What are the most common estate planning mistakes?
Answer: Some of the most common estate planning mistakes are:
- Failure to have a Will or Trust.
- Putting assets in joint names with children.
- Incorrect beneficiary designations.
- Incorrect titling of property.
- Not planning to reduce taxes.
- Appointing the wrong person as executor or trustee.
- Doing it yourself.
- Thinking your existing attorney has all the answers. Get a specialist.
- Failure to review and update your estate plan on a regular basis.