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Figeroux & Associates | 26 Court Street, Suite 701, Brooklyn, NY 11242 | www.askthelawyer.us | 855-768-8845
When it comes to estate planning, details are everything. Leaving out important assets or beneficiaries from your will or trust in New York can result in confusion, legal challenges, and irreversible harm to the people you care about most. At Figeroux & Associates, we’ve helped many clients resolve these complex issues — but the best protection starts with getting it right the first time.
The Cost of Omitted Assets
One of the most common mistakes we see is the failure to include all assets in a will or trust. This often happens unintentionally — a bank account gets opened after the documents are signed, a retirement plan changes, or a new property is purchased. But if these assets aren’t properly addressed, they may not be distributed according to your wishes.
In New York, if an asset is not mentioned in the will or included in a trust, it becomes part of the residuary estate — the remainder of your property — and will be distributed under the residuary clause of the will. If no such clause exists, the asset may be distributed under intestacy laws, which may completely bypass the intended beneficiaries.
Problems with Omitted Beneficiaries
Just as damaging is failing to name — or update — beneficiaries. This includes:
- Children born or adopted after the will was created.
- Spouses from remarriage.
- Close friends or relatives who were assumed to be “covered.”
In New York, an “after-born” child — one not mentioned in the will — may have rights to a share of the estate. However, this often leads to costly litigation. Heirs may argue over the testator’s intent, and the court is forced to interpret ambiguous language. This can tear families apart and drain estate funds.
Trusts Require Even Greater Precision
Trusts offer flexibility and privacy, but they require careful planning. If assets are not properly titled into the trust, they won’t be controlled by it. Likewise, if key beneficiaries are left out or if the trust fails to provide instructions for certain assets, those gaps can leave property vulnerable to probate, creditor claims, or disputes among surviving family members.
At Figeroux & Associates, we’ve seen firsthand how missing one piece of the puzzle can collapse an entire estate plan.
Real-World Consequences
Omissions can lead to:
- Delays in asset distribution
- Unintended heirs receiving property
- Increased legal fees and court involvement
- Family conflicts and lawsuits
- Emotional stress during an already difficult time
The Solution: Comprehensive, Up-to-Date Planning
Our team at Figeroux & Associates takes a thorough approach to estate planning. We inventory all assets, identify all potential heirs and beneficiaries, and ensure everything is documented clearly. We also encourage periodic reviews to keep your estate plan aligned with changes in your life, assets, and the law.
Don’t let small oversights have big consequences. Call 855-768-8845 or visit www.askthelawyer.us today to schedule a consultation. A complete and accurate estate plan is your best defense against future disputes — and your best gift to your loved ones.
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