Avoiding the Estate Planning Seven Deadly Sins

The seven deadly sins can creep in and have disastrous effects on an estate plan. Here are suggestions for avoiding an estate plan being derailed:

1. Keep the affects of wrath at bay by reviewing estate planning documents after a divorce and remarriage.
2. Avoid greed and the allure of DIY will kits, which often leave out items.
3. Don’t fall prey to sloth by putting estate planning off. Start planning today.
4. Pride can make the need for a Power of Attorney seem unnecessary. Put pride aside.
5. Don’t let lust create unintended child beneficiaries that may stake claim to the estate.
6. Don’t underestimate the power of envy when deciding how to divide assets.
7. Temper gluttony by remembering to account for any philanthropic bequests as well.

See Seven Deadly Sins of Estate Planning, Professional Planner, Apr. 21, 2015.

Special thanks to Jim Hillhouse for bringing this article to my attention.