Leading Estate Planning Attorney Dennis Toman founder of The Elderlaw Firm in Greensboro, NC outlines the most common errors to avoid while drafting a will. For more information please visit https://www.elderlawfirm.com
Greensboro, NC United States - May 30, 2023 —
Failing to plan and create a will is as bad as not keeping one under regular review, Elder Law Specialist Dennis Toman said, in highlighting a series of errors to avoid.
For more information please visit https://www.elderlawfirm.com
The Founder of The Elderlaw Firm, in Greensboro, NC, said someone not planning ahead for family or spouses for when they die, or becoming incapacitated and unable to make independent decision-making, can leave their asset distribution process confusing - and open to legal challenge.
Toman commented that anyone considering drawing up a will should pay particular attention to detail. "Creating a will avoids potential problems down the line, but you need to ensure it is correctly written," he urged.
Usually, one making a will should sign it in the presence of two witnesses, who also counter-sign it in the presence of each other and the will-signer. Failing to do so could invalidate the will, and those wishes might not be fulfilled.
Toman said: "All signatures need to be notarized at the same time to make it easier for the will to be admitted to Probate without locating the witnesses after your death.’’
"A will should be considered a living document, but forgetting about it is commonplace. After establishing a will, continually review and update it if anything changes in your life or you receive new assets. As law and legal strategies can change, review your will at least every three to five years."
People often make the error of assuming their will governs assets or property under beneficiary designation. "When it comes to deciding what to put in a will, you should only include property and assets that belong to you," he added.
Assets jointly owned will not pass by your will but to the surviving joint owner. You shouldn't include assets or property with designated beneficiaries such as "payable-on-death" or "transfer-on-death", Toman explained.
He said: "These assets will pass by the beneficiary destinations, not the will. Any conditions in your willl that you set out for assets that already have designations or are jointly owned will be invalidated."
Failing to consult an Elder Law and Estate Planning attorney is the biggest mistake to befall anyone considering making a will, said Toman, adding: "Many factors need to be considered and could be easily overlooked without the help of a professional.’’
"A will covers many areas, from funeral arrangements to care for children, and not just asset distribution. An attorney can also advise on the need for contingency plans in a will if you become incapacitated, or the benefits of creating a Trust."
Source: http://RecommendedExperts.biz
Contact Info:
Name: Dennis Toman
Email: Send Email
Organization: The Elderlaw Firm
Address: 403 W Fisher Ave, Greensboro, NC 27401
Phone: 336-378-1122
Website: https://www.elderlawfirm.com
Release ID: 89098431
If you detect any issues, problems, or errors in this press release content, kindly contact error@releasecontact.com to notify us. We will respond and rectify the situation in the next 8 hours.
