Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Tuesday, August 13, 2013

Estate Planning Pitfalls

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With so many common mistakes made in estate planning, here are six pitfalls you need to watch out for:

  1. Don’t prepare your own will; hire a professional that will ensure there are no misunderstandings about your wishes.
  2. Have your mental capacity verified before preparing your will, especially if you don’t trust your family members or have an unusual wish.
  3. Leave a copy of your will in a safety deposit box and with your lawyer so your executor has no trouble finding it.
  4. Avoid the troubles that come with placing assets in joint names.
  5. Avoid naming the guardian of your children as the sole trustee.
  6. 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.

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