Common Estate Planning Mistakes and What Your Estate Planning Actually Includes


Common mistakes for estate planning come in all shapes and sizes but each leads to its own headache. For example, spending so much time considering the big-ticket items like a house or 401k account that we overlook the smaller items of personal property that could become family heirlooms. Also frequently overlooked are digital assets such as logins and identification of all online accounts whether they be social media, online banking or crypto currency.

An estate planning attorney’s service to clients is not solely the production and presentation of legal documents such as a revocable trust or a Will. It is the entire plan they put forth to the client that may include use of estate planning tools such as a revocable living trust, grantor trust or some similar instrument. It is also the identification of issues within the estate before they become issues during administration, and creating a plan to circumvent those issues. Those issues could be a spendthrift or irresponsible beneficiary, they could be a suspected or known challenge to the estate or they could be considerations for mitigating tax exposure.

Through planning discussions with you tax accountant, financial advisor and you we can begin to form a picture of what your estate administration will look like. Through this teamwork we also identify your goals both during your lifetime and during your estates administration and we devise plan to accomplish those.

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