Having an estate plan is a great way to ensure you and your loved ones are protected today and in the future. When creating an estate plan, we look at what is going on in your life at that time. But because life is full of changes, it is important to make sure your plan can change to accommodate whatever life throws your way. Sometimes, we can make your first estate plan flexible to account for potential life changes.
Other times, we must change or add to the tools we use to ensure that your ever-evolving wishes will be carried out the way you want. Life is constantly changing. The following are some important events that may require you to reevaluate your estate plan:. It is important to know when you create your first estate plan that you are not locked into this plan for the rest of your life. The following are common changes we can make to your estate plan to ensure that we adequately address your evolving concerns and wishes.
A will sometimes referred to as a last will and testament is a tool that allows you to leave your money and property to anyone you choose. It names a trusted decision maker a personal representative or executor to wind up your affairs at your death, lists how your money and property will be distributed, and appoints a guardian to care for your minor children. If you rely on a will as your primary estate planning tool, the probate court will oversee the entire administration process at your death.
On the other hand, a revocable living trust is a tool in which a trustee is appointed to hold title to and manage the accounts and property that you transfer to your trust for one or more beneficiaries. Typically, you will serve as the initial trustee and be the primary beneficiary.
If you are incapacitated unable to manage your affairs , the backup trustee will step in and manage the trust for your benefit with little interruption and with less potential for costly court involvement.
