4 Estate Planning Errors to Avoid

9:08 pm Estate Planning

Oops 150x122 4 Estate Planning Errors to AvoidEstate planning is crucial to protecting your assets, not only for your own use during your lifetime but also for future generations.  However, it is just as important that you avoid these common estate planning mistakes or all the care you have taken to protect your estate may be undone:

Failure to name the right heirs—failing to designate the right beneficiaries or to update your estate plan after a divorce, birth of new children or other major life event.

Lack of liquidity—leaving high value assets to heirs without the sufficient liquidity that will allow them to pay any estate taxes when they are due could result in having to sell off those assets.

Lack of estate management at critical times—it may not always be the best strategy to leave everything to heirs immediately following your death.  You can establish trusts that will distribute assets at intervals you deem appropriate.

Choosing an incompetent executor—sometimes choosing an unqualified family member to serve as executor of your estate is not the best choice.

Don’t make the mistake of having an outdated estate plan.  Contact our Newport Beach law firm for assistance.

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