One of the secrets to estate planning is that your estate plan is only as effective as your family makes it after you pass away. This is whyexperienced estate planning attorneys spend a lot of time with their clients making sure that the clients designate appropriate people to positions of authority in an estate plan. It’s also why estate planning attorneys often spend lots of time after clients pass away to make sure that the families understand and know how to implement the estate plan.
All of that can be made entirely irrelevant, however. What if your family does not know that you have an estate plan? What if they do know that you have an estate plan, but they do not know where to find the implementation documents? An all too common occurrence happens when a husband and wife get an estate plan together. When one spouse passes away, the surviving spouse takes care of everything because that’s what the plan calls for. However, when the second spouse passes away, the rest of the family does not know if there is an estate plan or how to find the plan.
Always make sure that someone knows that you have an estate plan. Always make sure that someone knows how to find your estate plan. It takes a few moments to do and it will make things easier for your loved ones.
- Living Trusts and Incapacity Planning - March 31, 2020
- Estate Planning and Charitable Giving — Key Points - March 29, 2020
- Over-Funding Your Retirement Plan: A Potential Estate Planning Problem - March 27, 2020