Leading estate planning and probate attorney Bobby Sawyer founder of Johannesmeyer & Sawyer, PLLC warns that poor estate planning can lead to legal battles, lost inheritances, and urges clear, professional guidance to avoid costly mistakes. For more information, please visit https://www.jandspllc.com
-- Poor estate planning can lead to long legal disputes, lost inheritances and family breakdowns, warns leading Probate and Estate Planning Attorney Bobby Sawyer.
For more information, please visit https://www.jandspllc.com
Bobby Sawyer of Johannesmeyer & Sawyer, PLLC said the point of estate planning was to avoid such uncertainties and confusion to heirs and families who are usually coming to terms with the loss of loved ones. "Horror stories, unfortunately, occur because of a multitude of reasons, including neglect, ignorance or naivety."
Sawyer revealed he had seen his fair share of horror stories around estate planning. One common error is the lack of a will or estate plan. Having one means that a loved one's instructions are laid out in black and white as to what happens to their assets once they have died.
However, on a number of occasions, families have been faced with a loved one not leaving a will, or the will disappears. A loved one may orally agree to distribute assets, but on passing, a partner will usually inherit everything by default. The partner may decide to distribute assets differently to how they were intended or against the verbal agreements made.
"The net result is that heirs may take the legal route to challenge matters. This can have devastating consequences and not just in terms of the lengthy legal costs involved," he said. “Legal fights can also damage close relationships.”
The attorney said that in one case an executor took it on themselves to ignore beneficiaries, mismanaged the estate and was sued for fraud.
"Again, the legal process bit deep and it took years to resolve and led to the estate's funds being drained as a result. The point here is that a person should only appoint an executor they can trust and will carry out their instructions to the letter."
DIY wills have become a popular trend in the last decade, but the lack of a professional overview can often cause more problems and become more costly than what they set out to achieve.
Tales of people designing a DIY plan, failing to sign it, and then it lacking in law continue to percolate as attorneys have to be called in as a last resort to salvage the mess created. "In some cases, DIY wills have been invalidated by a court and the estates distributed under intestacy laws."
Failing or forgetting to declare bank accounts and allocating them correctly can also lead to complex legal fights between family members. "An estate plan has to have clear guidelines, but they also have to be regularly updated to mirror the changing times of an individual," the attorney said.
Heirs can often be left frustrated if they are unaware that debts on an estate have to be paid off first. One family was left shocked when a business was handed to them by a loved one on death, only to find there were hardly any assets left due to a mountain of debt left behind.
"When a person draws up an estate plan they are recommended to talk to loved ones to ensure they are aware of their reasons behind the distribution of assets and to help manage any expectations,’’ he explained.
"Often, a poorly written will can lead to legal fights if beneficiaries don't believe the will reflects a loved one’s true intentions. They can challenge it in court and further prolong the agony."
The attorney also cited celebrity wills that can take years to resolve. Marilyn Monroe had a valid will, but the probate of her estate took nearly 40 years to resolve. The assets were eventually passed to a friend she had never met, but that person died before probate was concluded. The friend's widow inherited the assets of Monroe's estate, almost $40m in total.
The wills and estates of Elvis Presley and Aretha Franklin, have also been subject to issues and litigation.
"Whether you're famous or just an ordinary person, having an estate plan is a major advantage. Sourcing proper legal advice from an estate planning attorney can ensure that loved ones won't face years of costly and highly emotional legal battles," Sawyer concluded.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Bobby Sawyer
Email: Send Email
Organization: Johannesmeyer & Sawyer, PLLC
Address: 1184 Springmaid Ave suite 201, Fort Mill, SC 29708, USA
Phone: (803) 233-6777
Website: https://www.jandspllc.com
Release ID: 89162022
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