Estate Planning Mistakes - Number Four

The 4th mistake that could occur with estate planning pertains to the distribution of "personal effects". Sometimes the biggest conflict among family members pertains to those items with little economic value but significant sentimental value. It is not the money or real estate because those distributions are generally made clear.

It is the family armoire, jewelry, china or art. Make sure you have a clear way of making the distribution. You might want to consider a lottery system or a memorandum listing who gets what. The memorandum could be placed with the Will and updated from time to time.

A little planning goes a long way to avoid conflict and bad feelings. Contact us for estate planning, probate and elder law needs at http://www.ythlaw.com/

Estate Planning Mistakes - Number Three

Mistake number 3 is getting the names wrong in the Will. This is a mistake that can be avoided with careful and professional handling. You also review your Will. Even if you do not know the legal terms and conditions which must be in Will, you can address misspellings, wrong names and other name related errors.

I have seen Wills with names misspelled and sometime the wrong name. You do not want to use nicknames but your "legal" name and those of your beneficiaries should always appear in the Will. It is appropriate to have "also known as" provided in the document for additional clarification.

Don't let this mistake cause your heirs anguish. Review before you sign. Contact us at http://www.ythlaw.com/ for expert advice and guidance.

Estate Planning Mistakes - Number One

Over the next few days, I will review estate planning mistakes. But more importantly, I will address how to avoid them or correct them if you have failed to avoid a mistake.

(1) Not getting an estate planning professional to handle your estate planning is a common error made by many.

You can avoid this by doing your research. Check with your local association of legal professionals for a recommenation or get a referral from a friend who has used an estate planning attorney. If you have already made the mistake, then have your documents reviewed by an estate planning professional to make sure you have what works best for you and your family.

We stay current all estate planning matters to serve you. Contact our offices for a free consultation at http://www.ythlaw.com/

The Issue with Probate

Probate is the means by which state courts validate a will and clear the executor to pay debts and taxes, sell property, distribute funds and perform other tasks necessary to settle an estate. It can be a lengthy and expensive process in many jurisdictions. Probate costs can consume 3 to 7% of an estat's value. It can be even more if there is a dispute that runs up additional legal fees.

You can help make sure your estate avoids many of the pitfalls of probate by planning now for the future distribution of your estate.

Contact us at www.ythlaw.com for expert estate planning legal advice.

Giving Birth is Like Estate Planning

I was talking with a client today about how estate planning is about everything we do. My client is a mid-wife. She thought awhile and then compared estate planning to giving birth. I thought that was very interesting.

She said you have to prepare for child birth and if you don't there may well be complications. Hello, the same is true for estate planning. If you do not plan for when you die, there may well be complications.

She said the baby is coming whether you are ready or not. Well, Well, the same is true for estate planning. Sooner or later, death will be our reality, ready or not.

Preparing for child birth is so very important for your health and the health of your baby. Preparing for death is so very important for your family and for the legacy you leave behind.

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The Girl With The Dragon Tattoo

This is a number one best seller from Swedish author, Stieg Larsson. There is a Swedish movie and plans for an American movie. The book was written as a trilogy, followed by The Girl Who Played with Fire and The Girl Who Kicked the Hornet's Nest. I have read the first book and I am half way through the second, fascinating read.

BUT, here is what is exciting from an estate planning perspective. Stieg Larsson died after his manuscripts were released but before his books were published. He is not around to enjoy all of the popularity his books have garnered nor the financial reward associated with the popularity. So what is happening with his estate?

You guessed it. There was no Will!! His brother and father are his only living heirs. Though he lived with his life companion of 32 years, he NEVER married. The beneficiaries of his estate are his brother and father. His life companion has no legal rights to any of his estate. So does it end there?

Of course not because there is rumors of a 4th book. Stieg Larsson apparently intended to write 10 books in this series. He had completed 3 and was well into the 4th which allegedly is in the possession of his life companion. Can a settlement be reached with the family that would be amendable to ALL parties?

What do you think? Leave your comments here or contact us at http://www.ythlaw.com/

Lessons Learned

Over the last few days we have had an estate planning moment from the archives of the rich and famous. Now, what do you do with this information? Well, just today, I had a new client tell me that these specific blogs made him think about what "could" happen. And with that comment, I realized my intent had been fulfilled.

You see, these are the types of mistakes I think about daily. However, such issues do not form a part of most people's regular thoughts or concerns. But, when I show you how it could play out with folks you "know" then I bring it home to you. It becomes more personal.

It also demonstrates how important it is that you seek professional estate planning guidance from one who is an expert in this area. Their insight is invaluable to you and your family.

Leave your comments here or contact us at http://www.ythlaw.com/