How NOT to Plan Your Estate [Blog & Video]
Many people wait too long to create a Will or a comprehensive Estate plan. There are many ways to create a will, some of which you could perform by yourself, however there are many pitfalls to avoid. Avoiding these pitfalls is the main reason to have an attorney prepare your will. See below for an example of a will that most people would want to avoid;
Peter Procrastinator’s will:
First: I, Peter hereby direct the probate judge to appoint anyone they choose to administer my estate.
Second: I direct that all of my assets be converted to cash regardless of the taxes incurred without consideration for financial savvy or market conditions.
Third: I direct notwithstanding my assets obtained prior to marriage or from my prior marriage, I leave everything to my current spouse and her children from her previous marriage.
Fourth: If any child entitled to a share is under 18, I leave it to the judge to appoint anyone they see fit to care for them, to allow my children to spend their money regardless of their gambling habits or criminal malfeasance without oversight by the court appointed guardian(s).
Fifth: When any child who is entitled to a part of my estate turns 18, please distribute to them directly, outright, regardless of their lack of financial or emotional maturity or the tendency to engage in addictive behaviors.
Sixth: If my spouse and children die in a common accident with me, please give my estate to any relative that lays claim to it, including those with whom I have been estranged and those whom I have never even met.
Lastly: If none of my family survives, may I gratuitously donate my entire estate to the state, since I know that municipal budgets are always stretched to capacity, signed,
Now, I know that you don’t want to leave your family and your loved ones with a mess, just like this Will would. So I’m going to offer some help to lay out a plan. There are obstacles to creating a will. Cost is one of them. I offer a free consultation because I can’t provide options for your estate plan without first knowing something about you and your family structure. Second, people have difficulty making decisions so I can help you make decisions if you tell me a little bit about what your goals are and what you would like to happen. Third, we’re going to send you drafts of any documents we create because I find that when people see things in black and white, they find it much easier to make a decision. This is particularly true when they’re trying to choose between people they are considering to appoint for one task or another. And lastly, we will help you with procrastination.
At the free consultation appointment most clients retain us. After we are retained, we prepare and then send drafts of your documents to you. Once you receive the drafts, you will call us to discuss your questions or changes. Please, call us to plan your estate and avoid leaving a will like Peter Procrastinator.
At Leonick Law, we understand the importance and peace of mind of knowing that your loved ones are safe and protected for when you pass. That’s why we offer services in Estate Planning such as writing Will and Trusts. Please contact us today.
James F. Leonick
Leonick Law, P.L.L.C.
TEL: (631) 486-9500