Common Estate Planning Mistakes

Too often, people make estate planning mistakes simply because they don’t know what to do or how to do it. Today, we will explore the technical and real-world aspects of creating an effective estate plan.
Estate planning includes completing legal documents such as a trust, will, financial and general power of attorneys, medical directives, etc. Depending on the state you live in, additional documents may be required.
Unfortunately, many people believe they are done once they complete the legal documents, but that is not the case. As a result, their assets may not pass to their intended beneficiary or their heirs may be forced to pay for expensive probate.
The next critical step is to ensure that your assets mirror the intentions of your estate plan. This requires that you title assets correctly. Some assets, such as real estate and automobiles, pass via title. Others, such as IRAs, 401(k)s, life insurance, and annuities, pass at your death via the beneficiary designation.
Coordinating this entire process can be laborious and even confusing. For this reason, always consult with a qualified attorney and financial advisor to ensure it is completed correctly.
In this episode, you will learn:
3:57: What is an estate plan? And why it is so important.
4:49: What you must do after you complete your estate plan and why it is so critical
5:17: What happens when you don’t have your estate plan set up correctly
6:62: How assets pass if you don’t correctly title assets
14:40: The threshold when someone should consider setting up a trust
16:18: What is intestacy, and how it impacts your estate
20:40: Real-world estate planning stories and the impact on the heirs
21:57: Why the test run retirement is so critical
35:57: What to do if you have a more significant estate
★★LINKS REFERENCED IN THE SHOW:
The Estate Planning Checklist: themillionaire...
Get Your Free Financial Checkup: themillionaire...
★★SUBSCRIBE and get more insider secrets so that you can win in business, life, and money: www.youtube.co...
★★SHOW NOTES & LINKS
themillionaire...
★★RESOURCES
Ep 103: “The Millionaire Insider's® Power Hour”: • Being More Productive ...
Ep 105: "How to Elevate Your Worth Barometer": • How to Build Your Self...
Ep 106: “How to Program Your Mind”: • How to Reprogram Your ...
Ep 107: “How to Set and Achieve Goals”: • How to Set Your Goals ...
Ep 1000: “Your Financial Freedom Formula”: • How to Achieve Financi...
★★CONNECT with The Millionaire Insider® and Annette Bau, CFP®
LinkedIn: / annettebau
Instagram: / themillionaireinsider
★★ABOUT
Hi, it's Annette Bau, CFP® and host of The Millionaire Insider® Channel. For over 35 years, I have been advising and researching millionaires to determine what those with extraordinary lives do differently.
In The Millionaire Insider® episodes, you will learn practical, easy-to-implement ideas and strategies to win in business, life, and money to create a financially secure life you love.
#estateplanning #estateplanning101 #estateplanningtips
★★JOIN THE CONVERSATION
Thanks for watching! In the comments section, please share your biggest takeaways and other Millionaire Insider® secrets you would like to learn.
★★LEGAL DISCLOSURE & COPYRIGHT
This video is for informational purposes only. We do not provide financial, legal, or healthcare advice. Before implementing any changes, please consult a qualified financial, legal, healthcare, or other expert to review your situation.
This video is the property of MillionaireSeries.com®. All international copyrights are reserved. You cannot use this video footage without written permission from MillionaireSeries.com®.