Avoidable Mistakes When Estate Planning [Episode 163]

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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by TuckerAllen attorney Teresa Yao to discuss common missteps that people make when creating and executing estate planning documents.

Teresa describes what it means to die intestate and how the legal process navigates those who do die intestate. She identifies issues that can occur if someone dies with only a will in place and also navigates how putting a loved one on a title of real property while still alive, in an attempt to avoid probate court, may be a bad idea.

Teresa also highlights the tax complications involved in giving assets outright to heirs, while one is still alive. She emphasizes the importance of putting in the right guidelines for the trust, especially for heirs that may be less financially responsible. She also talks about properly funding the trust and reviewing it, so that it reflects the most up-to-date wishes.