While no one wants to think about their own death, financially planning for such a situation can leave family members better off. There are a variety of ways to ensure that those left behind are secure; estate planning can often range to setting up trusts to putting together a living will. In some cases, not all estate planning attempts to go as planned.
A woman from Florida hired an attorney and set up what she thought would be a reliable trust for her underage daughter. Six years after setting up the trust, the Florida woman found that her attorney had made a mistake in setting up the trust. The mistake would give most of the woman’s trust to her ex-husband instead of daughter. Although most individuals go through an estate planning process in order to avoid complication, without the proper assistance, complications can be difficult to avoid.
To avoid situations like the woman from Florida found herself in, the best policy may be to find a estate planning attorney that has experience in handling a variety of estate planning categories. Too often, loopholes can show up in living wills and trusts that are often not expected. For this reason, most people find that trying to handle estate planning issues on their own can often go wrong.
Fortunately, an experienced estate planning attorney will also have the knowledge and forethought to help individuals avoid complications and loop holes when it comes to living wills, trusts, prenuptial agreements, and other estate related issues. Furthermore, estate planning attorneys will understand be able to assist individuals with tax issues that occur when setting up a living will and can also assist surviving family members with living wills and trusts left to them.
Source: Fox Business, “Duck Estate-Planning Fiascos Before it”, Sheyna Steiner, May 13, 2013