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The Seven Deadly Pitfalls of Probate

To help maximize the net after-tax assets you leave to your loved ones or favorite charity, you should plan now to avoid such unnecessary probate costs, and in doing so, avoid these seven deadly pitfalls of probate.

1. Pride. Don’t let your “pride” stand in the way of calling and making an appointment with a member of the estate planning team at Stark & Knoll to draft or review your estate plan. We can help protect you and your loved ones, both now, and in the future.

2. Lust. Don’t let your “lust” for oil and gas royalties from Ohio’s shale boom blind you from transferring that oil and gas lease into your trust. Booms come and go, but asset protection is forever.

3. Greed. Don’t be too “greedy” to have your estate plan reviewed every ten or so years. What may have looked good in 2003, may not look so great now.

4. Envy. Don’t be so “envious” of someone else’s beach-front property that you forget to put that time-share you regret buying into your trust. This will leave others feeling envious of you for avoiding probate.

5. Wrath. Don’t become “enraged” in the event the unified credit goes back down. A properly drafted estate plan can help you minimize the effect of such changes in the law.

6. Gluttony. Don’t be a “glutton” for accounts titled jointly with your children, as you may need that money in the future, which could leave unequal accounts and discord among your children. Instead, use a Durable Power of Attorney to manage your assets, and leave a will or a trust for equal distributions upon your passing.

7. Sloth. Don’t be too “lazy” to put a proper estate plan together. All you need to do is make an appointment to meet with your attorney.

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Phone: 330-376-3300 Fax: 330-376-6237

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