Tuesday, August 13, 2013
With so many common mistakes made in estate planning, here are six pitfalls you need to watch out for:
- Don’t prepare your own will; hire a professional that will ensure there are no misunderstandings about your wishes.
- Have your mental capacity verified before preparing your will, especially if you don’t trust your family members or have an unusual wish.
- Leave a copy of your will in a safety deposit box and with your lawyer so your executor has no trouble finding it.
- Avoid the troubles that come with placing assets in joint names.
- Avoid naming the guardian of your children as the sole trustee.
- Just because your significant other has a credit rating does not mean you don’t need one; start building your credit rating today.
See Tim Cestnick, Six More Pitfalls to Watch Out for When Planning Your Estate, The Globe and Mail, Aug. 7, 2013.