Estate Planning Pitfalls

With so many common mistakes made inestate planning, here are six pitfalls you need to watch out for:

1. Don’tprepare your own will; hire a professional that will ensure there are nomisunderstandings about your wishes.
2. Haveyour mental capacity verified before preparing your will, especially if youdon’t trust your family members or have an unusual wish.
3. Leavea copy of your will in a safety deposit box and with your lawyer so yourexecutor has no trouble finding it.
4. Avoidthe troubles that come with placing assets in joint names.
5. Avoidnaming the guardian of your children as the sole trustee.
6. Justbecause your significant other has a credit rating does not mean you don’t needone; start building your credit rating today.

See TimCestnick, Six More Pitfalls to Watch Outfor When Planning Your Estate, The Globe and Mail, Aug. 7, 2013.