Let’s look at the facts. Estate planning has so many aspects to consider. The typical person without any training in estate law can’t know it all. Without the expert advice of a New York estate planning attorney, mistakes are bound to happen.
Listed below are five of the most common mistakes made by individuals who do their own estate planning:
1. Assuming Your Family Won’t Fight Over Your Estate. You’ve probably seen your fair share of court shows on TV where families are fighting over the property left by their parents. 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. 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. Get a New York probate lawyer to help you keep this from happening.
2. Never Updating Your Will. Many people believe that once a will has been drafted it’ll never have to be touched against until the estate is being divided. This is simply not the case. 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. Any new additions to the family won’t be covered under the will’s provisions if they came about after the fact. Let a New York probate lawyer determine what could warrant a review of your will and plan accordingly. He will let you know when you should update it.
3. Falsely Believing Estate Plans Are Just For The Rich. People falsely assume that their estate just isn’t worth enough to warrant all this trouble. Most people would be surprised by the true worth of their estate, especially when a home is factored into it. The tax-free threshold doesn’t seem so high in light of this revelation. This can result in tremendous penalties for those you’re leaving property to. 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. When it comes time to determine who the executor of your will or who a guardian shall be for your offspring, often emotions come into play. Your oldest son is the new head of the household, so it only makes sense that he should take care of the estate. Feelings should be put aside for a decision as important as this. The abilities and availability of the individuals considered should be the most important factors. 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. The impartiality of an executor lawyer may help you make the decisions that are best for everyone involved.
5. Failing To Plan Your Estate At All. This is the most common mistake that people are guilty of! You put it off and put it off, knowing you’ll eventually get around to it. Then you forget, and it never happens. The resulting court battle could split your family apart. Get an attorney to help you with an estate plan. Get a guardianship attorney to help you prepare for the care of any minor children you have. And if you’re worried about what will occur should you be incapacitated, talk to a living will attorney.
The law offices of Marchese & Maynard can provide you with the best New York probate attorney available. Go to their website and get a New York estate planning attorney to assist you soon.