Estate Planning Pitfall – Your estate plan leaves specific assets to specific heirs

Description

Abstract: Planning an estate around specific assets is risky and, in most cases, should be avoided. If specific assets — such as homes, cars or stock — are left to specific people, they may end up being disinherited. This article offers an example in which the decedent had meant to treat his three children equally, but whose failure to revise or revoke his will led to one of his children receiving all the benefits, with his siblings left holding the bag.