Estate planning is very important. However, most people are quite unaware of the processes involved and how to go about it in general. It’s understandable though, as people don’t like to think about their own death and what would happen to their families after that. However, estate planning is really one of the most important financial and legal tasks that have to be taken care of while you are alive and well. By having your wishes formalized this way, you can be assured that asset distribution after your death will go smoothly without any contests between beneficiaries. Since most people know so little about estate planning, there are quite a number of common mistakes they make. So, to help you out, here are the most common estate planning mistakes. Recognize them, understand them, and avoid them. They will help you save a ton of money on unnecessary estate taxes as well as probate fees. Thinking only the wealthy need an estate plan The first…
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