Many people make serious errors in estate planning — or fail to plan at all.
Here are five of the most common mistakes, according to a story on cnbc.com.
* Not having a will. A survey showed 64 percent of Americans don’t have one.
* Failing to update your will. If your life changes, your will probably should too.
* Not being realistic about your heirs. Do they have the capability to handle the money they inherit.
* Overlooking the need for a trust. Trusts can control of the timing of the distribution of assets, among other things.
* Choosing the wrong executor or trustee, Don’t pick someone who doesn’t know what he or she is doing.
If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.
