Reviewing Your Estate Plan After a Loved One's Death
Losing a loved one is never easy, and taking time to grieve is essential. Once you're ready, it's important to review and update your estate plan to ensure it reflects your current wishes and circumstances.
The death of a loved one can significantly affect your estate plan, especially if they were named as a beneficiary or held a key decision-making role. Here’s what to consider:
1. Beneficiary Updates
Was the deceased named as a beneficiary in your will or trust?
Do your documents specify a backup beneficiary if your first choice predeceased you?
Without a contingent beneficiary, the gift may lapse, becoming part of your general estate and distributed according to your remaining estate plan. Some states have “antilapse” laws to pass gifts to the deceased’s heirs, but these laws vary and often apply only to blood relatives.
2. Key Decision-Makers
If the deceased was a trusted decision-maker in your estate plan, such as a personal representative, trustee, or agent under a power of attorney, it’s vital to review and update these roles:
Personal Representative/Executor: This individual manages your estate after your death. If they’ve passed away and no backup is named, the probate court will appoint someone according to state law.
Trustee: If the deceased was your co-trustee or successor trustee, check your trust for provisions about appointing a new trustee. Update your trust to name a new trustee or clarify the process for selecting one.
Agents Under Power of Attorney: A deceased agent can no longer manage your financial or medical decisions. Without a backup, your loved ones may need to go to court to appoint someone, which can be costly and time-consuming.
Guardian for Minor Children: If your chosen guardian is deceased, appoint a new one to avoid leaving the decision to the court.
3. Other Considerations
Review all estate planning documents, including beneficiary designations on financial accounts, to ensure they align with your wishes.
We Are Here to Help
We understand this is a challenging time. When you're ready, we can guide you in reviewing and updating your estate plan to protect your loved ones and ensure your intentions are clear. Start by booking a Peace of Mind Planning Session. We can meet in person or via Zoom. You’ll share your concerns, and we’ll present your options and potential solutions. Then, if we decide we are a good fit to work together, we’ll take next steps. You can book your Peace of Mind Planning Session here: https://calendly.com/warner-law/peace-of-mind-planning
*Estate planning rules change frequently and content in this article may no longer be up to date. This article is for informational purposes only and is not legal advice.
