Estate Planning: It’s All in the Details

I am often asked to review trusts and estate plans that were prepared years ago. Often the person’s circumstances have changed, and they want to amend their trust. Or, they know time has passed, and they want to make sure their trust stood the test of time. Many times, people just don’t know or remember what the documents say, what they mean, or how they work in the real world.
I review their estate plan in light of their current situation. I look at the assets to ensure they are properly tied to the trust, and that beneficiaries are correct on retirement accounts, annuities, and life insurance. I advise of potential problems and tax issues, and provide options for correcting those problems. I explain what the documents do, what they don’t do, and what, if anything, should be done. The three most common areas I see are:
1. The trust and other documents are very old, and due to significant changes in laws (including tax laws), the old trust should be updated.
2. The trust and documents were not prepared by a qualified attorney – and it shows. Documents may be improper, lack critical information, or have ambiguities that will require court intervention after a death.
3. The trust if left as written, will cause a disabled beneficiary to lose their Medi-Cal or SSI benefits, create tax problems, or overly burden family members and trustees with work that could have been avoided.
When it comes to estate planning and trusts, details are critically important. How long has it been since your estate plan was reviewed?
For an appointment, please contact the McNamara Law Firm at (661) 287-3260, or visit www.theMcNamaraLawFirm.com.