Some people mistakenly think that the rules that are in place will adequately distribute their property. Others think that a will is a magic document that encompasses the beginning and end of an estate plan. Still others think they have not accumulated enough wealth to require estate planning. Some people even think that their lawyer, accountant, broker, or some other professional has already efficiently and intelligently planned their estates.
These are just some of the many misconceptions that lead people to plan poorly. It is unfortunate to see people spend so much of their lives living frugally and worrying about money only to give a big chunk of it away to Uncle Sam rather than their loved ones.
The first step of planning your estate is to recognize the importance of a good estate plan.
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