By Mark Lund
Many affluent professionals and business owners put estate planning on hold. Only the courts and lawyers stand to benefit from their procrastination. While inaction is the biggest estate-planning error, several other major mistakes can occur. The following blunders can lead to major problems:
Failing to revise an estate plan after a spouse or child dies. This is truly a devastating event and the grief that follows may be so deep and prolonged that attention may not be paid to this. A death in the family commonly requires a change in the terms of how family assets will be distributed. Without an update, questions (and squabbles) may emerge later.