There are a whole lot of considerations before that sale closes that we would want to look into. All right. And then, what about when your children grow up, as they all grow up so quickly? When you've done your plan one way, you know, is it something you need to change or they're going to get the money and it's okay to leave it as is? What are your thoughts there? So, my kids are now 35 and 39 and so, I finally have redone my will where at my death they just receive their inheritance outright.
For the longest time, I was going to make them wait till they were mature, but now I think one way or the other it'll be fine. What we would typically do for example, if they had two children and one child is doing great - this is Steve Jobs over here and one child's got a substance problem, we would do freestanding separate trusts so they're private but on paper it looks like the two kids are treated the same.
The child with the problem, his or her trust would continue for a lot longer than the child who's doing great. You could let that trust terminate. So, it's real important to come back and talk to us about updating your plan because circumstances do change so often. All right, well that's great information.
Thanks for taking some time today to talk about updating your estate plan. I appreciate it. Share On. Perry Nancy C. Hughes Natalie M. Perry Learn when to update a will or trust, such as after a move or divorce, when your children grow up or if you have a business. Contact us today or stop by a local branch to find out how you can become a member.
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Resources Overview Educational Resources Seminars. Member Sign In. Grow Your Legal Practice. Meet the Editors. You Had a Child Having or adopting children is a very common reason to update a will; you want to make sure they're provided for in the event of your death.
You can name someone to manage property in a few ways: Name a "property guardian" in your will. Set up a trust for your children and name someone as "trustee" to manage the money in the trust until your children reach a certain age.
You Got Married or Remarried If you got married since making your estate plan, you should make a new will or living trust that names your spouse and clearly dictates what you want your spouse to inherit.
You Got Divorced When people get divorced but don't get around to changing their wills before they die, most states will automatically revoke anything left to their former spouses. Your Spouse Died Because married couples often leave most or all of their property to each other, if you lost your spouse, you'll likely want to create a new will or living trust and update your beneficiary designations. You Bought a Home If you bought a home or otherwise acquired real estate, make sure that this significant asset is accounted for in your estate plan.
Here are a few ways to go about protecting your home from probate: Living trust. Create a living trust and transfer your house to the trust. If you already had a living trust in place, you might have bought the house as the trustee of your trust, rather than as an individual.
If your deed identifies you as a trustee—for example, the owner is listed as "Delaney Moore, Trustee of the Moore Family Revocable Living Trust dated January 3, " or similar language—then your house is already held in your living trust. If only your personal name is listed as the owner, you'll likely need to transfer ownership of the house to your trust using a new deed.
Transfer-on-death deed. In more than half of the states, you can create a transfer-on-death deed or "beneficiary deed" that names someone to inherit your house upon your death. It's usually a simple process and avoids probate. You wouldn't need to take this step if your house is held in your living trust see above , since your house would already avoid probate.
Joint tenancy with right of survivorship. You can also co-own the house as a " joint tenant with right of survivorship. With this method of ownership, if your co-owner survives you, the house will automatically pass to your co-owner without the need for probate. But this option can raise other issues; speak to a lawyer if you're thinking of changing your sole ownership to a joint ownership. You Moved to Another State If you moved to another state, you might need to create new estate planning documents.
Give special consideration to the following: You might need to name a new executor the person who wraps up your estate in your will. Some states impose restrictions on who can serve as an executor, and many other states, while allowing out-of-state executors, impose extra requirements on them, such as requiring them to post a bond an insurance policy that protects the beneficiaries.
If you can nominate someone in your new state as your executor, that person will encounter fewer hassles than someone working from afar. Marital property rules.
When you move to a new state, new state laws will apply to the will you wrote in the former state. If you're married, the marital property rules of your new state might be different than those in your old state, in which case you might want to make a new will. Powers of attorney. Most states will accept healthcare directives and powers of attorney made in other states, but generally, it's better to use your new state's own forms to create these documents anew.
On the practical level, financial institutions and medical providers might hesitate to accept a form that doesn't look familiar to them. Your or Your Inheritors' Financial Situation Changed If you've acquired substantial assets since you last visited your estate plan, reevaluate whether your current plan is still the best option for your circumstances.
Wills, Trusts, and Estates. Estate Planning Basics. Living Trusts. Powers of Attorney. Estate Planning Laws By State.
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