Estate planning is a responsibility we all have, young or old. Yet only about half of all Americans with children have a Last Will and Testament or Trust to direct how their children should be cared for and who should inherit any assets left behind after death. It’s also troubling to know that most estate plans haven’t been examined in the last five years, which means they could be extremely outdated.
Most adult children also have no idea if their parents made an estate plan, and if they do, then they may not know where those estate planning documents are located. All of these issues lead to one serious problem: the people who need to make important decisions during challenging times do not have the knowledge, access, or proper tools necessary to handle the situation correctly. Below are three of the most common estate planning mistakes, and information on how you can avoid them:
Outdated Estate Plan
