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Monday, October 3, 2011

Unintended Consequences of Self-Help Estate Planning

Many clients ask me: "Can't we just put one or more of our kids on our deed, so that they get the house when we die?"
What if one of your kids has trouble with creditors? What if they go bankrupt? You could lose your house in such a scenario. Placing your kids on the deed could jeopardize many things.

Another popular question: "Can't I just put one of my children on my accounts? When I die, they will know what to do as far as dividing it up among all of my kids."
If your kids got along with each other before your death, that might not last after you are gone.

Why leave things so important to chance? Consider a will or a trust and make everything certain. You may just save your family.

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