Wealth planning sounds like something only billionaires need.
That is the first mistake.
The rich may have more assets, more advisers, and more complicated estates. But the basic problems are the same for ordinary families.
The famous cases are useful because they show what happens when wealth planning fails at scale.
The names are glamorous.
The mistakes are painfully ordinary.
This article was written by a Financial Horse Contributor.
The most common wealth planning mistake: thinking “I’ll deal with it later”
Most people do not avoid wealth planning because they are foolish.
They avoid it because it feels uncomfortable.
Nobody wants to think about death.
Nobody wants to rank beneficiaries.
Nobody wants to discuss family conflict.
Nobody wants to decide who should control the money.
Nobody wants to admit that their children, siblings, spouse, or relatives may fight.
So they delay.
But wealth planning is not really about death....