Estate planning pitfall – You don’t have a succession plan for your estate plan

Description

Abstract: Some of the most important estate planning decisions a person can make involve naming people to act on his or her behalf after death or, in the event of incapacity, during life. In addition, he or she should appoint one, and preferably two, successors for each of the representatives. If he or she doesn’t, and one of them dies or is otherwise unable to serve, a court will make the decisions (usually with some input from the family). This short article lists common estate planning documents that should include successor designations.