• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Wilcox Attorneys, PA

Wilcox Attorneys, PA an Arkansas Estate Planning & Trust Information Center

Northwest Arkansas Estate Planning Attorneys (479) 443-0062

Client Vault
  • Home
  • Our Firm
    • Our Firm
    • About the American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • News & Events
    • Speaker Connection
  • services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • Legacy Planning
    • Pet Planning
    • Secure Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Webinars
  • Practice Areas
  • Resources
    • DocuBank
    • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Articles
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • Legacy Wealth Planning
      • Medicaid Planning
      • Pet Planning
      • Probate
      • Trust Administration & Probate
    • Newsletters
    • Pre Consultation Form
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
  • Blog

9 Unexpected Estate Planning Problems

February 8, 2017 by Deb Sexton Leave a Comment

This is an article from The Siegel Law Group (https://www.siegellawgroup.com/) in Boca Raton, Florida, that we thought others may find helpful.

When it comes to Estate Planning, it is crucial that you consider the issues that may arise after you have moved on.

On top of all of our responsibilities, it may be difficult to set aside enough time to ensure your Estate Plan is in order. When we forget to plan ahead, all sorts of unintended consequences and problems can occur. Consider these nine unexpected Estate Planning problems to avoid.

  1. Probate

Court-supervised administration of your estate is never an easy journey. Despite helpful court personnel, there are still filing fees, privacy issues, and long waiting periods before distribution.

Probate is a complicated legal process that can hold up your assets for months and force your inheritors to go to court. Remember to plan ahead with a comprehensive revocable living Trust with beneficiary designations to avoid your assets being held up in Probate.

  1. Asset Protection

Many people do not take advantage of the asset protection opportunities that Estate Planning has to offer. One weakness of simply transferring your assets to your loved ones is that it will not always rest safely with them. Their future divorces, creditors, or poor choices can strip the assets quickly and cleanly, leaving them none the better.

Protect the future of your loved ones by establishing a Trust in their name. With the right provisions, creating Trusts for loved ones means that your assets can be protected from divorces, creditors, and scammers for years to come.

  1. Family Disharmony

The death of a loved one can be a stressful time for everyone involved. While you might hope your family and friends will handle your passing gracefully, disharmony can arise due to improper Estate Planning.

Long-standing tensions and disagreements can flare up and cause problems as your estate administration becomes a battleground for family politics and disputes. Consider how to help resolve these potential conflicts to avoid a family battle down the line.

       4. Attorney’s Fees

The most effective way to manage legal fees is to handle them while you are alive and able to oversee the Estate Planning process. Failure to plan is likely to increase the total amount of fees paid, especially in the event of a family legal battle over your assets.

  1. Successor Fiduciaries

Without a clearly stated successor trustee or back-up executor, your loved ones may have to go through court proceedings. Planning back-up trustees or executors to fill a vacant role can help avoid conflict, confusion, and time-consuming court proceedings.

  1. Contingent Beneficiaries

Create an Estate Plan in the event that your immediate family members pass away and/or are unable to inherit your estate. Old friends, distant relatives, or charities are usually the preferred options when parents, siblings, or children aren’t an option.

  1. Updating Beneficiary Designations

Beneficiaries are those who inherit your assets upon your passing. Keep beneficiary designations up to date to avoid confusion and dispute over who is the real beneficiary.

  1. Joint Accounts

In the event of your passing, a joint account will pass your assets to the other joint owner. Joint accounts are a useful way of passing assets without requiring complex legal planning. However, joint accounts result in Probate upon the passing of the surviving joint owner and can add unnecessary liability.

  1. Failing to start

The number one unexpected problem when it comes to Estate Planning is procrastination. Once a disability or death occurs, Estate Planning options are limited. Protect your future and your loved ones by setting up an Estate Plan today!

 

  • Author
  • Recent Posts
Deb Sexton
Latest posts by Deb Sexton (see all)
  • Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
  • Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
  • The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Wilcox Attorneys, PA

DOWNLOAD OUR FREE ESTATE PLANNING WORKSHEET

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Subscribe to Our Blog

Subscribe to our blog for all the latest estate planning news and updates!

Office Address

Fayetteville
2766 Millennium Drive
Fayetteville, AR 72703
Phone: (479) 443-0062

Office Address

Prairie Grove
1100 Division Street, Suite 4
Prairie Grove, AR 72753
Phone: (479) 846-6026

( By Appointment Only )

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 12:00 PM

Map

map for office
  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

footer-logo

© 2023 American Academy of Estate Planning Attorneys, Inc.