5 Of The Most Common Errors Made When Planning Your Estate
20th June 2010 by Bereaved No CommentsLet’s face facts. Estate planning has so many aspects to consider. The average person won’t know it all. If one embarks on estate planning without the help of a good New York estate planning attorney, mistakes can and often do happen.
Listed below are five of the most common mistakes made by individuals who do their own estate planning:
1. Making The Assumption Your Family Won’t Fight. We’ve all heard of people we know fighting with their siblings over the property their parents had when they died. You look at your kids and grandkids and assume they could never do that to each other. They’re not greedy, after all. Certainly greedy people can and do go after their siblings in estate battles, but it’s just as likely that the sentimental value of property will cause children to stand against one another. Things such as old toys, old dresses, and cookware will often have no significant monetary value. If the division of property is not clear, these kinds of emotions can lead to a long court battle. A New York probate lawyer can help you avoid this.
2. Failing To Update Your Will. People make the false assumption that once a will has been written, it never needs to be reviewed or updated. Not true! Many different events and circumstances can make your will obsolete before the ink’s even dry on the paper. 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 let you know when you should update it.
3. Assuming Estate Plans Are Just For The Wealthy. Many have the wrong idea of just how valuable their property is and assume that they don’t need to bother with estate planning. Many people would be shocked if they realized what their estate is really worth, especially once a home and lot is factored into the total. The tax-free threshold doesn’t seem so high in light of this revelation. 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.
4. Letting Emotion Sway Your Appointing Of Guardians And Executors. Emotions tend to rule the day when it comes to appointing the managers of your estate. Your oldest son is the new head of the household, so it only makes sense that he should take care 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.
5. Not Getting Around To It At All. This is probably the most common mistake that so many people are guilty of. You’re healthy now. Why think of uncomfortable things like death? You’ll get around to it. For whatever reason, you never get around to it. This could tie your estate up in court for years and years. Get an attorney to help you with an estate plan. If you have minor children that need caring for a guardianship attorney can get a plan put together. And if you’re worried about what will occur should you be incapacitated, talk to a living will attorney.
Marchese & Maynard can provide you with the best New York probate attorney available. Visit their website and get a New York estate planning attorney to help you soon.
