The road to estate planning hell is indeed often paved with the best of intentions. While assisting clients in the probate process or with a trust administration I often encounter small missteps that result in a large headache for the surviving family. This month I am going to discuss some of the most common estate planning mistakes that I run across in my practice and how to avoid them so that you can have peace of mind.
Assets left outside of a trust
Even if you have a revocable living trust if an asset is not in the trust it must go through probate if it is worth more than $150,000. Often this happens when people create a trust online or through a low cost company and are not sufficiently reminded that assets must be titled in the name of the trust to avoid probate. It is not a bad idea to check in with your estate planning attorney every few years as they will always ask if all of your assets are in the name of the trust.