Barry Glassman, special to CNBC.com writes about the biggest estate-planning mistakes. Read the entire article.Let’s be honest: Thinking about the inevitable-death-is not very pleasant. Perhaps that’s why so many people fail to plan for the time when their time will be up. Even clients who make the effort to plan their estates often neglect to follow through or update their plans as changes occur in their lives.
Over the years, we’ve seen estate plans fail to do what they were intended to do. For your estate plan to remain a valuable asset for you and your heirs, you would be wise to avoid these eight common mistakes.1. Thinking your state will handle everything. 2. Thinking your work is done after creating a trust. As an additional measure, we recommend clients have a “pour over” will.3. Setting it and forgetting it. 4. Thinking all your assets will follow your will or trust. 5. Relying on the “DIY” trust. 6. Giving too much too soon. 7. Not considering the needs of your children8. Choosing the wrong trustee.