Considerations Before ‘Simplifying’ Estate Planning

Some estate planning strategies involve choosing an alternative method in or order to avoid what seems like a more complicated and time consuming method. These alternatives can be beneficial, but require considerations that are often not thought of immediately. Here are some of the considerations for estate planning alternatives:

• Using joint ownership to lessen probate assets: Don’t forget to consider the consequences to the property under joint ownership if the other owner gets divorced or goes through bankruptcy.
• Using a will kit rather than seeking professional legal advice: Keep in mind that the kit likely will not account for unique and individualized situations, such as a blended family or if the beneficiary is disabled.
• Gifting large portions of assets during life: This is often not as simple as it seems and seeking legal advice before making large gifts may be beneficial.

See Michelle White, Your Estate – You Can But Maybe You Shouldn’t, Examiner, Sept. 29, 2014.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.