Navigating Probate Horror Stories: Lessons from Brooklyn Estate Case Examples
Navigating Probate Horror Stories: Lessons from Brooklyn Estate Case Examples
The Tale of the Missing Will
Lesson Learned: Ensure your will is stored in a safe, easily accessible place and that trusted family members or legal advisors know where to find it.
The Heirs' Tug-of-War
Probate can bring out the best and worst in people.
Lesson Learned: Open communication with heirs during the estate planning process can prevent misunderstandings and help maintain family harmony.
A Trust in Trouble
Trusts are often seen as a way to sidestep probate, but they're not foolproof. Make sure to update your trust to reflect changes in family dynamics and asset distribution preferences.
Lesson Learned: Regularly update your trust documents to reflect life changes and ensure they align with your current wishes.
The Taxing Reality
Lesson Learned: Work with an estate planner to understand potential tax implications and develop strategies to minimize the burden on your heirs.
The Unexpected Beneficiary
Lesson Learned: Clearly outline beneficiaries and any exclusions in your estate plan to avoid surprises.
A Case of Mismanaged Medicaid
Medicaid planning can be a lifesaver for many families, but it requires meticulous attention to detail. Make sure all documentation is correct.
Lesson Learned: Engage with experienced professionals to handle Medicaid planning and ensure all documentation is accurate and complete.
This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship.
For more information on this and other topics, please contact Kevin via any of the channels listed below:
📧 kevin@kmckernan.com | 📞 718-317-5007