Estate Planning Mistake Six: Failing to Transfer "Values"

Estate Planning Mistake #6
Failing to Transfer “Values”

When discussing estate planning, it is easy to focus exclusively on the material side of the equation – transferring of assets, reducing taxes, administration costs, etc…

However, we must never lose sight of the fact that these assets belong to someone – you! You are a unique person with your own special life story and belief system. As such, you may want to create a more comprehensive estate plan that incorporates your beliefs, values and world view.

Ultimately, your estate plan will be one of your final opportunities to communicate with your children, grandchildren and other heirs. There are ways that you can include special messages to them or even incentivize them towards the behavior and accomplishments that you wish for them.

In part six of my series, 12 Common Estate Planning Mistakes and How to Avoid Them, I discuss the personal side of estate planning and show you how you can put your personal footprint on your estate plan. I also talk about incentive trusts, which encourage your heirs to achieve certain benchmarks that you determine.

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