Estate planning pitfalls to keep in mind

Estate planning pitfalls to keep in mind

| Jul 11, 2017 | Estate Planning |

When Ohio residents are planning their wills, there are a few key areas that are important to consider in order to make sure a will holds up in court after death. Estate planning can be complicated, and it can be critical to be aware of a number of factors that go into a will to enable an orderly distribution of the estate.

While it is true that the purpose of a will is to make sure that the wishes of the deceased are implemented, it is possible for close family members to challenge it in court if they are excluded. It made easier to challenge if they are not mentioned at all in the document. Testators should thus consider including their close family members’ names and addresses, even if they will receive no bequest.

In addition, many people writing a will wish to leave a bequest to their children who are minors. However, this could be a problem, as minors are not allowed by law to receive significant bequests. If the matter is left without further discussion, a judge might appoint a conservator for the funds. Testators can avoid this concern by transferring the funds instead to a Uniform Transfers to Minors Act account administered by a chosen custodian until the minor child turns 21. Other forms of transfer, like trusts, could also be considered.

An estate planning lawyer can be an important resource for people who want to preserve and protect their property for future generations. A lawyer can draft a will that is in accordance with state law in a manner to protect the interests of the client and can also work with other professionals like financial advisers to ensure that the estate is protected from waste.