Ten Estate Planning Mistakes

Recently, financial planners put together a list of the top ten estate planning mistakes. It would be wise to get clients to avoid these problems.

1. Avoid procrastination in drafting your estate plan. 
2. Seek professional advice when your estate plan is unclear or tricky.
3. Think about all the options and “what if” scenarios. 
4. Plan for the possibility getting a divorce. 
5. Read the fine print in all estate planning documents.
6. Don’t forget to consider your pet. 
7. Don’t forget to update your beneficiary designations and other estate planning documents. 
8. Look into trusts they are a great tool for asset protection. 
9. Don’t forget to get your digital accounts in order. 
10. You can not pass on your digital libraries and music collections.

See Ten Biggest Estate Planning Mistakes, Accountingtoday.com, Apr. 30, 2013.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.