|Lynn A. Dean|
Estate Planning Attorney
5. The document was written with specific instructions that cannot be carried out by the Executor
When a document is created to leave a specific asset, or a specific dollar amount, to a beneficiary, the Trustee/Executor may not be able to follow the instructions of the decedent if the assets have been sold, or decreased in value. Banks are no longer willing to set up accounts with “two signatures required”, so if the document names co-Executors or co-Trustees, they may have a problem acting on behalf of the estate.
Once an estate plan has been created, an ongoing review needs to take place at least every 2-5 years. This allows your documents to stay up-to-date with your current needs and goals. An outdated plan is often worse than no plan at all!
The Law Office of Lynn A. Dean is committed to providing services and information to those struggling to make important decisions for themselves, older family members or friends. Click here for some resources you may find useful.