Ten Common Estate Planning Mistakes

As heard on our radio show on July 31, 2010.

  1. Discounting the importance of your plan. Many people think they only need a “simple will”, Period. Every family requires an attorney who will carefully analyze their situation.
  2. Not hiring a “specialist” – letting a general practice attorney handle your estate plan.
  3. Thinking that you can break the rules and get away with it – for example, not probating a will or not paying inheritance taxes.
  4. Not planning at all.
  5. Avoiding dealing with conflict within family that could effect the plan later on.
  6. Joint ownership to avoid probate.
  7. Using a revocable living trust to avoid taxes. Living trusts do NOT help you avoid taxes.
  8. Waiting until you are in poor health to complete your estate plan.
  9. Not reviewing your estate plan at least every few years.
  10. Assuming “things will work out” or your kids will “do the right thing.”

If you need estate planning assistance, please do not hesitate to give our firm a call at (215) 706-0200 or email us.