How to Avoid the Worst Estate Planning Mistake
What’s the WORST Estate Planning Mistake?
Consider this:
Two sisters, we’ll call them “Nora” and “Alice,” were as close as could be and had lived rich and full lives well into their 90s. Both had accumulated significant assets over the years, yet their approaches to what came next couldn’t have been more opposite. Alice, ever the realist, tackled the topic head-on in her early 60s. Nora, on the other hand, brushed off the idea of estate planning. “Family takes care of family,” she’d say with a confident smile.
When Nora passed away, the news hit the family hard. Their grief, however, was compounded by confusion. Nora, it turned out, hadn’t created an estate plan. The sizable assets they expected to inherit, particularly the proceeds from the house, became entangled in legalities. Further complicating matters, a reverse mortgage on the house existed that no one knew about. The lack of a clear plan turned a time of mourning into a period of finger-pointing and anger, adding a heavy burden to their already significant loss.
Just a year later, Alice passed away. The family, still reeling from the previous ordeal, braced themselves for another wave of grief. However, this time, things were different. Alice, meticulous in her ways, had a comprehensive estate plan in place. Every detail, from who received which heirloom to the distribution of her remaining assets, was clearly documented. The process was smooth, respectful of her wishes, and allowed the family to grieve without the added stress of legal wrangling.
What Do YOU Think is the Worst Estate Planning Mistake?
In this podcast, David T. Phillips, CEO of Estate Planning Specialists, reveals the number one estate planning mistake and shares the strategies you can implement to avoid that mistake. Prevent negative emotions like anger, jealousy, and hate among family members at a time when we want unity, love, and respect.
To avoid estate planning pitfalls, listen to David’s actionable steps below!
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Originally published March 26, 2024
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