Estate Planning Mistakes - Number Eighteen

Do not fail to amend your Will after a birth or adoption. Under Pennsylvania law, you can disinherit your children. Unlike a spouse, you are not required to leave your children anything. However, in order to avoid the inadvertent disinheritance of a child, Pennsylvania law provides for certain rights to children.

If your child is born or adopted after you made your Will then such child will stay be able to inherit. It may not be fully what you intended. That is why it is important for you to avoid these pitfalls/mistakes.

Contact us at http://www.ythlaw.com/ for expert estate planning advice.

Disinherited Spouse - Elective Share

We have learned while watching the coverage of Michael Jackson estate that you do not have to provide for parents, siblings, an ex-wife or other family members. However, I thought I would take this time to address who you can not disinherit. You can not disinherit a current spouse; husband or wife.

If the will does not provide for a husband or wife, then the disinherited spouse can elect to take against the will. The assets which the spouse has a right to includes property passing under the will of the deceased spouse or by intestacy if the deceased spouse died without a will. In addition, assets conveyed during marriage, by the deceased spouse to himself or herself and another with rights of survivorships, are also included. Finally, assets that were given away within one year of death, to the extent that the gift exceeded $3000 or the statutory limit.

The elective share rule is an election that a spouse must affirmatively make in order to receive a 1/3 share of the deceased's estate.

Each state differs so to learn more contact our office at www.ythlaw.com or leave a comment.

SIXTH of TEN Hot Estate Planning Topics

SIXTH, everyone wants to avoid probate. However, most people do not know what probate is. Though most people may not be directly involved in the probate process, many are still effected by probate. Probate means to prove the existence and contents of a will. A will is a public document that is filed when a person dies. It is not so much that you should try to avoid probate. It is more important that you understand the nature of your assets and how best to distribute it when you die. There are things that you can do to make the probate process go smoothly. First, be clear and concise in your will. Do not leave things to interpretation. Second, address potential conflicts among beneficiaries up front. If you wish to disinherit someone (other than your spouse) that is your right. State it and tell why, ie. I do not want them to receive any share of my estate. Third, inform the person you named as your Executor that you have named them and provide them with some written instructions to help settle your estate. Fourth, organize your affairs so it is clear what you do own. If you have been leery about the whole probate process, let us know why. We can help!!!