When establish your estate plan, it is important to confer with a knowledgeable lawyer. Attempting to draft a Will or trust without professional help can result in many costly errors. To learn more, please read our blog titled “DIY + Estate Planning = Trouble.” One type of mistake that can have significant consequences is when a conflict occurs. Below are some of the reasons why conflicts occur:
- You die without a Will or your existing Will has not been updated recently
- Your Will is ambiguous, contradictory or otherwise written improperly
- Your Power of Attorney was not written correctly or the appointee is abusing the powers granted to him or her
- Your family is unaware of your wishes and expectations
- Your estate plan makes unequal distributions to your heirs without any explanation
- The validity of your Will can be challenged because it was signed while you were incompetent or under duress
- Conflicts exist in the trust terms between current beneficiaries and the remainder for contingent beneficiaries
- Your DIY will is not properly executed (meaning its invalid!)
Any of the above conflicts in your estate planning documents can result in confusion and even costly litigation between your loved ones.
Don’t be caught unprepared or with an estate plan that fails to accomplish your goals. If you are concerned with what will happen to your children or your property, or you want to eliminate estate taxes, let us help. We can assist you in creating an effective estate plan and asset protection strategy. It was pointed out to me recently that a good estate plan costs less than .02% of the average estate. That’s a very small price to pay, to know that your heirs are protected and that your estate plan will survive an attack from someone who may be unhappy with your plan. Clearly stating your intentions and unambiguous documents clear the way for a smooth distribution after you are gone!
The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.