Ohio residents who take the critical step of crafting an estate plan need to understand that it is only part of the process. Simply having a will is undoubtedly a positive step. However, there are challenges that can still arise. To avoid problems, it is wise to be aware of how gaps or missteps in their estate planning can be preemptively addressed.
Being aboveboard can be vital with estate planning
While creating an estate plan is a personal endeavor, most people who do so want to make sure their assets go where they want them and their loved ones are prepared. Recognizing what has led to issues for others can be useful in averting a similar fate.
Some might want to ensure their family members are prepared for any surprises that might come up. A survey by Ethos says that more than two in three Americans believe they should share their plans with loved ones. Just shy of half have taken that step. A Trust & Will survey found that one in three millennials do not even know if their parents have created an estate plan at all.
Predictability can be beneficial to preventing family disputes after a testator has died. The way assets are distributed is entirely up to the testator. Regardless, leaving property to a charity, a pet or a relative the immediate family was unaware of can be the catalyst for acrimony.
A LegalShield survey said than 36% of people who have written a will admit their heirs will be in for a surprise. An estimated 3% of wills result in a will contest. This is likely the last thing the testator expects and wants when they write the document.
People frequently leave their property to loved ones – particularly their offspring – unevenly. That too is their right. When doing so, they must make sure that the will stands the test of scrutiny. Accusations of undue influence, fraud, coercion or other acts that might nullify the will’s validity should be handled beforehand. The same is true for updating the will as time passes.
Estate planning should be done with clear objectives
Regardless of a person’s financial situation, size of their family, age and goals, having an estate plan is essential. It can cover all potential challenges they might experience. Knowing how to craft it to achieve their objectives – and make sure it is valid – is one of the fundamental parts of the process. From the start, being fully prepared is key and that often requires help.