By Nicholas Vanikiotis
The biggest mistake anyone can make in regards to estate planning is putting it off. It is one of the most important things you can do with your money and needs to be given the proper amount of attention and consideration. The cost of hiring an attorney or a financial advisor is a small cost to pay, a few thousand dollars depending on how large your estate is, to properly allocate your finances in case you die. People put off estate planning because no one wants to plan for their death. It’s a dark subject and people simply do not want to think about it or even talk about it.
Another Mistake people make when planning their estate is not asking enough questions. When you walk out of the attorney’s office you should be entirely clear on where your money will after you die, after all it is your money. Also, a discussion should occur with your heirs so it is made clear where to your family and friends as to how all of the assets will be allocated.
A third mistake is only putting a will or trust in your plan. An estate plan is a package where all of your assets are grouped together so they can be dispersed to the appropriate people in a timely manner upon death.