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Do you know? Even the celebrities can make mistakes with their Estate Planning
Despite their fame and fortune, many high-profile individuals have made costly mistakes when it comes to planning for the future. From Prince to Aretha Franklin, there are numerous examples of celebrities who failed to properly plan their estates, leading to lengthy legal battles and millions of dollars lost.
Don't let this happen to you! Book a free consultation with an experienced estate planning attorney to design your estate plan.
While you might assume estate planning only applies to wealthy people, that’s not the case. An estate only refers to what you own: financial accounts, real estate and possessions. Putting a plan in place for those assets helps ensure that upon your death, your wishes are carried out and that family squabbles don’t evolve into destroyed relationships. In other words, it’s partly about making things easier for your loved ones during an already-difficult time.
Naming just one beneficiary
You should always have more than one beneficiary designated for any of your assets. In the event that a beneficiary passes away before you do, you’ll want to have what’s known as a contingent beneficiary.
Forgetting about final arrangements
Your loved ones will be grieving after you pass away, but planning in advance what you’d like to have happen (in terms of your funeral or burial arrangements) can be a blessing for those you leave behind.
Forgetting about charities that are important to you
Particularly if you have a large estate, but even if you don’t have incredible wealth, you can still allocate some of your assets to benefit a charity that’s important to you.
DISCOVER ALL OTHER COMMON MISTAKES ON YOUR FREE STRATEGY SESSION