There are so many ideas about Estate Planning it’s hard to figure out the truth. Often you hear: “It’s completely unnecessary or it’s absolutely necessary” or “It’s as simple as 1, 2, 3, you can do it online, or it’s tedious, lengthy and confusing.” As a law firm in the practice since 1994, we’re here to tell you: it’s always the latter.
Whether or not you are wealthy, you still have assets. More often than not, there is someone in your life with whom you are close, and would like to take care of after your demise. These are two important things to keep in mind when thinking about creating an Estate Plan.
Martin Shenkman offers advice regarding the creation of your documents, namely making sure your actual wishes are met. In his Forbes.com article entitled “How To Ruin Your Estate Plan By Signing a Stupid ‘Standard’ Form,” Shenkman gives you an array of examples of how the wording in your documents can lead to shattering the dreams of your legacy.
One such example is as follows:
“Example: You’re on your death bed. A particular charity has made incredible efforts helping you with the health challenges you have. You want to leave 10% of your estate to that charity to thank and acknowledge their efforts and to enable them to help others. You call your lawyer and ask her to rush to the hospital to make the change and have you amend and restate your revocable trust to include the desired charity. The only problem is unless your lawyer must get the coop’s consent and that consent must be mailed to both the co-op’s managing agent and lawyer. While waiting for all these formalities, you die. The charity loses out. Hey, it could be worse.”
Danna & Associates, PC is a firm specialized in Estate Planning and Elder Law for over 24 years, which offers us extensive familiarity and experience in these matters. Help us help you create an Estate Plan that works for you! Call 718.273.0300 for your free consultation today!
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