Estate planning can be complicated, and it’s not uncommon for people to make mistakes with their plans. But financial advisors make errors, too, so we asked several advisors to identify the most common mistakes they encounter from other financial planners.
1. Improper beneficiary designations
5. Wrong choice of executors and trustees
Naming a financial institution as successor executor/trustee after surviving spouse or instead of surviving spouse. In some cases, this is to the detriment of the spouse and other beneficiaries because large institutions usually follow their fiduciary responsibilities with a less personable approach than another trustee could provide.