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 “pratfalls” and unexpected outcomes:
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) – who is in and who is out of a new will?
In vitro fertilization, artificial reproductive therapy, adoption
Dual citizenships – or one spouse is not an American citizen
Living/retiring abroad
Temporary overseas work assignments-illness/death in a foreign country
Discord and long- term alienations among family members
Complex estates with complicated tax rules
Small business ownership/Family Business
Complicated business/employment contracts
Frequent changes in domicile
Complex divorce/marital agreements and pre nups
Family farms/acreage
Special needs family member
Widely differing views of inheritance between spouses
Tax-sheltered assets
Overseas assets
Diminished mental capacity/dementia/cognitive decline of testator
Bankruptcy filings
Medicaid planning
Residing in Community Property States
And the list goes on….
In such cases, there is a higher probability of unexpected outcomes from a poorly structured estate plan. It is worth the effort to have a ‘specialist’ in Estate Planning law review your legal documents.
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