#10 of 25 Common Estate Planning Mistakes

Not Discussing Your Estate Plan with Your Family
Many people make the critical error of not discussing their estate planning, and why certain choices were made, with their family prior to their passing. Communication is especially important when your plan includes unequal asset distributions among your children. A failure to communicate often causes hurt feelings and misunderstandings resulting in a considerable amount of unneeded (and costly) litigation. Many of these problems, and the associated expenses, can be avoid by discussing your estate plan, and its goals, with your family. You are the best, and in many ways, only person to explain your estate planning choices to your family.

#8 of 25 Common Estate Planning Mistakes – Alternates

Failing to Name More Than One Successor Trustee / Personal Representative
Estate planning is about “what if?” Your plan should include designated backups / alternatives for all of the key players, including successor trustee / personal representative. Estate plans fail because people make presumptions about the order of death and availability of people to take on certain roles. By providing alternates, you give your plan additional strength and flexibility to continue to function if the unexpected happens. Image the picture above with roles switched, whose in the bed?

#6 of 25 Common Estate Planning Mistakes – Attorney

Not Working with an Experienced Estate Planning Attorney
Many people attempt to save money on estate planning
by getting a do-it-yourself trust agreement online.
Or selecting the attorney who offers the lowest price,
regardless of experience. A better value is to work with an
experienced estate planning attorney who will craft your
estate plan to meet your needs and goals. If your estate
planning documents are not properly drafted, they will
not achieve your objectives. Additionally, an experienced
estate planning attorney will be able to counsel you about
how you can benefit by including a living trust in your
estate plan.