These common, unfortunate estate planning mistakes can be easily avoided by retaining a qualified attorney:

1. NOT HAVING A WILL

o People procrastinate. They figure that they don’t need a will because they have few valuable assets. They can’t decide who should receive what, or who should be “in charge.” They are afraid their family will fight. They don’t want to spend money on an attorney. Whatever the reason, when the probate court receives no guidance from the deceased, it must turn to state law to determine the disposition of the estate. At this point, the family has lost any control over the outcome. Instead of avoiding a family fight, the deceased has put his or her family in conflict at a most vulnerable time.

2. No health care directive and/or no power of attorney

o A proper estate plan must consider these important legal documents. Without a health care directive, medical treatment may proceed without consideration of your wishes regarding the extent of treatment. Do you want to be kept alive with expensive medical technologies? Who in the immediate family is to make such decisions? Conflict often results among family members. A health care directive expresses your wishes regarding medical care and can appoint one or more persons to make vital decisions on your behalf when you are incapacitated. Likewise, a power of attorney appoints one or more persons to handle your financial and legal matters if you are incapacitated. Together, these documents complete the picture of how to assist you in your time of need with the least conflict, upheaval and surprise possible.

3. Handwritten wills/will changes

o A valid will must be signed and witnessed by at least two people. Any editing of a will after the fact is invalid and could invalidate the entire will. Consult an attorney if considering will changes, even minor ones, to ensure that any changes can be enforced.

4. Not coordinating beneficiaries

o A will cannot direct the disposition of all assets. Without using trusts, a will has no impact on life insurance, qualified retirement plans, pensions and any other asset where a named beneficiary will take the asset upon death. A review of these assets is an essential part of providing for integrated wealth transfer consistent with your wishes.

5. Not organizing and sharing information

o Drafting a will is only a first step to complete estate planning. It is very difficult for a personal representative to carry out your wishes if they cannot find the information concerning your assets. Make sure your personal representative knows where and how to access the records of your financial accounts, life insurance policies, etc. As important, annually organizing your files, including a review of the will and related documents ensures an accurate reflection of your wishes.

6. Keeping a will in a bank deposit box

o This seems like a good idea – keeping valuable documents in a safe place! However, safe deposit boxes typically only grant access to the depositor. If the depositor has died, getting to the will in the safe deposit box usually requires court appointment as the personal representative—an appointment that only comes when the court has the will, which is still in the safe deposit box, creating a “Catch-22.” The original will should instead be kept with the attorney, in a fireproof safe, or in a safe deposit box with joint access, or a combination of these methods. Note that this last choice has other risks, requiring confidence and trust in the other individual.

7. Leaving money to minors

o Leaving money to a minor usually results in the need for a guardian or conservator to hold this money for the benefit of the minor, and to report annually on the status of the assets. A better alternative is to consult an attorney to properly leave such a gift in a trust for the minor’s benefit (health, welfare and education) with distribution of remaining funds to the minor when he or she reaches a certain age. When done properly this protects the minor, the gift and provides for a straightforward transition of the gift.

8. “Deathbed” wills

o Changes to a will or execution of a new will near the time of death or during incapacity usually result in a contest of the validity of the will. This can become a very expensive battle for those left behind. A far better alternative is regularly reviewing your estate plan with your attorney to ensure your wishes are accurately reflected in a will which is validly drafted, witnessed, and executed.

9. Failure to tax plan

o Estate taxes can reach up to 50% of the value of the estate. Because tax laws regarding exemptions vary each year, it is critical to consult an attorney, tax advisor or accountant regarding your estate planning. This ensures that the proper legal structure is in place to maximize the legacy you leave to your loved ones.