By Lindsay Chin
If you've been investing for a while, you probably have learned to avoid key mistakes, such as making frequent trades based on short-term price fluctuations. But even if you invest wisely and are able to retire comfortably, you could still make some errors in your estate planning - and these miscues could prove costly and painful to your family.
How can you avoid making the wrong moves with your estate plans? Here are a few tips:
Communicate with your family. To reduce the possibility of hurt feelings and damaged relationships within your family after you're gone, make sure that everyone knows what they can expect from the disposition of your estate plan. Tell your children how much money they can expect - and when. (If you decide to establish a trust, you can arrange for money to be disbursed over various periods of time, or when your children reach a given age.) Are you going to leave a considerable amount of your assets to charities? Let your family know.
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