I was speaking with a family recently following one of my educational events. This family explained to me that for years that they knew they needed to update their previous revocable living trust from five years ago. You see, the husband’s brother, who was going to be the successor trustee and executor after both of them passed away, had since taken a job overseas and was just not going to be in the position to handle the settlement of their affairs after they are gone. This caused me to think of another family that I was working with previously. Let’s call them John and Jane.
John and Jane wanted to update their estate planning documents for years, but they just never got around to it as estate planning is something that people just tend to procrastinate with… let’s face it! No one wants to talk about or plan for their death! John and Jane wanted to change their estate plan to leave everything equally to their three children. When John and Jane originally drafted their estate plan, they wrote out one of their children, James, who suffered from a drug problem. However, James had since cleaned up his act, held a steady job, and owned a home. Therefore, John and Jane wanted to change their estate plan to leave everything to their three children. Unfortunately, John and Jane never got around to it.
As it turned out, John and Jane died in a tragic car accident. What followed was a long and contested probate court proceeding, which included James hiring a lawyer, because, as their living trust was written, James was left nothing. After several years and several thousands of dollars of legal expenses, the estate was finally settled, with James receiving nothing.
Do not let what John and Jane’s family happen to yours. Continually review your estate plan for accuracy and contact your estate planning attorney immediately if you need to make a change. You never know what tomorrow may bring!
If you have questions or concerns about this type of comprehensive estate planning, then please contact our office for a complimentary visit and planning session so that we can discuss your estate planning in further details.
We look forward to hearing from you!