Top 10 mistakes that may devastate your family & their financial security when you become sick or die…
1. Failure to make sure you have enough life/disability insurance to provide for your family if you become sick or die.
2. Failure to execute a Health Care Power of Attorney, a Living Will, and a Financial Power of Attorney thereby resulting in your family needing to go through probate court to be appointed your guardian in order to avoid what Terri Schiavo had to do for 10 years—being kept alive on life support with a feeding tube.
3. Failure to use a trust in your estate plan to insure that your spouse and children do not recklessly deplete their inheritance and insure the assets pass to your heirs upon their deaths
4. Failure to designate a person who will raise your children if both parents die without a Last Will and Testament.
5. Failure to have a Last Will and Testament if you are a Kentucky resident will result in your spouse only receiving half of your property while your children receive the other half.
6. Failure to use a trust or transfer on death provisions for your assets resulting in your estate needing to go through probate.
7. Failure to designate beneficiaries of your IRAs, 401(k) and other retirement plans resulting in negative tax consequence to your heirs.
8. Failure to pre-plan your funeral causing stress on your family.
9. Failure to organize your records resulting in family members having a lot of stress trying to find all of your important papers.
10. Failure to plan your business successor to avoid resulting chaos and possibly causing your business to fail or be sold at a bargain price.