People of all ages, who have some assets to their name, should consider will planning. Will planning should especially be important to people over sixty years of age.
Wills are crafted to resolve the potential disputes that are expected to occur after the demise of a person. However, there are instances when will planning ends up doing the opposite of what it is supposed to do.
Will planning does not solely involve the creation of a will rather it must be valid in a court proceeding. These court proceedings can cost a heavy sum of money, a lot of your time and can still end up going in the wrong direction.
Problems in the Will
There are multiple possibilities for a will planning to go wrong, such as:
- The will become outdated when the person dies. This is specifically true when the will has been created a decade ago.
- It does’t have the right executors
- The beneficiaries mentioned in the will do not seem to be the right persons.
- The distribution percentage seem flawed.
- Changes in the family such as marriage, divorce or death.
Court Proceedings
Beneficiaries or relatives who live in foreign countries are difficult to locate at the time of court proceedings. Thus, it is crucial to send notice of court proceedings to the relatives who might be required to visit the American Consulate for the consularization of legal documents.
In the case of a disabled child, a lawyer is appointed by the court for his/her representation. Along with it, the lawyer prepares the report to the court. Attorney’s fee is paid from the estate.
After all, the will only take effect when the person dies. What if the person becomes disabled for a period of time later in his/her life period? Remember that will won’t apply for such a time.
If you are planning to craft a will, reconsider your decision. Maybe it’s a living trust that you need.
If you need any further assistance in this regard, contact Keystone Estate Planning and Estate Protection and hire an experienced attorney.