Estate planning is unfortunately full of individuals who have made errors in their previous plans. These errors are the result of poor advise, poor communication, not understanding the plan structure, how it should be carried out, failing to update as life changes as well as numerous others.
Estate planning is a tricky thing and is constantly changing, but some mistakes are commonplace and can be avoided.
Here are some of the most common mistakes that we see at NC Planning:
- Completing beneficiary designations improperly or not at all.
- Failing to fund revocable trusts or to coordinate assets with your estate plan.
- Failing to communicate your goals properly in your plan documents or your separate writings.
- Naming minor children as beneficiary on an account.
- Failing to plan at all.
- Keeping everything a secret from your Executor, Trustee or other agents.
- Keeping everything in a safe-deposit box at a bank.
- Presuming that something in writing, even though you may question whether it is right, is better than nothing at all.
- Not reviewing a plan regularly.