Considering a Major Change to Your Estate Plan? How to Protect Your Final Wishes
The estate planning process isn’t something you go through once and then tuck away into the back corner of your mind. Rather, it’s an ongoing journey that allows your plan to evolve with the growth of your family and changes in your priorities. If circumstances have changed in a way that make you want to make a drastic change, use these tips to change your estate plan and protect your final wishes from unhappy family members. Working with an estate planning attorney can help you handle delicate situations and approach changes in a safe and legally enforceable manner. Call Entz Burton & Associates at 405-773-9800 to set up a consultation with our Oklahoma City estate planning lawyers now.
There are numerous reasons people may want to make significant changes. In many cases, changes are the result of issues within the family. For example, parents have cut children out of their will for falling into criminal activity and running through their share of the estate paying for legal fees. Others may write a child out for cheating on a spouse and devastating the testators’ beloved grandchildren. The discovery of a previously unknown child or family member could lead to a complete overhaul of a parent’s estate plan.
Reviewing the Need for a Change
Life is unpredictable, and if your estate plan no longer reflects your goals, values, and priorities, it may be time for a change. You may first want to delve into the reasons you want to change your will. Perhaps a new family member has been born, or one of your primary beneficiaries has sadly passed away. News about changes to tax laws or other regulations may make you think that a change is mandatory.
This is why it’s so important to review your estate plan regularly with your attorney. Even if you don’t make changes as soon as you think about them, scheduled reviews allow you to catch any modifications that need to be made.
Making Decisions With a Calm Mind
If your choice to change your plan is driven by strong emotions, you may want to take some time to think about whether or not you want to make a drastic change to your plan. Remember that your estate plan is your final legacy to your family members—you want it to reflect the totality of everything you’ve built throughout your life, not just the strong emotions that you’re feeling right now. Situations change, and the one pushing you to change your estate plan right now could mellow in the weeks or months to come.
This is also true when you’re considering a major change in response to new regulations or tax laws. Before jumping into any major modifications, discuss your options with your estate planning lawyer. These issues are commonly overblown or misconstrued by the media, and you don’t want to make life-changing decisions based on wrong information. Estate planning lawyers make it a point to stay on top of changes like this, and they can give you the most up-to-date information.
Ensuring the Enforceability of Your Estate Plan
When you enact a new change in your estate plan, talk to your attorney if you are concerned about your beneficiaries contesting it. If this is a likely outcome, there are steps your lawyer can take to safeguard your final wishes and prevent your estate from losing its value through estate litigation initiated by your beneficiaries.
Discussing Your Plans With Your Loved Ones
Perhaps one of the best ways to protect your estate is to talk about your plans with your beneficiaries and other close loved ones. This can be a difficult conversation to have, so it’s no surprise that many choose not to go this route. It may mean being challenged by loved ones or even hearing them say unkind things about you and how you choose to use your assets. Talk to your lawyer about this so they can help you anticipate potential outcomes.
Choose Entz Burton & Associates for Your Estate Planning Needs
Ready to tackle the next stage of estate planning? Wherever you are in the process, we can help. Call our firm at 405-773-9800 or contact us online to set up a consultation right away.
Attorney J. Michael Entz at Entz Burton & Associates is an experience lawyer in estate planning law, business formation and asset protection serving the families in Oklahoma City and Weatherford office.
