To say estate planning can be problematic is a gross understatement. Administering an estate can be compared to undertaking a renovation—it’s almost guaranteed something will go wrong. It can be relatively minor, or land the estate in court and cause irreparable harm to family relationships.
Most problems can be avoided or minimized and managed via good planning. This involves more than just making a will.
There are other key elements including: powers of attorney, beneficiary designations, trusts, determining most appropriate type of property ownership (sole ownership vs. joint tenancy or tenancy in common), selecting the right executor, probate planning and income tax minimization.
The best way to learn is through mistakes. So here are three common estate planning offences.