Common Estate Planning Mistakes

Let’s face facts. There are dozens of facets to consider in estate planning. The typical person without any training in estate law can’t know it all. Mistakes will be made if the individual doesn’t seek the expert counsel of a talented New York estate planning attorney. You can visit this lawyer for L.A. estate law info.

Listed below are five of the most common mistakes made by individuals who do their own estate planning:

Making The Assumption Your Family Won’t Fight. You probably knew someone whose estate his children fought over bitterly after his passing. You probably believe that your children would never do that to one another. Why would they be greedy like that? While greed has always played a role in estate fights, the emotional attachment that people have to certain pieces of property will spark just as many battles. An old teddy bear, a wedding album, a set of cast iron skillets, and many other items often will have no significant dollar value. Still, these items could mean the world to one or more individuals involved. This can lead to a court battle if there’s been no clear division of property. A New York estate planning lawyer can help you avoid this.

Never Updating Your Will. How often do people get a will drafted and then forget about it? They believe that once it’s been written they never need to consider it again. That is not true at all! Any number of things can occur to invalidate the will you just drafted. No new acquisitions or losses of property will be considered in the will unless it’s updated. Likewise, any new additions to your family won’t be covered under the will. Listen to what changes a New York probate lawyer tells you could warrant a review of the will. He will assist you in updating it, should the need arise.

Falsely Believing Estate Plans Are Just For The Rich. A lot of people believe that their estate has such a small value that this kind of trouble just isn’t worth the effort. Most people would be surprised by the true worth of their estate, especially when a home is factored into it. More people than not wind up with an estate well above the tax-free threshold. Your estate could end up being taxed heavily as a result of poor planning. Have an executor attorney and a financial analyst or accountant go over your estate to see just how valuable your assets are.

Letting Emotion Sway Your Appointing Of Guardians And Executors. People often make the mistake of letting family ties get in the way of their decision to appoint managers for their estate. Your middle son was always your favorite, so you feel he should be appointed as head of the estate. Decisions such as these should always be based on the skill of the individual. If the person you’re considering for a position in your estate plan doesn’t have the time or the knowledge to do it appropriately, he should not be selected even if it hurts his feelings. Get an executor lawyer to help you with this.

Failing To Plan Your Estate At All. More people are guilty of this than any other mistake! You put it off and put it off, knowing you’ll eventually get around to it. Then you forget, and it never happens. Even if your family doesn’t fight over it, they could hurt from this lack of planning in taxes or probate court’s red tape. Let an attorney assist you in setting up an estate plan. A guardianship attorney can help you plan for the eventual care of any minor children you have. A living will attorney will help you if you’re concerned about what will happen should you ever become incapacitated.