The largest costs associated with estate administration come from attempting to fix mistakes that were made in the planning process. For this reason, people should be aware of the more common estate planning mistakes so that they can be avoided.
When it comes to estate planning, people tend to make the same mistakes over and over again. Some mistakes are fairly minor. However, other common mistakes can be very costly to sort out when the estate is being administered.
Recently, Consumer Reports published a list of some of the latter mistakes in an article titled “6 costly estate-planning minefields and how to avoid them.”
Their list includes:
That last bit of advice is likely the most important. Work with an experienced attorney who has seen it all and can help you avoid estate planning pitfalls.
Reference: Consumer Reports (April 14, 2015) “6 costly estate-planning minefields and how to avoid them.”
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