Important Notice

To ensure compliance with the requirements imposed on us by IRS Circular 230 (31 C.F.R. 10.33 – 10.37, et. Seq.), we inform you that to the extent the information on this page mentions any federal tax matter, it is not intended or written and cannot be used, for the purpose of avoiding Federal Tax penalties.

The information contained in this website is for informational purposes only and is not and does not constitute legal advice on any subject. Receipt of this information does not create an attorney-client relationship. Do not act or refrain from acting based upon this information without seeking your own professional legal counsel.

Wednesday, October 24, 2012

Make Sure You Understand Your Estate Plan

I have met with several widows and widowers over the past few weeks that have been surprised by the mechanics and requirements of their own living trust plans after the recent death of their spouse. These plans were drafted and prepared by other attorneys. It is imperative that when you create an estate plan, you fully understand what will happen when either you or your spouse dies or becomes incapacitated.

When drafting estate plans, the experienced estate planner has no problem understanding the plan he or she created. Unfortunately, many of the clients are confused or don't bother to consider the real-life consequences of what they are signing. When it becomes a problem, it may be too late to rectify.

There is nothing wrong with an attorney explaining in lay terms portions of your estate plan that are necessarily complex and you relying on those explanations. However, if the explanations are unclear, you must insist that the estate planning attorney spend some extra time with you so that you are comfortable and that you understand what will happen when things in your life change. Insist on clarification.

No comments: