To leave a legacy for your family, you need a comprehensive estate plan - and you need to avoid making mistakes.
The biggest mistake may be procrastination.
If you put off creating an estate plan, or at least writing a basic, simple will, your estate could be tied up for many months in probate court proceedings.
Another common mistake is failing to update a will and the beneficiary designations on your investment accounts and insurance policies.
Your family unit could experience many changes, such as death, divorce, remarriage, and the addition of new children, so you should periodically review your documents.
As part of your estate plans, you could establish a living trust, which can help your estate avoid probate.
However, some people make the mistake of not titling their assets in the name of the trust.
One other key mistake is choosing the wrong executor of your will.
You want someone who can handle the many financial, legal, and tax elements involved.
Finally, don’t go it alone.
By working with a qualified legal advisor, and possibly your tax and financial professionals, you can avoid mistakes and create an estate plan that does what you want it to do.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson. Member SIPC.
