Writing a “Top Ten” list for mistakes in an estate plan is especially challenging, as there are a myriad of mistakes that people, and their planners, can make. But in my years of being involved in all aspects of estates – from the drafting of wills, to administering estates after someone dies, to fighting in Court over them, the following issues stand out:
10. Do-It-Yourself Wills and Trusts
9. Improper Use of and Failure to Fund “Lifetime” Trusts
8. Failing to Write a Will or to Have a Revocable Trust at All
7. Failure to Coordinate Beneficiary Designations with Your Will
6. Failure to Coordinate Retirement Account Designations with your Estate Plan
5. Outright Bequests to Immature Children
4. Failing to Provide Flexibility in an Estate Plan
3. Trusting People to “Do the Right Thing”
2. Owning Your Own Life Insurance
1. Having a Non-Trusts & Estates Lawyer Prepare Your Estate Plan
9. Improper Use of and Failure to Fund “Lifetime” Trusts
8. Failing to Write a Will or to Have a Revocable Trust at All
7. Failure to Coordinate Beneficiary Designations with Your Will
6. Failure to Coordinate Retirement Account Designations with your Estate Plan
5. Outright Bequests to Immature Children
4. Failing to Provide Flexibility in an Estate Plan
3. Trusting People to “Do the Right Thing”
2. Owning Your Own Life Insurance
1. Having a Non-Trusts & Estates Lawyer Prepare Your Estate Plan
