Covering the Bases: How to Plan for Unplanned Death
The wonderful world of estate planning can be strange and morbid at times. For example, when making a will or creating a trust, you might pose questions to yourself such as, “what if our plane goes down on our next family trip to Hawaii and there are no survivors – who should get our home and my stock options, then?” Considering such possibilities does not make you sick or twisted, it actually means you are prudent with your property. It is hard to discuss the unfathomable, but it is definitely smart to have a plan.
Creating a will or trust isn’t necessarily difficult, but potential complications arise when you start to consider what would happen if the person you intended to leave your wealth to dies before, or at the same time as, you. Having a will or a detailed trust is a great first step when it comes to protecting your life’s work and resulting assets. Nonetheless, it is important that the language of your trust or will accommodates a wide array of possible outcomes in regard to your estate.
Without question, you should select a secondary beneficiary for your will or any trusts you create. Additionally, you may want to discuss the inclusion of a ‘simultaneous death’ provision or determine what is to come of your estate if your primary beneficiary dies within thirty days after you – do you still want that individual’s estate to receive his share? Maybe you’d prefer to donate your property to charity if the beneficiary of your choice is unable to accept your estate. There are numerous contingencies that should be addressed in your estate planning documents.
It can be difficult to address complicated issues if you create a will or trust without the aid of an attorney. An experienced estate planning attorney can help you cover your bases, prepare for the unthinkable, and insulate your family from conflict by making your estate easy to settle. The attorneys at Lonich Patton Erlich Policastri have years of experience handling complex estate planning matters including wills and living trusts. If you are interested in developing an estate plan or reviewing your current estate plan, contact the estate planning attorneys at Lonich Patton Erlich Policastri for further information or to set up a free consultation.
Please remember that each individual situation is unique and results discussed in this post are not a guarantee of future results. While this post may detail general legal issues, it is not legal advice. Use of this site does not create an attorney-client relationship.