Inadequate Estate Planning
While most of us are aware of the risks of not having an estate plan the truth is, having an
inadequate plan can be just as risky.
Your estate plan should do more than just distribute your assets – it should protect them
as well. A good plan can also protect your loved ones from things like probate and
excessive taxes and legal fees. It should address all your unique concerns, such as
disabled dependents, providing for the family pet, ensuring your grandchildren get to
college and even leaving money to your favorite charity.
The problem is that many people create a plan, usually through a Will, and then never go
any further. But that Will might not be enough and what’s more, an out-of-date Will can
be the equivalent of having no Will at all.
For example, if your beneficiaries are out of date, the probate judge may decide that your
Will is invalid and throw it out all together. New births, divorces and deaths are all
reasons to update that Will and ensure that all your beneficiaries are accurate.
Likewise, if your Will contains bequests for property you no longer own, the judge may
decide that the Will is too outdated and set it aside.
If you’ve accumulated considerable assets and/or have minor beneficiaries to provide for,
you may want to consider adding a Living Trust to your plan. This would allow you to
leave incentives for those minor heirs or provide your beneficiaries with regular income
from interest while the assets sit in the trust and continue to earn.
A disabled dependent on the other hand, would require a different kind of trust to ensure
that he or she continues to qualify for important government assistance programs.
And the list goes on and on.
Take the time today to give your plan a good review. If it needs some tweaking, or even a
major overhaul, a good estate planning attorney can help you create a plan that meets all
And that’s really the whole point of having a plan in the first place, isn’t it?
Experienced estate planning attorneys Naples NY of the Law Office of Michael Robinson
P.C. offers estate planning and business planning resources to residents of Naples NY. To
learn more about these free resources, please visit http://www.mrobinsonlaw.com today.