Wills have been the most popular method for passing on assets to heirs for hundreds of years. But wills aren’t your only option. And if you rely on a will alone to pass on what matters, you’re guaranteeing your family has to go to court when you die.
Whether you consider yourself wealthy or not, you need to think about how (and when) you’ll talk with your children about money, whether they’re little kids, tweens, teens, or already adults.
Some of the most common mistakes people make with estate planning:
Not creating a will, Not leaving an inventory of assets, Not reviewing documents, Not funding your trust, Not updating beneficiary designations