

But there are plenty of mistakes people make. A story in Forbes details some of the most common ones.

  • Naming an executor who doesn’t play fair. It is important to name the right executor. Sometimes that may be a family member, but often it is better to name an independent outside party. That can help reduce family feuds.
  • Not having a valid will. Without a will or living trust, you have no control over who inherits your possessions.
  • Making heirs fight it out over valued possessions. Clearly specify who gets what.
  • Not updating beneficiaries. You probably don’t want your first spouse inheriting your pension or life insurance.
  • Gifting money to minors with no rules. They can blow the money fast.

If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.

Request A Consultation

"*" indicates required fields

This field is for validation purposes and should be left unchanged.