Mistake #3 – No wealth transfer strategy

Your wealth transfer strategy needs to be tailored to your assets and your family situations. One of the first things I ask clients when they come in to meet with me is tell me about your children. For each child and grandchild, I will ask what do they do for a living and whether they good with money. Then I will ask the same questions regarding their spouses. I will also ask if anyone in the family has a disability. I am looking for issues that need to be addressed in the wealth transfer plan. The wealth transfer plan is then customized to your unique family situation.

Also, it is important to customize your estate plan to your assets. For example, if you have a family business, then the plan needs to be customized to spell out what happens to that family business.