Planning for the future may not be fun, but attorney John Levy says it can save your loved ones time, money, and stress later.
Levy joined We Are Austin to explain some of the most common estate planning mistakes—and why having the right documents in place matters before it is too late.
Start With the Basics
Levy says the first question everyone should ask is simple: do you have a valid will or trust in place?
“Not having one is the biggest mistake you can make,” he said.
He also warned that if a will or trust cannot be found after someone dies, it may be treated as if it no longer exists. In that case, the estate can be handled under state intestacy laws instead of the person’s wishes.
Why Intestacy Can Create Problems
Levy shared an example of a client who believed he had a will, only for it to be discovered later that the document was a do-it-yourself version that was not properly witnessed or notarized.
“If you don’t have a will or a trust, the surviving spouse gets the entire estate,” Levy explained. “If there’s no surviving spouse, then the descendants get the estate.”
He said those default rules can lead to outcomes that do not reflect a person’s actual wishes.
Update Your Documents!
Even if you already have a will or trust, Levy says it may need to be reviewed and updated.
“First you should make sure that your current will or trust is updated,” he said.
He advises people to revisit beneficiaries, successor trustees or executors, and any changes in marital status or family structure.
If a loved one has died before the estate owner, Levy said it is also important to think about whether that inheritance should pass to children or grandchildren instead.
Consider How Assets Are Divided
Levy also encourages people to think carefully about how they leave assets behind.
Rather than naming a single item, he said it can be smarter to leave a percentage of the estate. That way, if one asset is no longer available, the beneficiary is not left with nothing.
Helping Seniors Through the Process
Levy offers seniors a free one-hour phone consultation to walk through their options, including the revocable trust, which he recommends.
“There is no obligation for the phone call,” he said.
If someone wants to move forward, he can prepare the necessary documents and send them by FedEx, making the process easier for seniors and their families.
How to Reach John Levy
To get in touch with Levy, call (512) 461-8622, head to his website, or search John Levy Law on the We Are Austin tab at CBSAustin.com.
Attorney John Levy shares estate planning mistakes that could leave your family in a bind