Each estate plan differs from the next. One person’s estate plan may include a will only, while another may be more complex with a plan including various trusts, a power of attorney, and other directives. No matter what documents are part of a person’s estate plan, one may assume that having something in writing is better than nothing. However, that’s not always the case.
One of the most common reasons estate plans fail is because they are not regularly updated. Life circumstances change, and an estate plan should reflect those changes. It could become outdated or ineffective if individuals do not update their estate plans.
Another frequent reason estate plans fail is that individuals do not communicate their wishes to their loved ones. Individuals should converse with family members, friends, or other beneficiaries to discuss their wishes for final arrangements. If this does not happen, someone’s wishes may not be fulfilled or create conflict among others. Additionally, if an estate plan has a will only, and a potential heir feels they are entitled to certain assets, they could contest the will. Learn more about who needs to know about a will here.
Finally, some estate plans fail because the assets are not correctly titled. Individuals must ensure that all of their assets are correctly titled in their name, the name of their trust, or joint ownership with their spouse or other family members. Otherwise, the assets could go through probate and be contested.
By following these tips, individuals can help ensure that their estate plan is successful.
How Law Offices of Steven M. Adler, PLLC Can Help
Contact the team at Law Offices of Steven M. Adler, PLLC if you have any questions about estate planning. Our dedicated estate planning attorneys will create a plan that meets your needs and help you feel confident that your wishes will be fulfilled. Reach out to our Long Island estate planning lawyers online or by phone. (516) 740-1184