As complicated and unpleasant as the estate planning process can be, it should be given substantial time and attention to ensure that everything is set up correctly. Estate plans should be reviewed regularly and updated in response to changes in your assets and life plans, as new circumstances can often make older plans less in line with a testator’s best interests or even obsolete altogether.
Addressing issues with estate planning in Manalapan Township before they become problems can take a lot of hard work, attention to detail, and legal advice. A qualified estate planning lawyer could provide all of these things while working to ensure your estate plan serves your needs and interests both now and in the future.
Naming the Right Fiduciaries and Beneficiaries
As the parties responsible for executing the directives laid out in estate plans, fiduciaries are important people for testators to keep in mind when drafting their estate plans. One of the most common issues a testator can run into when going through the estate planning process is selecting unfit executors or trustees or failing to adjust their estate plans when something like a divorce changes their choice of fiduciary.
It is also crucial to ensure that beneficiaries receive appropriate assets for the stage of life they are in when an estate plan is put into effect. For example, a minor child named as a beneficiary would need someone to handle the assets they receive until they become of age. However, if that child becomes an adult before the estate plan goes into effect, it may be important to adjust the plan to reflect their newly gained responsibility.
Putting Assets in the Right Places
If an estate plan places certain assets into trusts, it is essential that the testator actually go through the process of funding that trust in accordance with their plan. This can be as simple as naming those assets in the estate plan itself, while in other cases it could mean changing the names on deeds, transferring liquid financial assets to separate bank accounts, and a host of other actions.
These small extra steps are usually simple to execute, but they can also be easy for a testator to forget or procrastinate. Among other services, a local estate planning attorney could help keep a testator on track and ensure their assets are allocated properly for their posthumous wishes to be carried out.
Planning for Unexpected Outcomes
It may be impossible to perfectly predict the unexpected, but testators can take certain measures to compensate for it in advance during the estate planning process. For example, it is unfortunately common for otherwise functional estate plans to be waylaid by a sudden illness or disability suffered by the testator, so making plans for powers of attorney, living trusts, and other such measures can be critical to ensuring an estate plan can be executed upon no matter what happens to the person who made it.
Similarly, a serious illness or sudden death in the family could have significant implications when it comes to fiduciary and beneficiary designations. If a testator fails to regularly update their estate plan to compensate for these kinds of issues, it could spell significant trouble for surviving beneficiaries trying to proceed through probate.
A Manalapan Township Attorney Could Help Resolve Estate Planning Issues
The potential problems mentioned above are just a small sampling of the issues you could run into during or after estate planning in Manalapan Township. It can be difficult to think of everything you need to prepare for by yourself, which is why retaining skilled legal counsel can be so important.
An experienced estate planning lawyer could be a critical source of information and support during this complicated process and seeking the help of one could greatly minimize the risk of your family struggling to execute your final wishes. Call today to discuss your unique needs and find out what a legal representative could do to help you meet them.