Wealth Transition Mistakes to Avoid

The errors in this pillar are few and they repeat. None of them requires a rare product. Each is a silence or a paper that was never updated.

The Patterns to Stop

1. No will, on the view that the family already knows.
2. No nominee, or a nominee from an earlier life — a parent still named after a marriage, or a former spouse still named after a divorce.
3. Different names on different products with no note of why.
4. Assets nobody else can find — a locker, an old folio, a policy paid by standing instruction.
5. Assuming a spouse already knows the planner, the passwords and the loan list.
6. A general power of attorney signed for convenience when a specific power would have done.
7. A trust discussed before nominees and a will exist.
8. A will written once and never read again after a child, a house or a death.