Most people think that filling in blanks on a Will, Trust, Power of Attorney, etc. is all that’s necessary. Although those documents are “done,” I often find that they’re not done “RIGHT.”
Common wisdom is that a Will, Trust, Power of Attorney, and Healthcare Power of Attorney are boilerplate documents, and if you use death beneficiaries, there won’t be probate. And while that is sometimes true, there is so much more to consider.
It’s important to decide what risks you wish to avoid after your spouse and/or children receive their inheritance.
Unfortunately, most estate planning and elder law attorneys don’t help you with that, which results in high costs, delay, and plans gone astray after you pass.
For example, if your spouse remarries (and we all know that happens often), the new spouse is usually entitled to 30% of everything your spouse owned at the time s/he passed, even if the Will says otherwise.
If a child divorces after you pass, s/he could lose all or some of their inheritance. If a child runs into financial trouble after you pass, s/he could lose their entire inheritance.
Your child’s former spouse could be in control of your minor grandchild’s inheritance if your child passes away before spending his or her inheritance.
These are only a few of the risks you take when you just get your documents “done.” If you want to ensure that your planning is DONE RIGHT, then you should see an estate planning or elder law attorney that helps you understand the risks and decide what risks you want to take – and which you don’t. Don’t hesitate to contact us! We are here to help you and your family plan for the future.