One very common estate planning mistake that people often overlook involves beneficiary designations. There are many instances where people will fail to properly designate which people will gain possession of what assets. It is important to keep the beneficiary designations updated so that problems do not surface later on down the road. Talking about estate planning with loved ones can be difficult, but open communication is crucial. Estate planning can be difficult and people should not try to do it themselves. When creating an estate plan it is a good idea to speak with an experienced estate planning attorney. Trying to save money with a do-it-yourself approach can lead to costly mistakes that will negatively impact loved ones.
See Scott Gamm, How to Avoid the Most Common Estate Planning Mistakes, The Street, October 31, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
