In my prior blog post, I discussed various factors that can complicate a so-called “simple” estate plan. In part 2 of this blog series, I will describe some additional factors that can complicate the estate planning process:
- Estranged Spouse: If someone is estranged from their spouse or going through a divorce, this will impact the estate planning process. It creates complications when one spouse seeks to create estate planning documents without their spouse’s participation. And, during the divorce, it is likely that “bridge” documents?will need to be prepared, and then these documents will need updating once the divorce is final.
- Special Needs Trust: If a beneficiary is disabled, addicted, or otherwise unable to handle money received from an outright distribution, a special needs trust?may be needed. If so, the basics of the trust must be explained, the trustee and any alternate trustee must be selected, and the terms of the trust, including distribution and termination, must be worked through – all of which require additional efforts from attorneys and their clients.
- Pets: Pets are an essential part of estate planning. Provisions will need to be drafted to care for your pets, perhaps including a pet trust.
- Multitude of beneficiaries: If the estate plan includes numerous beneficiaries, the number of beneficiaries can increase the work required to complete a Will – even if the testator does not have extensive assets. Each beneficiary must be properly identified, and the Will must be drafted so that it’s apparent what each beneficiary will receive in either a percentage distribution or a set monetary amount. Additional beneficiaries also create complexities in the estate’s eventual administration –another factor that should be discussed so that a client understands the extra work and costs involved.
So before you assume your estate planning will be simple, I invite you to look closer. Even if your situation isn’t so simple – don’t be discouraged. We’ll be happy to help.
This post is for informational purposes and does not contain or convey legal advice. The information herein should not be used or relied upon in regard to any particular facts or circumstances without first consulting with an attorney.
