A good estate plan will serve as a safety net for the future, but the best estate plan will be one that anticipates the unexpected. Wills are useful for setting directives as to the disposition of your property, but for your estate plan to gain the ability to pivot in the event of unanticipated events, different estate planning tools are encouraged.
Some ways to prepare for the unexpected include creating a long-term healthcare plan, establishing trusts, and having frequent and candid conversations with beneficiaries.
Long-Term Healthcare
While wills direct what happens to property after its owner dies, individuals often forget to plan for healthcare challenges or incapacity. Most older adults will need extended healthcare at some point in their lives. A long-term healthcare plan secures your estate and your personal well-being, in case you are no longer able to make decisions for yourself.
When crafting a long-term healthcare plan, your legal documents that explicitly state who should be appointed to take care of you. Naming one or two people in advance (so one can serve if the other cannot) reduces the risk of someone who you do not trust being appointed by the court.
Trusts
A will doesn’t do anything to protect a person from being taken advantage of by corrupt advisors while they are alive. Trusts are managed by trustees, who have a fiduciary duty to manage the account in the way that the grantor – the person who sets up and contributes money to the trust – would have wanted. Although a trust can be used even when there is no incapacity, it can explicitly direct how the individual will want their assets managed if incapacity takes place. That can help protect assets in the trust from financial abuse.
Frequent Conversations
Individuals can limit the impact of unexpected events by having frequent and meaningful conversations with their family and beneficiaries, making clear the expectations after incapacity or death. Many families, regardless of wealth, are hesitant to talk to their families about their finances. Open and frequent discussions about finances can help individuals learn about their family’s core values and goals. With conversations, individuals can better map the needs and desires of their beneficiaries, meaning that their estate plan can be better suited to fit their future needs. But remember that those conversations are not likely to create enforceable legal obligations, so having proper estate planning documents prepared by qualified counsel is key.
Trusted Fiduciaries for Estate Planning
An estate plan is often only as strong as its fiduciary. Choosing a competent and honest trustee is key. The trustee’s duty is to manage the trust in the best interest of the grantor, and not let their own self-interest (such as fees they might earn managing trust assets) affect their decisions. Choosing someone that you trust, and who has the skill-set and temperament to execute your estate plan as written is the best way to ensure that your best interests are kept, regardless of what happens.
If you’ve been a victim of fraudulent fiduciary practices, Gaslowitz Frankel has the experience to litigate for you in court.
Premier Fiduciary Litigators for the State of Georgia
Gaslowitz Frankel LLC is the Southeast’s premier fiduciary litigation law firm. Our legal team specializes in all aspects of fiduciary disputes with over 30 years of experience representing individuals, executors, trustees, and more in complex fiduciary disputes involving wills, estates, and trusts. Fill out our contact form for a free consultation.
