For many organizations, the end of the fiscal year approaches at the end of this month — a time when budgets are finalized and financial decisions are made. But personal finances are not always so well-structured, and that may be why people can find themselves in trouble when it comes to saving and planning for the future.
Carlsbad attorney Brenda Geiger wrote a short guidebook to introduce people to the estate planning process. The book discusses mistakes people make when they're trying to figure out who will inherit their assets.
In, "Secrets of Great Estate Planning" Geiger lists 25 common mistakes people make.
The no. 1 mistake? People do not understand what will happen to their assets after they die.
"Wills and trusts control real estate and other property that you own," Geiger says in the guidebook. "But there are certain assets, like life insurance and IRAs, that are not normally subject to probate and which a will or trust cannot affect."
