Summer is here! A California summer is all about sunshine, relaxation, and maybe even checking off some those to-do list items you’ve been putting off. While you are sorting out travel plans and backyard BBQs, it may be the perfect time to tackle something equally important to you and your family: your estate plan.
Creating a solid estate plan isn’t just about signing documents, it starts with honesty. To create a plan that truly protects your family and legacy, your estate planning attorney needs the full picture.
Below is a list of six important topics you should disclose and open up about (honestly) with your attorney:
1. All Assets
From bank accounts and retirement plans to artwork, heirlooms, and digital assets, if it has value, your estate planning attorney needs to know about it. Omitting assets can lead to confusion, conflict, or unintended beneficiaries.
Numerous trust disputes arise in court each year over nominal assets (like personal property) because a settlor either failed to disclose the asset or did not provide clarity on how the asset is to be distributed. A great way to avoid potential litigation is to disclose each asset with your estate planning attorney.
2. Family Dynamics (Even the Awkward Stuff)
Do you have a blended family? Is your current spouse a second or third marriage? A child with special needs? Estrangement? A family business? These details shape the way your estate plan is drafted. The more details your estate planning attorney knows, the better they can tailor your plan to fit your current situation.
If your will or trust omits a (legal) spouse or child who was not mentioned or provided for, the law may treat them as “omitted” or “pretermitted” and grant them a share of the estate, unless the omission was clearly intentional. Including explicit language and opening up with your estate planning attorney in these situations can help avoid costly disputes down the line.
3. Debts and Obligations
Outstanding loans, personal guarantees, or private agreements with family members can impact your estate post-death. It is important to tell your estate planning attorney about your debts and obligations because these liabilities affect how your estate is distributed. Certain debts must be paid before any assets pass to your heirs, and failing to plan for them can create delays, disputes, or even force the sale of property. Full disclosure helps your attorney craft a plan that protects your beneficiaries and ensures your wishes are carried out smoothly.
4. Past Estate Planning Documents
If you have created a will or trust before, it is important to bring it in for your estate planning attorney to review. Even if you think it is outdated, it helps your attorney see a full picture of what you want to change and what else could potentially need revising or further clarification.
Additionally, estate planning attorneys who are more familiar with prior executed documents can help a client prevent a trust or will dispute in the future, by taking precautions necessary in the event that there is risk that an omitted beneficiary or heir may challenge the provisions of the trust.
5. Health Concerns
A medical diagnosis or change in cognitive capacity (either you or a loved one’s) can influence decisions surrounding your agents under your durable power of attorney, guardianship of children, and advance healthcare directive. Any kind of physical or mental diagnosis or ailment should be disclosed to your estate planning attorney to better tailor the conversation surrounding the inevitable and ensure your plans and wishes are carried out.
6. Who You Trust (and distrust…)
Lastly, naming the right person to serve as executor, trustee, and agent is one of the most important aspects of your estate plan. Having an open and honest conversation with your estate planning attorney is crucial to name the right individuals to serve in these roles. Often times, individuals will feel obligated to name certain family members in their life in one of these positions; however, an estate planning attorney can discuss with you the pros and cons of nominating an individual and express the importance of three factors: who is trustworthy, responsible, and available.
The more candid you are, the better your estate plan will protect your wishes and your loved ones. Summer may be looming, but a strong estate plan offers year-round peace of mind. Are you or a loved one ready to get started (or update your plan)? Reach out to us at Absolute Trust Counsel and we would be happy to help you.
[AD] Estate planning addresses many important factors about your future and legacy. Where do you get started if you don’t have an estate plan in place? If you do, how have new laws and life transitions changed? Will your plan still protect you? Regardless, you deserve to have control over your wants, needs, goals, and hopes for the future. We can help you understand your options and, legally, how you will best be protected at all touchpoints. Get started today by scheduling a free discovery call so we can discuss your needs. Visit https://absolutetrustcounsel.com/scheduling/ or call us at (925) 943-2740.
