There are some folks that have a tiny bit of knowledge, and this can be dangerous, especially when they want to share it with others. This dynamic can definitely enter the picture when it comes to estate planning estate planning tips.
At the end of the day, there is no substitute for qualified legal counsel, but some families pay a heavy price to learn this lesson.
Downloads and Worksheets
Several companies on the Internet sell downloads and worksheets that you can use to create different types of legal devices, including last wills and other estate planning documents.
A major study has revealed the fact that DIY estate planning is really not wise, and why would it be? Most individuals seek financial advice throughout their lives from retirement and financial planners. A lot of the same people feel as though they can make their own estate planning decisions.
You should definitely take pause before you follow the advice of someone that is trying to convince you that estate planning is a very simple matter that anyone can take on without any professional training.
Joint Tenancy With Right of Survivorship
Another action that could seem like a good idea on the surface is the establishment of a joint tenancy. This is simply the process of adding someone else to your property ownership documents as a co-owner.
If you go this route, after one partner passes away, the surviving joint tenant would assume ownership of the entirety of the property. This transfer would not be subject to the legal process of probate, and some content that this makes things easier. It may on some levels, but there are also risks that go along with joint tenancy.
They largely stem from the fact that the partial transfer of ownership takes place right away. As a result of this, your financial situation is intertwined with the decision-making of your joint tenant.
For example, if there is a legal judgment or a tax lien or child support lien issued against the person that you gave half of your home to, the property could potentially be attached.
We just scratched the surface in this blog post, but we have some great resources that you can utilize to gain more in-depth information about this subject and many others. There is a library of special reports on our side, and you can access any of them free of charge.
One of them is devoted to the subject of joint tenancy with right of survivorship. To see all the titles, visit our report library page and follow the simple instructions to obtain the publication that you are interested in.
Attend a Free Estate Planning Seminar
You can definitely find some great written information on this website, but we go the extra mile in other ways to provide educational opportunities. Our Albany trust attorneys enjoy getting out into the community to offer estate planning tips at seminars, and these sessions are very well received by the people that attend them.
It is not very often that you are offered something of value for free, but this is one of those instances. Though there is no admission charge for the seminars, but we do ask that you register in advance, because space is limited. To see the dates and obtain all the facts, visit our seminar schedule page.
Schedule a Consultation!
If you know that you are ready to have an in-depth discussion with a licensed Albany trust attorney, our doors are wide open. We will make you feel comfortable from the start, and we will provide you with friendly, personalized attention.
To schedule a consultation appointment, give us a call at 518-389-6020. There is also a contact form on this website that you can use if you would prefer to reach out to us electronically.