Have you ever considered how life's pivotal moments could alter your carefully laid plans? Join me, Greg McIntyre, and the astute attorney Samantha Gordon as we navigate the complexities of updating your estate plan following life's inevitable changes, such as births, deaths, and divorces. Together, we dissect how each of these events can significantly reshape your intentions for your legacy, stressing the critical nature of ensuring your documents reflect your current circumstances.
In this thought-provoking conversation, we delve into the roles of executors and trustees, scrutinize the nuances of per stirpes versus per capita asset distribution, and underscore the importance of guardianship provisions for minor children. Samantha provides invaluable insights into the intricacies of beneficiary designations post-divorce, and we both emphasize the unpredictability of life's journey as a compelling reason to periodically review your legal affairs. If you're seeking clarity on maintaining an estate plan that aligns with your evolving life story, this dialogue offers the crucial guidance you need.
Greg McIntyre:
Hi, I'm Greg McIntyre with McIntyre Elder Law and I'm here with attorney. Samantha Gordon and our topic today is what do you do if you have a DBD, a Death, birth or divorce that happens in your life? What if something happens in your life that could really Dressically affect your estate plan? And the real question is when is it time to come back in and maybe do a review, take a look at your estate plan and whether the event that's happened in your life may have drastically changed the plan?
Samantha Gordon:
So let's talk about death first. So possibly your spouse has passed away or the individual that you've named in the document that was supposed to take care of your legal affairs has passed away. That's definitely going to be one of the reasons why, if you have a death in your life that you're going to want to change your Documents, powers of attorney, your will you definitely want to make sure that, if that occurs, you revise your estate plan.
Greg McIntyre:
I mean your executor could change the people that are in charge. Could it change? Do you have the proper successors in place, successor trustees or co-trustees that are built in? Which is why it's important to think that through those things the first time, right, yeah, but also why it's good to check back in also the airs, the beneficiaries, you know. Is everything passing per stirpes? What is per stirpes? Is it passing per capita by each generation? Is it? Is there a total alternate chain of events that happens if this person Predeceases you?
Samantha Gordon:
yeah, definitely thanks to think about. Yeah, in addition to death, you also want to think about birth. So maybe you were a young couple and you wanted to get your estate plan established. You weren't really sure if you're gonna have kids yet and you don't have anything accounting for your newborn. So you then want to look at your estate plan documents, inventory that and make sure that your new child, or maybe new children, are going to be accounted for in your estate plan absolutely, or grandchildren also guardianship provision as well.
Greg McIntyre:
You want to make sure that your will has a guardianship provision so that you can give a suggestion to the court who the guardian of your children would be absolutely for a Couple with minor children so important to put in place what happens if there's a tragic accident, if both of us aren't here, so the children aren't left to fend for themselves so we make sure we have the right person to come in.
Samantha Gordon:
Yeah, Definitely and you want to make sure it's the right person that you choose, rather than the court getting to decide who the guardian of your children are.
Greg McIntyre:
Sure, totally agree. I think that's why in wills and trusts, it's important to name classes as well. Classes being Grandchildren, great-grandchildren, things like that. You know, we may refer to great-grands or grandchildren or children Individually, but what if there's a new one born? Do they just get left out? Do they didn't get?
Samantha Gordon:
included, depends on how your documents are, on how your documents are drafted.
Greg McIntyre:
That's true. So important to check in if we have any new births of children, grandchildren, great-grandchildren as well. What else, what's the last D?
Samantha Gordon:
also divorce. So if you had drafted your estate plan while you're happily married and then things didn't work out and then you get divorced. You want to make sure that your estate plan reflects that. In addition, you also want to make sure that once you get divorced, you change your beneficiary designations, because just because you got divorced doesn't mean that changes.
Greg McIntyre:
So life insurance on bank account that I could end up giving Everything, if I got divorced, to an ex-wife possibly. That's always fun to sit down to a client with a client who realizes that maybe too late.
Greg McIntyre:
Okay so Don't wait until it's too late. If you have a DBD that happens in your life a death, birth or divorce and there's many other little things that could happen to give us a call, would be glad to offer a free consultation To help you and your family get and keep your affairs in order. You can take advantage of that free consult by calling 1-888-999-6600 or Schedule right online on our calendars at mclderlawcom. Thank you and stay tuned for the next elder law report.