A large number of people often make estate planning mistakes. Kyle E. Krull, an attorney involved in estate planning, wrote about his own embarrassing experience of forgetting to prepare a durable power of attorney for a loved one when he was a young captain in the U.S. Army. Mr. Krull wants more people to become aware about the need to plan ahead. He suggests that people update their wills, trusts, powers of attorney, and healthcare directives every five years or whenever a major life event happens. Not planning ahead can lead to consequences if something unexpected happens to a loved one.
See Kyle E. Krull, Avoiding Estate Planning Gotchas, Wealth Management, May 19, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
