Estate planning is one of the best ways to plan ahead and provide for your family in the future. A well-written plan will involve a lawyer that can walk you through the strategies and potential estate planning pitfalls of crafting an estate plan.
Crafting a solid estate plan is rarely easy, given the emotional labor required. Many testators do not foresee their hard won plans falling apart in litigation. Planning ahead for potential hurdles can keep an estate plan airtight.
What Are Some Common Estate Planning Pitfalls?
Delaying: An estate plan that is not created and finalized prior to death is sure to fail. People can be busy and delay the task of creating a will until it is too late.
Lack of communication can also delay the process. Family members may be equally resistant to discussing estate plans, and may not want to envision a life without their spouse or parents. Communication, however, is one of the most effective tools in securing an agreement that is best for all parties.
Poor Tax Preparation: Making poor tax planning decisions can leave family members in debt, rather than a secure future. There are many tricks that testators might try to lessen the tax burden on their families, but it is important to work with an estate planning expert to make sure you are using these tools correctly, not making expensive mistakes that will cost your family.
Too Specific: Even if you have good intentions, making stipulations that are too specific might have unintended consequences that are difficult to change. Specifications that may lead to disputes might include dictating where your beneficiaries will live, the education they will receive, or whether they should marry and have children. Think through the consequences of your stipulations, communicate with those affected, and be prepared to make changes if needed.
Infrequent Updates: Life changes fast, and your estate plan should reflect those changes. Even if you do not anticipate making any changes, reviewing your plan once a year to be sure you are correct will keep an estate plan secure. The world changes, circumstances change, children age, divorce happens, and sometimes testators outlive their beneficiaries. Frequent updates help to ensure that there are no complications.
Failure to Plan for Incapacity: Even if a testator is willing to face their own mortality, they may forget to consider incapacity. An estate plan may fail if the testator did not give themselves enough money to take care of themselves, or if they failed to assign someone to make decisions for them. Before incapacity occurs, it benefits an estate plan to include roles that know how you would like your estate to be run and can make decisions for you.
Premier Estate Litigators in the State of Georgia
If you find yourself in an estate dispute, Gaslowitz Frankel LLC are experts in estate litigation. When you contact our law office at 404.892.9797, you’ll be in touch with the premier fiduciary litigators for the state of Georgia.
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Gaslowitz Frankel LLC is the Southeast’s premier fiduciary litigation law firm. Our legal team specializes in all aspects of fiduciary disputes with over 30 years of experience representing individuals, executors, trustees, and more in complex fiduciary disputes involving wills, estates, and trusts.
