Five Big Estate Planning Mistakes - and Why you Should Act Now

#5 - Inequity

Trying to treat everyone 'equally' can be just as problematic as treating loved ones differently because you think they don't need anything. 

The same goes for naming fiduciaries (executor, trustee, attorney-in-fact) based on perceived fairness. Choose the right person for the job, not the one who 'should' do it (for instance, because they're the oldest.) And please, resist naming your only two kids as co-fiduciaries without a clear tiebreaker. 

#4 - Sentimentality 

Over-communicate rather than under-communicate. Force the conversation, even if it's uncomfortable. It beats leaving behind a family feud over misperceived intentions. 

#3- Communication 

Failing to involve all beneficiaries (even minimally) is a major mistake. 

#2 - Indecision 

Changing your plan isn't wrong, but timing matters. Last-minute changes - especially near death or after cognitive decline - invite litigation and resentment.

#1 - Inertia 

The biggest mistake - Doing nothing 

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This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client.

For further information please contact me at www.kmckernanlaw.com kevin@kmckernan.com or 718-317-5007.