Your Legal Rights at Work

Your Questions Answered About Estate Planning

by Lewis Hamilton

Death isn't something that can be escaped in life, and no one knows the exact time or date when the event will happen. The best thing that you can do before passing away is to put an estate plan in place, especially when there are a lot of valuable assets involved. An estate plan is a great way to keep control over your assets and several other aspects of your life before and after you pass away. However, without putting a lot of thought into your estate plan, it might not be as useful as you believe it to be. A lawyer can make sure everything in your estate plan is legal, as well as discuss the various things that you should consider including in the plan.

What Should Be Included in an Estate Plan?

When you hire a lawyer to assist with creating an estate plan, he or she will want to know about your life and the people in it. The reason why is because it will assist with coming up with an estate plan that suits your specific life, such as if you have a lot of loved ones and friends that you would like to include in the plan. One of the things that is commonly included is a will, as it can be helpful with appointing beneficiaries to some of the expensive assets that you have. You can also appoint one or more people to handle your health and financial needs before you pass away, such as if you ever become too mentally incompetent to handle things on your own. An estate plan can include a trust as well that will allow children to gain access to certain assets when they reach a specific age.

Can an Estate Plan Be Changed if Necessary?

You have complete control over your estate plan for as long as you are alive. For instance, if you decide to remove someone from your will, speak to your lawyer and he or she will make sure the person is legally removed. A lawyer can also assist with adding people to the estate plan if you desire it to be done. A good example of the need to add someone to the plan is if you get married or have children. An estate plan might also need to be changed if you open a new business or acquire more assets.

Is It Possible to Contest an Estate Plan?

What is written in an estate plan is legally binding in court, especially when it is prepared by a lawyer, but it can still be contested. The reason why it is legally possible to contest an estate plan is that sometimes people blackmail people into changing their plans. If someone that you love believes that you were threatened or coerced into removing or adding someone to your estate plan, it can be contested.

Talk to a lawyer if you need help with estate planning.