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The Importance of Keeping Your Estate Plan Updated

The Importance of Keeping Your Estate Plan Updated

POSTED ON: November 29, 2024

Without a well-crafted and up-to-date estate plan, your property will be distributed based on the intestacy laws of your state of residence. These laws primarily focus on kinship, often dividing assets between spouses and children. If this distribution doesn’t align with your wishes, it won’t matter—estate planning must be done while you’re alive and able […]

Without a well-crafted and up-to-date estate plan, your property will be distributed based on the intestacy laws of your state of residence. These laws primarily focus on kinship, often dividing assets between spouses and children.

If this distribution doesn’t align with your wishes, it won’t matter—estate planning must be done while you’re alive and able to make decisions. Despite knowing its importance, many people delay. A recent article from Los Altos Town Crier, titled “Make Sure Your Estate Plan Is Updated to Reflect Law Changes,” highlights the significant challenges your loved ones could face if you procrastinate creating or revising your estate plan.

Avoiding Probate and Its Complexities

A properly prepared estate plan can help minimize or even completely avoid the probate process. Probate varies depending on the jurisdiction. In some areas, it’s relatively simple, while in others, it can involve months or even years of delays. The time and cost depend on the complexity of the estate, but in certain states, probate fees can range from 4–7% of the estate’s total value.

An experienced estate planning attorney can help you structure your assets in a way that avoids probate. This might include setting up trusts, designating payable-on-death accounts, establishing joint tenancy ownership, or forming LLCs (Limited Liability Companies). These tools ensure your assets transfer directly to your beneficiaries without requiring court intervention.

Controlling How and When Assets Are Passed

Estate planning also gives you control over how and when your assets are distributed. For example, if you trust a responsible adult child to manage their inheritance, you can leave assets to them outright. However, if you have concerns about a loved one’s ability to handle money, a trust can provide a tailored solution.

Trusts allow you to appoint a trustee who oversees the funds and distributes them according to your wishes. You can set specific conditions, such as releasing funds when certain milestones are met, at certain ages, or only at the trustee's discretion.

Planning for Incapacity

While it’s uncomfortable to think about, planning for potential incapacity is an essential part of estate planning. Without an incapacity plan in place, your family may need to petition the court for a conservatorship, a costly and emotionally taxing process. Legal documents like a durable power of attorney and advanced healthcare directives ensure that someone you trust is authorized to make financial and medical decisions on your behalf if you’re unable to do so.

Updating Your Plan for Life Changes

Major life events, such as the birth of a child, require updates to your estate plan. If you have young children, it’s critical to name a guardian in your will. Without this designation, the court will decide who will raise your children if something happens to you. Anyone can petition the court for guardianship, but the court’s decision may not align with your preferences. By naming a guardian in your estate plan, you can guide the court's decision and protect your children’s future.

Preventing Family Disputes

An estate plan can help prevent family conflicts and legal battles over your assets. Without clear instructions, disputes may arise, leading to fractured relationships and lasting divisions within the family. A well-drafted estate plan ensures your wishes are followed and reduces the likelihood of misunderstandings or disagreements.

The Gift of Organization

Taking the time to create and update an estate plan is a thoughtful act of love. It spares your family unnecessary stress, expense, and confusion during an already difficult time. Meeting with an experienced estate planning attorney will provide clarity on how to protect your legacy and secure your loved ones' futures.

Ensuring your estate plan is comprehensive and up-to-date is one of the most meaningful steps you can take for your family. At The Werner Law Firm, our estate planning attorneys are here to guide you through the process, offering customized solutions for asset protection, incapacity planning, and wealth transfer.

If you have any questions, schedule a free appointment with us through our online appointment page.

You can also read reviews from some of the hundreds of clients we have helped over the years.

Reference: Los Altos Town Crier (Oct. 29, 2024) “Make sure your estate plan is updated to reflect law changes”

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