Published in MassMutual Blog
By Shelly Gigante on February 23rd 2023
Estate planning can provide peace of mind, ensuring that your assets, interests, and loved ones will be protected after you die, but it is also fertile ground for some costly mistakes. Whether due to oversight or improper planning, estate planning missteps can undermine your intent and drastically diminish the financial legacy you leave behind. They can also create added stress for your heirs in a moment of grief.
Common mistakes include:
- Financial procrastination
- Outdated wills and forms
- Uncoordinated beneficiaries
- Failure to title a trust
- Triggering the estate tax with life insurance
- Making children joint owners of your assets
Here’s a closer look at each one of these estate planning blunders, most of which are easily avoided.
Mistakes happen frequently. It is often because the individual, or the attorney, did not consider the complete financial picture.
Steve Hartnett, American Academy of Estate Planning Attorneys
