Estate Planning Advice

June 29, 2012   Estate Planning

Common Estate Planning Mistakes to Avoid

1. Not having a plan. If you do not have an estate plan, the state in which you live has one for you—but it probably will not be what you would have wanted. State laws vary, but generally they leave a percentage of your assets to your family members. (Non-family members, like an unmarried partner, will not receive any of your assets.) If you are married and have children, each will probably receive a share, which could leave your spouse with not enough money to live on. If your children are minors, the court will control their inheritances until they reach legal age (usually 18), at which time they will receive the full amount. (Most parents prefer their children inherit later, when they are more mature.)   Probably not all of your assets will go through this court process calle...
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