You have finally signed your wills, trusts, powers of attorney, and took a sigh of relief that your estate plans are finally in order. But are you finished for good, or did you only take an important step in a longer process? Check back here everyday for the Top 10 Estate Planning Mistakes that can occur even in the best laid estate plans.
Number 2…Unfunded trusts. You have created revocable living trusts so your descendants will not have to bother with probate. If you do not transfer your assets to your trusts, your beneficiaries will need to open a probate estate to transfer the assets to trust, then undertake trust administration. So when you go on vacation and buy a timeshare, make sure you title your piece of paradise to your trust.