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Do you know the most common estate planning mistakes?

When one of our Texas readers is faced with the estate planning process, we encourage them to take a strong look at their financial situation. In addition to what they see now, they need to make decisions on what they want to happen when they pass on.

Even though some have a solid grasp on estate planning, including what they should and should not be doing, this does not mean they are immune to making mistakes. Unfortunately, a mistake with your estate plan could make matters worse on your family when you pass away.

While there are many common estate planning mistakes, let's take a closer look at those that have plagued many others over the years:

-- Not knowing how jointly owned property works

-- Neglecting to name the right life insurance beneficiary

-- Lack of liquidity

-- Making mistakes when creating your will

-- Not considering the importance of choosing the right executor

-- Leaving your entire estate to your spouse

-- Improper disposition of assets

Since everybody is in a unique position, the mistakes you worry about making may not be the same as somebody else. However, it is important to know what has plagued others in the past so that you do not repeat the same mistake when creating your estate plan.

The bad thing about estate plan mistakes is that they do not typically harm you but can put your loved ones in a bad position when you pass on. Listening to the advice of an estate planning attorney can help ensure those mistakes will be avoided in your plans.

Source: LifeHealthPro, "10 common estate planning mistakes (and how to avoid them)" Sep. 23, 2014

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