Whether you are getting older or not it is never too early to consider getting your affairs in order. While this is almost always associated with aging citizens, you can do it at any time. The most basic form is by writing a simple will, like making a will in Michigan, but in some cases it might be necessary to plan accordingly. Some reasons for this include multiple beneficiaries, trustees, and other third parties.
Dealing with large estates can be a complex situation for everyone involved. Should you have a large estate then you need to ensure that it is handled correctly. Where an individual, group, or organization is to benefit from your estate then legal complications have to be handled properly so as to avoid problems when you pass on.
Common issues associated with mismanaged estate include:
All these complex matters can cause misery to everyone involved and drag on for years if not correctly handled by a legal representative. Lawyers who are experienced in these matters are recommended. They can ensure that your estate is handled according to your wishes by taking care of the necessary paperwork and filings.
Ensure There Is No Bickering
One of the most common issues associated with a mismanaged estate is inheritance disputes. Proper estate planning between you and your estate lawyer can guarantee that this doesn’t happen. While every case is unique, some statistics need to be taken into account when planning estate distribution.
UK solicitor Seddon’s found that 30% of people who have been involved in disputes claim that family members stop talking to each other and 44% of these involve siblings. No parent would want this for their children when they are gone. By planning your estate now you can guarantee that anything that is to be bequeathed to loved ones is done so accordingly.
Reduce the Chances of Theft
The theft of money from estates following the passing of someone is more common than you might think. With blended families especially, inheritance theft is more likely to occur. The problem with this is that it is difficult to prove and further complicates legal matters. The issue can be handled in court and a probate judge can order items or money to be returned.
But you can appoint an executor of the will to carry out your wishes. The executor holds the legal right and responsibility to distribute your estate as you have instructed. According to your will, this must be carried out. Executors are usually entitled to a small percentage of the monetary value of your estate and this is different by national or state law.
Protect Your Future Decisions
There are many reasons for arranging your estate but one of the most common is that you are getting older. As you age you will become more susceptible to age-related illnesses such as dementia and Alzheimer’s. Should you suffer these illnesses, you might become easily influenced as your mental faculties become diminished.
This is known as undue influence and essentially means that someone can take advantage of you. This type of influence is common and is a typical form of elder abuse. Carers, family and employees might perpetrate this criminal act. You might be fine now, but you may not be as you age. This is why it is never too late to get your affairs in order.