Common Estate Planning Mistakes and Tips to Avoid Them - Don't Lose Your Assets!

Make certain your estate is protected and liability is minimal. Learn these basic steps to be protect your assets and reduce your liability. 

· Neglecting to provide trust provisions for minor children as beneficiaries of a will. 

· Not updating your plan when you move to another state or change marital status. 

· Having a will, but neglecting the other important documents such as a durable power of attorney, health care power of attorney, and living will and HIPAA authorization. 

· Expecting that jointly owned bank accounts or other property will automatically pass under the terms of your will. 

· Not realizing that beneficiary arrangements and designations supersede a will for life insurance and retirement accounts. 

· Neglecting to update beneficiaries for life insurance and retirement after divorce or death of a beneficiary. 

· Neglecting to naming successor fiduciaries and personal representatives (executor) in your will or trust.