Downs Law Firm, P.C.
A badly in debt woman dies leaving the proceeds of substantial insurance policies to her children only to have her trust contested by relatives who claim an amendment naming the children as beneficiaries is invalid with no witnesses, misspelled names, suspicious signatures and was never given to previous trustees for review as required by agreement. A long, expensive, and protracted legal battle likely is brewing.
While thinking about legacy planning can be unpleasant because it involves discussions about incapacity or mortality, it’s an important aspect of good financial planning that shouldn’t be ignored.
From contentious relatives to scam artists, wills are not immune to the threat of a contest. If you have an inkling such a fight could be in your estate’s future, here are some ways to limit the risk.
Few will argue that the most important time to have a will is when you are parents of young children.
When you set up your estate plan it is important to coordinate the legal planning documents that you or you and your attorney create with the document provided by your retirement account custodian and/or your life insurance carrier called a ‘Designation of Beneficiary.’
Would your loved ones have necessary access to your bank accounts after you die to help carry out your last wishes and handle arrangements?
There are many stories of strange conditions in wills and trusts over time. For example, the German poet Heinrich ‘Henry’ Heine died in 1856 and left his estate to his wife, Matilda, on the condition that she remarry, so that ‘there will be at least one man to regret my death’.
Whatever the reason, whether your life is a bed of roses or a getting-worse-nightmare, there are things you can do now to insure what you leave will go to who you want. And when. And in what portion or portions.
Beneficiaries, in general, are people or entities that the holder of an account designates to receive the assets in the account, typically, in the event of the account holder’s death.
Trusts give parents of special-needs children additional options for extending care and financial assistance. However, you might need some expert help.
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