What to look for as you review your estate plan

On Behalf of | Aug 17, 2021 | Will and Trust Contests

Whether you’re creating a new estate plan or updating a current one in California, there are several important things to examine. If you do not, it could lead to a wide range of issues in the future. Here’s what to focus on as you check out your estate plan.

Keep an eye on current estate-related tax breaks

As you may know, the government creates various tax breaks for people from all walks of life. With that in mind, there are current tax exemptions in place for estate owners. It’s also important to watch for any changes in interest rates. The current low interest rates available can make intra-family loans and grantor retained annuity trusts wise ways to manage your estate.

Naming an executor and beneficiaries

While an estate plan can be an extremely personal matter, it will typically involve other people. To be more specific, your estate plan will likely involve an executor and one or more beneficiaries. An executor is a person who takes care of your remaining affairs after you pass away. Your beneficiaries are any people you choose to receive the assets you leave behind. Not clearly naming beneficiaries can create a slew of will and trust contests among your family in the future.

Determine how others receive your assets

It’s understandable to assume that beneficiaries will receive their assets all at once. While this does happen, you can have more control over how your assets get distributed. To do this, most people create a trust. Having a trust set up is beneficial when your beneficiaries are minors or otherwise incapable of making financially wise decisions.

Are you currently trying to contest or defend a will? If so, this process can feel quite complicated. To potentially get the help you need, consider contacting an attorney.