Perhaps you have heard the expression: “If you fail to plan then you plan to fail.” This statement was never truer than for estate planning. By some accounts, 70% of adult Americans have no will or trust in place for their loved ones. Furthermore, others who initially did prepare an estate plan have failed to update it in light of changing circumstances in their lives.
With this backdrop, I wanted to summarize what I have seen over the years as the most common estate planning mistakes that people make.
1. FAILURE TO PRESERVE YOUR INHERITANCE FOR YOUR GRANDCHILDREN SHOULD YOUR SON/DAUGHTER DIE AND THEIR SURVIVING SPOUSE REMARRY.
You need to take steps in drafting…
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