{"id":595,"date":"2020-10-12T05:00:47","date_gmt":"2020-10-12T05:00:47","guid":{"rendered":"https:\/\/normandygroup.com\/?p=595"},"modified":"2020-10-20T19:45:20","modified_gmt":"2020-10-20T19:45:20","slug":"top-estate-planning-mistakes-to-avoid","status":"publish","type":"post","link":"https:\/\/normandygroup.com\/estate-tax-planning\/top-estate-planning-mistakes-to-avoid\/","title":{"rendered":"Top Estate Planning Mistakes to Avoid"},"content":{"rendered":"

Estate planning in Lakewood, Colorado<\/a><\/strong> is a necessity, even for pre-retirees who do not earn six figures, those still paying a mortgage, and those who lack a sizable nest egg.\u00a0 Furthermore, if your personal finances are still in the red, you can greatly benefit from an estate plan.\u00a0 However, merely creating a basic estate plan in a hurried manner without an in-depth overarching strategy has the potential to backfire in a big way.\u00a0\u00a0<\/span><\/p>\n

Let\u2019s discuss ways to get your financial life balanced. Contact The Normandy Group today!<\/i><\/b><\/a><\/h2>\n

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Truly comprehensive estate planning requires the assistance of a <\/span>CERTIFIED FINANCIAL PLANNER\u2122 Professional<\/a><\/strong> and a Certified Estate Planner\u2122. These professionals can also collaborate with your attorney to provide estate planning services that lay the foundation for your loved ones\u2019 financial success after your passing.\u00a0 This holistic, coordinated effort sures up all the potential weak points in estate planning, ensuring the plan proves effective upon your departure from this plane of existence.\u00a0 Let\u2019s take a quick look at the top estate planning mistakes your financial professionals can help you avoid:<\/span><\/p>\n

1. Not Having a Plan<\/span><\/h3>\n

If you are like most people, you have put estate planning on the back burner.\u00a0 After all, thinking about your eventual passing is inherently depressing.\u00a0 The time to stop procrastinating is now.\u00a0\u00a0<\/span><\/p>\n

Meet with your financial professionals to lay the foundation for your estate planning.\u00a0 These professionals will interface with other professionals including your attorney and accountant to guarantee your estate plan keeps control in your hands, even after your passing.\u00a0\u00a0<\/span><\/p>\n

The alternative is to move forward without an estate plan, assuming your family will agree on how to split up your assets following your death.\u00a0 Unfortunately, the lack of an estate plan may lead to family issues that overshadow your legacy.\u00a0 Furthermore, the probate process might lead to an unfortunate outcome that unjustly favors one family member over another.\u00a0\u00a0<\/span><\/p>\n

Recognize the fact that you are mortal, meet with your CERTIFIED FINANCIAL PLANNER\u2122 Professional and <\/span>Certified Estate Planner\u2122<\/a><\/strong> to establish an estate plan and you will sleep soundly at night knowing you did everything in your power to establish a roadmap for your family\u2019s financial success.\u00a0 Your estate plan will be centered on a detailed will.\u00a0 Your will explains how your property, cash, and other assets are to be distributed to family, friends, and charitable causes after your passing.\u00a0\u00a0<\/span><\/p>\n

Estate plans commonly include living trusts.\u00a0 This legal tool transfers all or part of an individual\u2019s estate to a trustee.\u00a0 The trustee manages the estate on behalf of the individual in question as well as his or her beneficiaries.\u00a0\u00a0<\/span><\/p>\n

Even if you do not have children, stepchildren, nieces, or nephews, you might have other distant relatives that you would like to receive specific assets upon your death.\u00a0 If these individuals are not named in your estate planning documents and no family members can be identified, your hard-earned assets may very well go to the state.\u00a0<\/span><\/p>\n

2. Not Making Updates Over Time<\/span><\/h3>\n

Life events necessitate the updating of your estate plan.\u00a0 Your estate plan must be altered accordingly after the following life events:<\/span><\/p>\n