Estate Planning Mistakes - Number Five

I can not tell you how many Wills did not adequately identify the property to be given. This provides for further disputes among family members. You want to be specific in your bequest. For example, provide the account number; give the property address or legal description on the Deed; provide the license number or registration. You want to catalogue art work and reference the appropriate catalogue number for distribution.

You can assist your Executor if you leave a memorandum with your Will that is precise regarding the gift. And finally, as a savings provision, let your Executor make final decisions in any dispute.

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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/

Princess Di - Formalities are Important For a Will

It is important that your will is signed, witnessed and notarized in order to avoid unnecessary controversey. Some individuals like to leave a memorandum noting distribution of some objects. However, it is important to go through the formalities required of a valid will to make sure your wishes are followed.

At her death in 1997, Princess Diana left a detailed will, naming her sister and mother as executors. She also wrote a separate "letter of wishes" asking her executors, at their discretion, to divide her belongings among her sons and her 17 godchildren. But instead of getting stuff worth over $100,000, each godchild got the equivalent of a trinket. If you want someone to have somethng special do not rely on others to do it for you, provide for it in your will.

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