Updated: Oct 20, 2021
Your Wealth Bestfriend isn't going to sugar coat it, YOU NEED to get your affairs in order!
Here is a rundown of the most common mistakes I see:
Not having an estate plan. If you don't know what an estate plan is, check out this article)
Not updating your estate plan. Just read your plan at least twice a year to avoid this. Go ahead, set a calendar reminder... I'll wait
Not reading your plan. (I review plans clients already have and I ask them "How do you think your plan works" and when I read it I find out it does the opposite of what the client thinks 🤦🏾♀️)
4. Not Understanding your plan. Not going to lie, these are very complex legal documents but there are attorney's out there willing to help you understand your plan. 🙋🏾♀️I'm here if you need me.
5. Not talking about your plan with the ones you love.
6. Not knowing where your plan is. You would be surprised how often this happens. Pick a place and share the location /drop a pin 🤣
7. Not wanting to think or talk about your death. News flash, leaving this world is inevitable
8. Not knowing your financial situation. You have to know what you have to leave a legacy. Remember this process is all about you.
9. You know your financial situation but you are the ONLY one who knows it. This is a recipe for a disaster because the ones you love will have to become private investigators. They have their own life to figure out don't make them piece together yours.
10. Last but not least, You have your assets/money in accounts that require probate.
This mistake alone is totally preventable. If you have your assets in an account that requires probate your family will be restricted from accessing your accounts until the probate proceedings this can be anywhere from 40 days minimum to YEARS. What will your family do if they depend on the money in your account to survive??? And believe me, banks don't care how long they hold your money. 🙄
Now that you know better, Go do better!
Until next time!
✨Keep Living Your Healthy Wealthy Life,✨ Your Wealth Bestfriend™️
If you are looking for a CA estate planning lawyer feel free to schedule a free consultation with the Law Office of J. Eaton. You are guaranteed to walk away from the meeting more enlightened. Jala Eaton, Esq, CTFA is an estate planning attorney, fiduciary, and certified trust and fiduciary advisor with a mission to empower people to build and protect their assets through investing and estate planning. The racial wealth gap is the problem and Generational wealth is the goal and the solution. When not advising her clients or talking about money on her blog and Instagram she likes to attend concerts (pre-covid-19) and the private dance parties her daughter holds in their living room.