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10 Common Mistakes with Estate Planning—the good news is that all of these mistakes are easily avoidable!

February 10, 2013
  1. Even though a business may be an individual’s most valuable asset, he or she fails to implement the proper succession plan;
  2. Failing to consult with a professional and utilizing an online, “do-it-yourself” website;
  3. Not properly funding or transferring assets to the trust and exposing your estate to probate;
  4. Thinking a “Will” is sufficient estate planning;
  5. Not updating your estate plan after a major event (i.e. death, grandkids, divorce);
  6. Purchasing additional real estate or other investments in the future and failing to transfer such holdings to a trust;
  7. Owning a corporation or Limited Liability Company and failing to transfer stock or membership units to your trust;
  8. Failing to integrate your financial planner, CPA and attorney when developing your estate plan (each individual plays a unique and important role);
  9. Lack of life insurance can cause liquidity problems for the surviving spouse; and
  10. Not fully understanding what you are creating and effectuating when you complete your estate plan.

Please do not hesitate to contact your trusted advisors at POTENTE. Our team is here to help.

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