Be Careful When Changing Your Estate Planning Documents

A properly written and funded Living Trust can be invaluable if you become sick, incapacitated, or pass away. Trusts are written to reflect your wishes, and are not a “one size fits all” document. Most people understand the importance of having their legal documents written by an experienced attorney. But many do not understand the importance of having an experienced attorney make desired changes to your existing trust or other legal documents. Here is a ‘real life” example:
Mrs. Jones had two sons, John and Steve. John had a son, who suffered from drug addiction, and caused many problems over the years. Mrs. Jones’ trust stated that her estate was to be divided among John and Steve upon her death, and if either son died before she did, that share would pass to the son’s descendants.
John passed away, and Mrs. Jones did not want her grandson receiving an inheritance. She made her own amendment, stating that son Steve shall inherit 100 percent of her estate, and signed it.
When she died, the grandson argued that Uncle Steve “unduly influenced” Mrs. Jones, and he would not have been disinherited but for Uncle Steve’s influence. He also argued that the amendment was not valid. The grandson’s half share of the estate totaled approximately $600,000. The cost of the lawsuit, which ultimately settled for a large sum, far exceeded the possible attorney charges for an amendment.
The moral of the story: never attempt to modify your estate planning documents by yourself, and do not write on the documents. Please consult with a qualified attorney when considering any amendments to an existing estate plan.
For an appointment, please call the McNamara Law Firm at 661-287-3260, or visit www.themcnamaralawfirm.com.