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.