As we get older and our assets accrue, our focus will shift from the daily minutiae of life to protecting all that we have done over the course of our lives. This is the main goal of an estate plan, allowing individuals to protect their assets, property, and businesses from the probate process and excessive taxation. It also allows the grantor to ensure that their family members, loved ones, and beneficiaries receive what they want them to receive.
Given the valuable and important nature of the estate plan though, it is not out of the realm of possibility for there to be a legal challenge to your estate. This can happen for a number of reasons, and it is important to understand what each of these challenges can mean.
One common challenge to a will or an estate is that the grantor did not have the testamentary capacity to create a will or estate. This usually means that the grantor was senile, had dementia, or was otherwise mentally incapable of understanding the ramifications of his or her estate and properly implementing the estate.
Another common reason is an issue with the will. This could occur because of fraudulent circumstances or a forged will. Or it could happen because another will exists, thus superseding the one assumed to be the functioning will.
There can also be technical issues with your will or estate, such as inappropriate witnesses to the signing of a will or inappropriate information or provisions within the will itself. The probate process can also create tense legal situations for your estate and your beneficiaries.
With all of the potential complications that can arise when your estate is administered and implemented, it is imperative for the grantors of an estate to meticulously organize and compose their wills and estate plans. The more assets and valuables you have in your estate, the more important it is to protect it all. For residents in White Plains, NY, there are plenty of factors to consider when putting together their estate plan so that it — and your beneficiaries — are protected from potential complications.