Similar Stories to I'm A Financial Planner, And There Are 4 Estate-planning Mistakes I See People Make Over And Over on Bing News

Courtesy Elaine King I've worked with more than 1,200 families as a Certified Financial Planner, and I see people make the same estate-planning mistakes over and over again. Not having a will is a major problem. After that, though, you also need guardianship documents for minor children, updated beneficiaries, and a properly funded trust. Your estate-planning attorney and financial planner should work together, and you should talk to your heirs while you're still alive about your wishes. SmartAsset's free tool can find a financial planner to help you take control of your money » More than half of American adults don't have a will, which is a recipe for disaster — confused loved ones and stressed families must endure long, complex legal processes when a proper estate plan isn't put into place, and lawsuits may ensue. For the average person, estate planning means having most or all of the following documents in place: a will, a trust, a durable power of attorney, a healthcare directive, and guardianship documents for minor children.See the rest of the story at Business InsiderNOW WATCH: 9 items to avoid buying at CostcoSee Also:4 smart ways to use a stimulus check to set yourself up to build wealth5 ways to use your money to build wealth and help others while the coronavirus disrupts normal life3 options for people struggling to pay their mortgage during the global health crisis