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Common Estate Planning Mistakes

Very often we see families struggling when their parents have not made even the simplest of estate planning moves or have made moves without the aid of sound legal advice. Some common mistakes are:
  • Placing bank accounts joint with one child so he or she can have access to your money to pay bills;
  • Only creating a Power of Attorney at your bank;
  • Placing too much power in the hands of one child and not including others;
  • Trying to keep accounts equal so children "inherit" equal amounts;
  • Keeping all assets in husband's name because he handles the money;
  • Having the cars in husband's name because he picked them out alone;
  • Failure to create a Will; 
  • Promising a piece of furniture to a child, but not making a specific mention of that promise in your Will;
  • Failing to create a Health Care Proxy with sound legal advice; and
  • Listening to your neighbors rather than contacting an attorney.