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Nicole Newman, Attorney at Law joins “Big Al” Clopine to discuss the most common mistakes she sees as an estate planning attorney. These include dying with or without a will, leaving assets to beneficiaries outright and not choosing the right estate plan for you.

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Important Points

0:33 “One of the big gruesome mistakes that come through my office is when someone has died and they HAD a will. It’s not only a problem when someone dies without a will; it’s also a problem when someone dies with just a will. It’s a problem because they are not avoiding probate.”

1:14 “They interchange the terms will and trust all the time, and they think that once they have their will, they’re set – but their beneficiaries are still going to go through that long probate process.”

1:31 “Here in California, what will usually trigger the need for a trust is when we have real estate and/or children. That’s when I’ll usually highly recommend exploring a trust”

1:52 “The other gruesome mistake that I see is when people leave their beneficiaries’ assets outright. Outright distributions mean the beneficiaries get the money and can do whatever they want with it.”

3:53 “With a trust, we are able to structure the distributions to where the beneficiary would not be in charge of managing his funds…the trustee will be in charge of all his funds”

5:01 “Unfortunately, if they leave their daughter her inheritance outright, she receives her inheritance and passes away first, guess who’s getting that inheritance? (Son-in-law) Not your grandchildren.”

Featuring Special Guest

Nicole Newman

Attorney Nicole Y. Newman focuses on guiding her clients through the complicated and often confusing maze of balancing family protection, wealth preservation, and cherished family values in the planning process. Prior to opening her practice, Nicole was...

About the Host

Alan Clopine

CEO & CFO

CPA, AIF®

Alan Clopine is the CEO & CFO of Pure Financial Advisors. He currently shares the CEO role with Michael Fenison, the original founder of the company. Alan is primarily responsible for the day-to-day activities of...