Did your lawyer pay proper attention to your needs when you last had your will revised? Many lawyers advertise that they specialize in estate planning. Many of these lawyers advertise an extremely low price for estate planning. While it is important to pay as little as necessary for any goods or services, it is more important that the money you spend be spent wisely.
When creating a will, you should make sure that your attorney sits down and meets with you so that he completely understands your family situation. Are you married to your first wife? Are you in a second marriage? Do you have children from multiple marriages? Do you have heirs who cannot manage money? Do you have heirs who have special needs? Do you have children whose marriages are unstable? Are your assets liquid or highly illiquid and concentrated in real estate holdings? All of these questions should be part of your attorney’s interview with you when beginning preparations for a new will. If your attorney did not cover these matters, your will may well be deficient.
Most people want to ensure that their assets are left to the people who they love most, or the organizations they admire most. You need to make sure that your will is drafted so that the people you intend to inherit are the ones who receive the benefit of your estate. Too many times, estates are distributed to unworthy beneficiaries, in-laws who were never intended to inherit, or organizations that were not those you designated.
Please make sure your attorney has conducted a thorough review of your situation before preparing your will. If your current will was not prepared with the above situations considered, please call us to help you with your estate planning needs.