Most people don't like to talk about death; it is seen as tempting fate! Yet, your estate plan is a key part of your financial plan.
Here are some mistakes to avoid.
Don't procrastination with your estate planning.
Dont leave mystery, uncertainty and drama in your wake. Discuss plans with loved ones unless it is clearly unwise to do so.
Ideally, teenagers or young adults should not inherit large sums too early. It can stifle their growth. Trusts are an effective way to transfer assets to minors.
Failing to review, update an estate plan periodically after a birth, marriage, re-marriage, divorce, death etc can cause unintended results or even disinherit heirs.
Not seeking professional advice is a common error.
There are implications of holding property in various vehicles, gifting and transfer of property.
Don't make your bereaved family have to plough through disorganised records to try to unearth a will or other evidence of estate planning. Organise your documents.
If you do not already have an estate plan, do put one in place. If you do, be sure that it is updated and meets your objectives.
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