Common Mistakes

TOP 10 MOST COMMON MISTAKES IN ESTATE PLANS

1. Creating a sense of “entitlement” among your beneficiaries – saying too much or too little – saying anything at all; forgetting that this is YOUR life, and death to come, not theirs; caring too much what others think.


2. Naming the “wrong” executor, agent under a power of attorney and/or trustee, or naming too many to start with.


3. Using a “do-it-yourself” Will or Trust program. (They rarely work the way you want them to work for your particular situation, and, are often executed incorrectly, making them worthless.)


4. Trying to rule from the grave – trying to control too much what happens after you are gone; putting in too many restrictions so that it is not flexible enough for real life.


5. If you use a Revocable Trust, not “funding” the trust completely.


6. Not keeping current about/not knowing who are the “designated beneficiaries” on assets that you may want to – and for tax reasons should – pass on by beneficiary designation. (I.e., IRAs, pensions, etc.)


7. Waiting too long to make sure your plan is in order, or up to date; older people should be particularly mindful about getting their affairs in order sooner than later in case an illness causes them to lose mental capacity – then, it is too late.


8. Relying on your neighbor’s advice about how things work in the world of death and disability, as opposed to talking to (and paying for) a professional.


9. Trying to get too tricky, with any part of this. Keeping it simple is always best.


10. Not caring. Leaving a mess for your loved ones to sort out at a time when that is the last thing they want to be doing.

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