Most people wish to have more control over who and how their assets are managed than what the state laws provide, and so they draft documents that can override the Laws of Intestacy, when those laws do not match their objectives.
Unfortunately, due to hidden resentments, siblings still tend to end up in court suing each other and losing great chunks of their inheritance in the process all too frequently.
A will itself is a legal document that describes the process of splitting up one’s personal property and possessions among family and loved ones.
For most of us, considering the distribution of the property we have accumulated over our lives is a painful reminder of our mortality.
What happens when a decedent’s will or trust does not provide for a decedent’s child?
The distribution of some of our assets can be governed by contracts. Examples of these contracts include life insurance, investment accounts, bank accounts and trusts.
The list of things you need to do after someone dies can seem endless, especially during a time when you are also grieving.
It is also important to realize that it isn’t merely “why” you are updating your will, but “when” you are updating that can make all the difference. Acting too late (or too early) may mean your changes are no longer appropriate or even immediately invalidated.
For example, did you name someone as an heir who is no longer in favor with you or—worse yet—has died? Who should get what they would have gotten? Are there now new people in your life—be they family members or not—whom you might wish to share in what you may have?
One problem that frequently stems from the inheritance process is fractured relationships between siblings. Unfortunately, the common denominator in many of these situations is the parents’ estate plan.
Copyright © 2019 Huizenga Law Firm, P.C. All rights reserved. Some artwork provided under license agreement.
