People find it necessary to go over their estate plan for diverse reasons. Not only can the end of someone’s marriage or a change of heart prompt revisions to an estate plan, but there are other major life changes that can impact someone’s estate, such as a debilitating injury. When someone suffers a major injury that leaves them immobilized or adversely affects their life in other ways, they may struggle to move forward from an accident that caught them completely off-guard. However, recovering in every way possible is crucial for people who are dealing with the aftermath of a serious injury and estate plan revision is one area that should not be overlooked.
Revising your estate plan over a serious injury
Going over some benefits of special needs trusts
There are a number of options when it comes to trusts and we have discussed many of the ins and outs of trusts and other estate plans on this blog. However, everyone who sets up a trust has a unique situation and some types of plans work better than others for certain people. For example, special needs trusts can be very beneficial for certain families, but it is essential to make sure that a special needs trust is the right choice for you and your loved ones. If so, there are a number of reasons why this route may be advantageous.
Avoiding probate with a living trust
There are many considerations when it comes to deciding which estate plan will work best for you and those you love. Our blog has covered some of the ins and outs of revocable and irrevocable trusts, special needs trusts and other options. In this write-up, we will take a look at living trusts and some of the benefits they offer, such as avoiding probate. By avoiding the probate process altogether, there are a number of advantages that your loved ones may appreciate and this is an excellent option for many people. However, it is vital to go over the individual details of your circumstances and make sure a living trust is right for you.
What is your plan for transferring business ownership?
If you are in business for yourself, you may be pondering your options for keeping the doors open after you pass away.
Probate considerations regarding small estates
When it comes to the probate process, all sorts of questions may arise and this is true for those who set up estate plans and the loved ones of those who have passed on. For example, some people may wonder how they can avoid the probate process altogether, which may be possible if they move forward with the right kind of trust. Moreover, some may wonder if their estate will be subjected to probate because it is relatively small. On the other side, people may struggle with probate disputes following the loss of their loved one, even if the estate was relatively small.
Accusations over the breach of fiduciary duties
If you are a trustee or personal representative who has been accused of breaching your fiduciary duties, you may be completely unsure of which steps you need to take to address the situation or worry about the outcome of the dispute. To make things more complicated, it is very possible that loved ones are involved, such as a parent, sibling or child, which can make the entire ordeal even more challenging to navigate. As a result, it is critical to know what your rights are and which course of action makes the most sense.
