Common Estate Planning Mistakes and Solutions

Estate planning is a vital part of financial planning. Many people find it challenging to handle their financial affairs and this may lead to some common estate planning mistakes. Read on to know more.

Common Estate Planning Mistakes

The most common estate planning mistakes include –

• Not making a will
• Creating a trust, but not funding it
• Not updating the trust every few years, or after a major life event, or in the event of new estate planning laws

Solutions to Common Estate Planning Mistakes

A properly set up estate plan –

• allows for the transfer of assets to your loved ones or charities
• allows for the transfer of assets in a private, non-public manner
• allows for a cost-effective, tax-efficient transfer of assets

If you don’t have an updated estate plan, here is what you can do –

1. Consult an expert – Talk to an estate or retirement planning expert, who can help you outline your estate plan and needs
2. If you already have created a will and trust, review those documents with your financial expert and update them, if needed
3. Review the beneficiaries on all your retirement accounts
4. Create a durable power of attorney for a trusted loved one to manage your affairs, in case you become incapacitated
5. Update your healthcare directive

To learn more about planning retirement income for life or retirement plan specialists in Orange County, CA, check out Tax Free Retirement Specialists or call 442-400-3522. Tax-Advantaged Retirement Specialists help you reduce your taxes during retirement, and create tax-advantaged income from ROTH IRA’s and Life Insurance with IRS compliant strategies. Its mission is to provide strategies and products to achieve client’s retirement goals and dreams.