A Solid Estate Plan is the Gift that Keeps on Giving
Looking for a last minute gift idea for your family and loved ones this holiday season? How about putting together an effective estate plan to protect them in the future? The gift of a solid estate plan can save your family and loved ones time, money, and headaches down the road. It is important to put in the time now to make sure your affairs are in order as mistakes in your estate plan can have devastating consequences after your death. A piece on the website Financial Planning highlights ten major celebrity estate planning mistakes to avoid:
- Appointing an untrustworthy trustee or executor
- Failing to clarify intent
- Putting off estate planning until it is too late
- Making verbal promises outside of the plan
- Failing to fund a trust
- Failing to make documents accessible to loved ones
- Creating unenforceable documents
- Failing to update estate planning documents after major life events
- Creating "do it yourself" estate planning documents
- Failure to establish an estate plan at all
Wishing you a happy and safe holiday season and all the best in the new year!