The All-Time Worst Estate Planning Mistake
Posted by Robert Louis on 05 Nov 2007 | Tagged as: Estate Planning
There are many mistakes that people make in plannning their estates, but we have a candidate for the all-time worst mistake. It doesn’t involve federal estate tax planning or the appropriate beneficiaries for retirement benefits. It’s this simple: the failure to decide what to do with your estate and to tell family members what you want. We have seen an increasing number of family disputes that arose because parents left vague instructions as to the disposition of personal property and other assets. Rather than sit down with children and tell them what should happen after they are gone, too many parents say “I’ll be gone; let the kids worry about it.” This is a terrible attitude, because it so frequently leads to squabbles about what parents wanted, and even who was the favorite. Parents would avoid much expense and heartache for their children if they left detailed instructions and then told their children about those instructions, long before the parents became unable, for whatever reason, to express their wishes.