Hidden Pitfalls in Estate Planning-Special Circumstances When You Might Need a Professional
Why not take the Do-It-Yourself approach to Estate Planning? If you have very few assets, self- help might be one approach. But Estate Planning is much more than having a Will, Power of Attorney; and Health Care Directives in place.
When it comes to hidden pitfalls, there are quite a number of special circumstances where you would be ill-advised to use an “estate planning app”’.
Here is just a short- list of some situations that might create “pitfalls”:
Blended families and step-families– his, hers, mine, yours, ours, theirs
Common law couples; same sex couples; unmarried couples
Changing dynamics of a family structure – divorce(s), remarriage(s)
In vitro fertilization, Artificial Reproductive Therapy, Adoption
Discord and long- term alienations among immediate family members
Complex estates with complicated tax rules
Small business ownership
Frequent changes in domicile
Complex divorce/marital agreements
Special needs family member
Widely differing views of inheritance between spouses
Diminished mental capacity/dementia/cognitive decline of testator
And the list goes on….
In such cases, there is a higher probability of unexpected outcomes from a poorly structured estate plan.
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