5 Estate Planning Mistakes to Avoid in 2013

9:08 pm Estate Planning

5 e1360012077766 5 Estate Planning Mistakes to Avoid in 20131.  Procrastination.  This is the #1 asset killer, whether it’s putting off creating an estate plan altogether, or neglecting to revise your estate plan when life circumstances – divorce, remarriage, births – bring change into your life.

2.  Not Choosing a Guardian.  This could be filed under procrastination as well – putting off the naming of a guardian because you and your spouse can’t decide on someone.  However, in this case, done is always better than perfect.  And you can always change your mind.

3.  Wrong Beneficiaries.  This happens a lot – someone divorces, remarries, has children and never updates the beneficiary list for their IRAs, 401(K)s and life insurance policies.  Ex-spouses benefit a lot from this one, since a beneficiary form trumps a will.

4.  No Power of Attorney Designations.  Who do you want to make your healthcare or financial decisions for you if you can’t?  A stranger?  Probably not.  Executing durable powers of attorney allows you to appoint who you want to carry out your wishes in case of incapacity.

5.  Not Enough Life Insurance.  If you are important to your family as an income provider, you need to have enough life insurance to see them comfortably through a difficult financial and emotional time.

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