Finance can be a confusing thing. You never really know what you should do or not do, depending on your age, income and financial situation. But, you should consider “estate planning”. Estate planning includes the sum of all your assets, including mortgage, investments and savings. It’s best to handle this in the event you become incapacitated, or when you die.
Here are mistakes people make when estate planning:
- Not thinking through the trustees and executors in your plan
- Giving money to kids too early
- Assuming your wishes will be followed
- Failing to plan at all