The biggest mistake estate planning attorneys see is the failure of families to properly allocate their assets when they have blended families. Sometimes this involves promises made to children, but never followed through on. Other times a parent leaves it up to their current spouse to provide for children from another marriage and that rarely happens.

Another devastating outcome is when a spouse is forced to share limited resources with grown children because no Will was done. I can say it is really is not about the money, loved ones who are already grieving are confronted with shocking news that the deceased did not make any provision for them.

It is perfectly acceptable and legal to disinherit children. But, please,  if you have children from a prior marriage, do not rely on your spouse to leave them assets at his or her death. It rarely happens.

Everyone has an estate because everyone has assets - the money in your bank account, your retirement account, life insurance policy, stocks, vehicle, real property, your business, and all that other stuff you have in your apartment (tangible personal property). Plus you definitely need advance directives: living will, health care proxy and power of attorney.

If you have young children you need a Will. This is because minor children cannot inherit assets directly and you must designate a guardian to raise your children if you pass away prematurely.

If you have adult children and a spouse you need a Will. If you do not have a will, your grown children could inherit almost half of your estate instead of your spouse.

You especially need a Will if you are leaving everything to your spouse. You need a Will if you are married and any of the following is true:

• You have adult children and you want your spouse to inherit everything. If you do not have a Will, your spouse gets the first $50,000.00 and splits the rest equally with your children.
• You own a business - you need to specify what will happen at your death.Is it liquidated, sold or will you leave it to someone to run? If you are a professional that cannot legally leave your business to a family member - CPA/ lawyer/ doctor /architect.
• You have minor children.
• You or your spouse might need long term care in the future. If so, you should have a supplemental needs trust “trigger” in your Will in case the surviving spouse is receiving government benefits, such as medicaid long term care. Otherwise, the surviving spouse could lose his or her benefits.
• You need advance directives, especially a well drafted durable power of attorney. This is the greatest protection in case of incapacity.
• You want to avoid estate taxes. Right now the federal estate and gift tax is ridiculously high ($12.06 million per person) that it affects almost nobody. The NYS estate tax exemption is currently $6.1 million. But these exemptions may change in the not too distant future.