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The dusty, yellowing binder that holds your aging Will is sitting on your bookshelf or in a fireproof safe. Your eyes occasionally pass over it as you look for something else and you wonder “What do those documents even say?” before you move on to more pressing matters. To honor National Estate Planning Awareness Week, Paley Rothman is giving you 5 reasons to pull that dusty binder off your shelf and take a look.
Some clients, especially unmarried individuals, try to avoid probate and even try to concoct an entire estate plan by “strategically” placing assets in joint names with intended beneficiaries. Using joint ownership in this manner, generally, is a dangerous way to avoid probate and provide for beneficiaries.