Category: A Good Plan

#16 of 25 Common Estate Planning Mistakes – Irrevocable

Failing to Consider Using an Irrevocable Trust Revocable living trusts are designed to avoid probate. They can also eliminate the need to have a guardian appointed if you become incapacitated. They do not, however, protect assets from creditors or shield them from the Medicaid spend down process. Irrevocable trusts, however, if properly drafted and funded, can do both. If either of those […]

#15 of 25 Common Estate Planning Mistakes – Pets

Forgetting About Man’s Best Friend Your estate plan can include provisions for your pet. Sadly, many pets end up living out their lives in shelters after their owner’s death because no plan was in place. You can plan for your pet by designating someone who will have custody and providing them with financial support to pay for the pet’s food […]

#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 […]

#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 […]

#7 of 25 Common Estate Planning Mistakes – Trustee/Representative

Naming the Wrong Successor Trustee / Personal Representative Your properly drafted and fully funded living trust may not achieve your goals if your successor trustee fails to follow (or understand) its provisions. Many people name one or more of their adult children as successor trustee without fully considering whether he or she is best suited […]

#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 […]

#5 of 25 Common Estate Planning Mistakes – Not Funding

Not Funding Your Living Trust Living trusts must be funded to avoid probate and the need for guardianship. “Funding” a living trust means completing the process of retitling your assets from your individual name to the name of your trust. Funding includes both assets with titles (like real estate) and those without titles (like household […]