Before the school year kicks off, parents are busy checking every box: student registration, physicals, supplies, and schedules. Most families take this kind of preparation seriously. While preparing for the year ahead, we want to ask a more important question: have you given the same heightened attention to what would happen to your child if something happened to you?
Most families — even responsible, well-organized ones — may have at least one critical gap in their estate plan. The problem is not a lack of care; it’s likely nobody ever asked the right questions.
Contemplate your results to this pop quiz. If you answer “No” to even one, your estate plan may need tweaking or private tutoring.
- Is your will (or trust) up to date?
If you have a will or trust, when was it last reviewed? An estate plan created before major life events—such as the birth of a child, a divorce, or a significant increase in assets—may no longer reflect your current wishes. Unfortunately, checking the box off once does not produce permanent relief. Your estate plan should reflect where your life is today. An outdated or improperly executed will can create many of the same problems, as if you had no estate plan at all, potentially leaving your family in probate court and facing unnecessary disputes. We recommend revisiting your estate plan every three to five years, and even sooner if your circumstances change.
- What happens to your children without proper designations?
If something happens to you and your children are at home, at school, or with a babysitter, who has the legal authority to take custody of them? While naming a guardian in your will may be helpful, a will only takes effect after your death and does not provide authority if you are merely incapacitated. In addition, a will has no legal effect until it is admitted to probate, which can take months. Without a documented emergency plan, which grants immediate legal authority to a trusted caregiver, decisions about your children’s care may ultimately be left to the court.
- Are your assets in alignment with your estate plan?
Title ownership and beneficiary designations reign supreme and completely override whatever your will says. Most people set up beneficiary and ownership trajectories once and never look at them again. We regularly see well-drafted wills and trusts undone by a designation that was never accomplished or never updated (after a divorce, a falling out with a friend, or the death of a named beneficiary). If your designations are overlooked, your wishes may be disregarded, and your assets may land in the wrong person’s lap!
Let’s continue this conversation…
If any of those questions gave you pause, we can help. At Weygandt Law, we provide complimentary three-year reviews for all of our comprehensive estate planning clients because we know things change. Your plan should keep up with you. A well-designed estate plan does more than simply transfer assets. Estate plans can protect the people you love from divorcing spouses, pesky creditors, and frivolous lawsuits. They can also preserve your estate from unnecessary conflict, avoidable court costs, and prolonged timelines.
Give us a call at 713-489-5900 or visit WeygandtLaw.com to learn more about how important estate planning is for families, both young and old.
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