5 Common Estate-Planning Mistakes and 5 Tips to Take

A grandfather blows soap bubbles for his grandchild. Shutterstock

Personal financial planning spans a wide range of topics. Scroll through my last dozen or so articles and you will see they run the gamut. That means the area is both complex and fraught with land mines that can trip you up. By the time you wise up, you may have lost the benefit of what that foresight could have—or even would have—provided. So pay attention, these are the most important, and they need to be done right!

Death and taxes are a certainty, but many of us don’t take the time or the forethought to prepare for what happens with everything in and around our lives when we cease to exist. With a $12.06 million estate tax exemption, most of us won’t have to worry about estate taxes.

Mistakes

1) Putting It Off

Estate planning—are you not getting around to it, procrastinating, or thinking about doing it from time to time but never quite committing to the task and making it your current priority? Drafting a will and planning your estate isn’t for those of us who have reached the point of one foot from the grave. The need applies to every adult making income and owning assets.