Large Firm Service. Small Firm Attention.

Posted December 12, 2014

Estate planning is not just for the wealthy. In fact, most people can benefit by having an estate plan. Proper estate planning can maximize the actual value of the assets that you will pass on to heirs and beneficiaries. It also provides the opportunity to make informed decisions concerning how assets and health care decisions should be handled during one’s lifetime.

However, many people make critical mistakes in the estate planning process. These include:not preparing for “what if” scenarios, failure to properly title assets and update beneficiary designations, failure to plan for incapacity, not reviewing estate planning documents on a regular basis, not putting enough thought into naming fiduciaries and failure to consider tax planning.