Estate planning is crucial to protecting your assets, not only for your own use during your lifetime but also for future generations. However, it is just as important that you avoid these common estate planning mistakes or all the care you have taken to protect your estate may be undone:
Failure to name the right heirs-failing to designate the right beneficiaries or to update your estate plan after a divorce, birth of new children or other major life event.
Lack of liquidity-leaving high value assets to heirs without the sufficient liquidity that will allow them to pay any estate taxes when they are due.
Lack of estate management at critical times-it may not always be the best strategy to leave everything immediately following your death.