Tuesday, October 8, 2013

You Did an Estate Plan Years Ago – No Worries, right? Maybe Not.


Lynn A. Dean
Estate Planning can be complicated, but our law firm makes it easy.  Many people believe that if they had an attorney create their estate plan five or more years ago, there is no concern or reason to review their documents.  This can be problematic and the reasons are as unique as you are. 

Some examples are: 

 1)  The Trust was not fully funded or assets have been removed and should be re-titled into the name of the Trust

Since the primary purpose of a revocable living trust is to avoid probate, assets (bank accounts, personal property) should be funded into the trust. This is action required on your part once the trust is created. Often, assets grow or change over the course of time, and even institutions close or merge - have you reviewed your situation? 

2)      Successor trustee unable to carry out responsibility

At the time you created your estate plan, you chose a trusted relative or friend to carry out your wishes.  Over time, people’s lives change and they may no longer be able or available to act on your behalf.  Perhaps the person you selected has financial difficulties themselves and may no longer be the best choice as your trustee.

3)      Spouse or beneficiary change

Have you remarried?  Has your child divorced or had new children? Have your daughters remarried and now have different names?   

At the Law Office of Lynn A. Dean, there is no situation too difficult to preclude an estate planning solution.  We cut through the confusion of estate planning, and counsel you through the process with compassion and expertise.

No comments:

Post a Comment