Financial advisor offers tips to avoid estate planning mistakes

MILWAUKEE (CBS 58) -- Only 24% of adults have a will, leaving many families vulnerable to legal disputes, financial strain and other challenges, according to financial advisor Tom Neumann of Drake & Associates, who joined us on Wednesday, Aug. 13.

Neumann said estate planning helps ensure wishes are honored and assets are distributed efficiently. A will can name guardians for minor children, assign an executor and designate financial and healthcare powers of attorney. He advised reviewing all assets, naming beneficiaries and updating plans every five years or after major life events.

Common mistakes include failing to make a will legally binding, missing signatures and overlooking assets or correct names. Neumann said a living will or trust can also be valuable parts of a complete estate plan.