A Few Mistakes A New York Probate Lawyer Can Help You Avoid
Let’s face it. Estate planning has so many aspects to consider. 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.
Listed are just a few of the more common mistakes that can be made when attempting to do estate planning, but it is by no means the end of it:
1. Making The Assumption Your Family Won’t Fight. 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. With a executor attorney at your side this kind of ugliness can be avoided entirely.
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. This is not true. Your will can become outdated almost as soon as it’s been written. For instance, if you purchased a new car or plot of land after the will was drafted, that property will not be covered. Likewise, any new additions to your family won’t be covered under the will. An expert New York probate lawyer can determine what changes in your life that could warrant a review of the will. He will assist you in updating it, should the need arise.
3. Assuming That Only Wealthy Individuals Will Ever Need An Estate Plan. People falsely assume that their estate just isn’t worth enough to warrant all this trouble. The true worth of an individual’s estate can be staggering, especially once the value of a home is factored in. 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. Get an executor attorney and your accountant to help determine just how valuable your estate is.
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. As your daughter is the first born you may feel she should manage the assets. Decisions such as these should always be based on the skill of the individual. It’s not fair to anyone if the person chosen isn’t able to carry out his duties. Choose wisely. An executor lawyer can assist you with this kind of decision process.
5. Failure To Estate Plan At All. This is probably the most common mistake that so many people are guilty of. You put it off and put it off, knowing you’ll eventually get around to it. And it never happens. The resulting court battle could split your family apart. Let an attorney assist you in setting up an estate plan. Get a guardianship attorney to help you prepare for the care of any minor children you have. If you’re worried about what happens if you become incapacitated, a living will attorney can help you.
Marchese & Maynard can provide you with the greatest New York estate planning attorney available. Go to their site and get a executor attorney to help you today.
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