Tag Archives: estate planning mistakes

Top 10 Mistakes People Make in Estate Planning, Wills and Trusts: # 5 – Failure to Follow the Estate Plan


Don’t go through the time and expense of making an estate plan, then fail to follow it!  It is an estate plan and, as they say, the best laid plans are only as good as their execution.  Failure to follow the estate plan … Continue reading

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Top 10 Mistakes People Make in Estate Planning, Wills and Trusts: # 6 – Failure to Coordinate with Beneficiary Designations


People wrongly think that their Will overrides beneficiary forms.   This is categorically untrue!   An asset carrying a beneficiary designation will not be controlled by your Will (unless the beneficiary is your estate).  This includes life insurance, bank accounts, brokerage and … Continue reading

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Top 10 Mistakes People Make in Estate Planning, Wills and Trusts: # 7 – Failure to Plan for Incapacity


Planning for Incapacity is easily overlooked for two reasons: (1) most people associate estate planning with death; and (2) thinking about one’s own mortality is discomforting enough — thinking about the possibility of Alzheimer disease, dementia, coma or other mentally … Continue reading

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Top 10 Mistakes People Make in Estate Planning, Wills and Trusts: # 8 – Failure to Plan for Taxes


There are several types of tax that may apply when a person dies. Failure to plan for these may result in higher taxes, imposition of penalties or interest, and lost opportunities. Some of these taxes are: Federal & State Income … Continue reading

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Top 10 Mistakes People Make in Estate Planning, Wills and Trusts: # 9 – Failure to Inform


Failure to inform means failing to let others know important things about your wishes and finances that they will need to know if you die or become incapacitated. Where is your Will? Do you have a trust? Do you have … Continue reading

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Top 10 Mistakes People Make in Estate Planning, Wills and Trusts: # 10 – Failure to Plan for Liquidity


Failure to Plan for Liquidity is a common error. This mistake can occur regardless whether you’ve made a Will or estate plan, and even if you have a trust. For example: →  You want to keep your vacation home available … Continue reading

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