What Not to Do when Creating an Estate Plan

Mistakes can be costly

Sometimes people attempt to make an estate plan online without consulting legal and financial professionals to avoid the higher cost. However, everyone’s situation is unique, and using a boilerplate estate plan can lead to mistakes.

What You Need to Know about Probate

probate

A will is a legal document that spells out the distribution of your assets and how your children will be cared for at your death. Probate is a process used to prove a decedent’s will is valid and to supervise the handling of their estate.

What’s a QTIP Trust?

Q-Tip

Creating a trust as part of an estate plan can help protect assets and ensure your financial legacy is preserved. If you’re married, you may consider establishing a QTIP trust, which is short for qualified terminable interest property trust.

Checklist for Estate Plan’s Success

Checklist for Estate Plan’s Success

Every so often, it’s smart to methodically go through your estate planning documents and see if any tweaks are needed. Here’s a checklist to guide you through that mission.

Can I Learn from Celebs Estate Planning Mistakes?

Can I Learn from the Estate Planning Miscues of Celebs?

If you do not learn from your mistakes, you are doomed to repeat them. In estate planning, if you do not learn from other’s mistakes, you are likely to repeat them. Mistakes in the estate planning of high-profile celebrities is one very good way to learn the lesson of what not to do. Here are eight celebrity estates, where the mistakes have been reported in the news over the years.