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The following article was published in our article directory on April 13, 2018.
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Common Problems You Might Encounter During Estate Planning

Article Category: Legal

Author Name: Jeffrey R Loew, Esq.

Estate planning involves a delicate process of creating a plan to preserve or distribute properties within the family. Thus, the best solution for any individual is to hire an estate lawyer who will advise on wills & trusts matters and help prepare the documents. In this article, you will learn the common problems you might encounter when creating an estate plan.

Beneficiaries and distribution of properties are not defined

Some people think that heirs only refer to close relatives. But, heirs extend beyond children, spouse, and parents. Assets and properties may also be left to friends, extended family members, an organization or institution.

Leaving your heirs without a plan for asset distribution might end up in chaos, or worse, an estate litigation or civil litigation. Defining heirs is vital especially if you have multiple beneficiaries. In this case, more effort is required in planning the distribution of assets.

Not having an alternate name for a beneficiary who dies before the testator is another problem. Some people include an alternate beneficiary or second-level beneficiary to ensure that the inheritance doesn�t go to someone else other than the individuals they intend to receive them.

Disinheritance is not specified

Another thing for a testator to consider is defining whether he or she intends to disinherit an individual. Although disowning someone could make that person feel not cared for, it is critical to include that stipulation in the Will especially when there�s a reason behind the decision.

Failing to state and mitigate the risks of disinheritance could provoke family members to get into an altercation. Beneficiaries who have been excluded from the will without specific details frequently challenge the Will and insist on three primary causes:

Undue influence or coercion
Improper execution of the Last Will and Testament
Lack of testamentary capacity or mental incapacity

Numerous marriages and divorce

Many parents do not realize that remarrying could affect the inheritance of their children. Remarriage and divorce can complicate estate planning.

The interests of children in the previous marriage are typically expected to be in the first marriage Will, but some parents forget that updating a Will after divorce or remarriage is necessary. If you are planning on remarrying or have already remarried, it�s essential to update a Will to ensure that your assets are passed on according to your wishes.

Remarriage and divorce also add to the complexity of estate planning. A good solution is to establish a trust or trust administration. In this way, the testator can effectively appropriate properties and other resources between spouse and children and prevent inheritance conflicts among family members.

Guardianship of minor children

The problem is that some parents directly leave their estate to their children who have no legal authority to take control of the properties. Therefore, the state law will determine who will administer the deceased�s properties, which is typically the closest family member.

If the testator had remarried, his or her ex-spouse would typically receive the custody of your minor child after his or her death. Subsequently, the surviving parent will also be in charge of the child�s inheritance. That is because small children can�t legally own an asset or property until they reach legal age.

If you want someone else to manage the inheritance, you�ll have to make arrangements in your estate plan.

Distribution of digital or intellectual property

In these modern times, the digital or intellectual property should also be considered. This means, access to your computers or cell phones, social media accounts, copyrights, patents, and trademarks of intellectual property.

An estate plan without describing how intellectual property should be managed can be problematic. The intellectual property may not be given to the intended person and may be mismanaged and lose its value.

Estate planning is vital in preparing your estate for your successors. You�ve worked hard for your properties � and for the people you care about. It�s your family�s turn to enjoy ownership � and to protect and preserve your properties.

Keywords: Probate Administration | Probate Litigation | Estate Planning | Estate Litigation | Wills & Trusts| Trust & Estate Litigation | Trust Administration | Elder Abuse Litigation|Civil Litigation

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