Estate planning can be complex, but it doesn’t have to be, as long as you avoid some common mistakes and pitfalls.
A story on wmur.com lists some of those mistakes. They include:
* Failing to plan. If you don’t have a will or an estate plan, the state can make decisions for you.
* Not maximizing your marital estate exemption. New “portability” law provisions ease some of the estate planning burden. Each individual is currently allowed a $5.43 million exemption. If one spouse dies without using his or her $5.43 million, the unused portion may be transferred to the other spouse for use at the survivor’s death.
* Naming a family member as executor. A loved one may be too emotional to focus on the job at hand. That person may also be a beneficiary, causing a potential conflict of interest.
* Relying on family or friends for advice. It is best to use a professional.
