0:00 Intro
0:56 Who Needs an Estate Plan?
1:35 Mistake #1: Not Defining Your Goals
4:23 Mistake #2: Not Getting Beneficiaries Right
5:42 "Five by Five" Power in a Trust
8:11 Mistake #3: Not Considering Your Liabilities
9:57 Mistake #4: Not Updating Your Estate Plan
11:01 Mistake #5 : Going it Along (and Procrastinating!)
When you ultimately pass away, do you want to determine who receives your assets and how? Or would you rather the government or someone else make the decisions?
If your answer to this question was "Yes", then you need an estate plan.
To avoid family disharmony, it is important to draw out your estate plan in a way that you know will be executed according to your wishes!
In our latest "Fundamentals of Investing" video, our VP of Investments and personal finance expert Freddy Garcia joined Director of Research, Brian Dress, to discuss the 5 most common mistakes we see in estate planning.
As advisors, we have seen many terrible outcomes for folks who don't have their estate plan in order. Especially with those investors who decide to "go it alone" and not seek professional help with this important life decision, we see procrastination as a huge problem. Often times, life changes like divorce, the death of a beneficiary, or the addition of grandchildren makes changes to the estate plan crucial.
Since one of the biggest problems in estate planning is that the average inheritance is spent down in 2 years, it's logical that people would want to pass down assets in a way that they won't be frittered away frivolously. To that end, Freddy covers some strategies that can help you make sure your wishes are followed to a T.
To learn more about how to create an estate plan that works for you and your family, set time directly on Brian's calendar at https://m.levitate.ai/67de35-5y0b8m/60-minute-meeting, call us at (630) 547-3316, or email at briand@leftbrainwm.com
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The Five Biggest Mistakes in Estate Planning