Morningstar: Avoid These Estate-Planning Pitfalls
There is a well written and informative article at Morningstar.com entitled Avoid These Estate Planning Pitfalls. In an interview with estate planning attorney H. Susan Jones, Christine Benz, Morningstar’s Director of Personal Finance discussess certain common mistakes that many people make, espeicially in regards to Beneficiary designations. These include
- Unintentionally disinheriting grandchildren if the grandchild’s parent (i.e. the account owner’s child) dies before the account owner
- Naming children by name, and closing the door on future children not yet born
- Naming minor children directly and not putting the assets in trust
- Naming individuals who are either spenthrifts or who receive government benefits directly, instead of putting the assets in trust.
For more see, Avoid These Estate Planning Pitfalls.
