Speak to a St Albans Estate Planning lawyer today in the 11412 area for a free phone consultation at 347-766-2685.
2 Common Estate Planning Mistakes
Estate planning can be tricky and the average person is not equipped with adequate knowledge
to work with the system on their own. Make sure you get help from a competent lawyer that you
know has your best interests in mind otherwise you risk making these common mistakes.
? Assuming a will is enough
Most people assume that a will is all somebody needs to properly disburse our estate. For most
people, this is not the ideal choice. A will leads to probate court. There is no way to disburse an
estate left within a will without having to go through probate.
The executor will need to get an attorney and that attorney is likely to charge a percentage of
the estate as their fee regardless of how much time is spent. The probate process can last for
years and is also a public matter. This means that anybody interested can see your entire estate
which include business competitors. The fees involved in probate is expensive. Details need to
be published within newspapers. A will is easily challenged even without the help of a lawyer.
Trying to sell real estate through probate is very hard and usually leads to properties being
sold below its market value. There are also many instances of long probate cases causing
arguments between heirs as they are usually anxious to get their share.
Your wishes will be subject to the interpretation of a judge in probate court and they usually
prioritize your children’s welfare above all else. There is a good chance your wishes will not be
There is a common misconception that wills are cheaper than living trusts. While wills are
relatively cheap, you will need something more than just that, Once you include all of the
provisions needed, it can likely cost just as much as a living trust. It’s true that a will can almost
do everything a living trust can but if your will is as complete as your trust, it won’t be cheap and
your estate will still go through probate.
A living trust will only take weeks to disburse rather than years, it is completely private and will
make sure all your wishes are followed. There is no need for courts or attorneys and you can
sell real estate assets with no problems.
? Leaving substantial gifts to heirs who aren’t ready
This mistake is very common. Most people assume the will reach an old age and that their
children will be mature enough to manage their inheritance. The problem with this is that any
unexpected illness or accident can lead to the distribution of your estate to your 20 year old son.
There have been several estates wasted in the span of a couple of years because of immature
With a trust, you will be able to protect your heirs from themselves or overbearing spouses. You
can make the inheritance usable for college or for the purchase of a house. You’ll also be able
to protect heirs with special needs.
If you live in the St. Albans NY Area and need help planning an estate you can call us now for a consultation.