Can Changes Be Made To The Estate Plan?
If Someone Now Wants To Possibly Name Their Children As Powers Of Attorney Or Executors, Is That A Difficult Change To Make? What Are Some Things To Consider?
It is not a difficult change to make. In many families, children grow from being children to responsible adults, whom the senior generation believes they have the best capabilities to serve in those functions. What is required is something called an amendment to a person’s will. If a person has done their estate planning using a revocable trust with an amendment to the trust, the designations of people such as executors and trustees and the like can be easily changed.
Considerations in doing so include the responsibility of the children that the parents want to bring in. Things that need to be considered before doing so is whether it is going to create any kind of family conflict between children, if they are put in charge, but they have disagreements. Also, many people become concerned about their children’s spouse’s influence and what role that may play in whether a child is suitable to be serving in that capacity. Then other issues can come up, such as whether their marriage is going to work down the line as well.
Is There Anything That You Cannot Change From A Previous Estate Plan?
There is nothing that you cannot change from a previous estate plan. Some things can be very difficult to change. For the most part, if all of the planning has been done by using a will or a revocable trust as substitute for a will, all of the provisions of that kind of planning can be changed at any time.
What Is An Irrevocable Trust?
Sometimes, in addition to those vehicles, attorneys will use what is referred to as irrevocable trust as part of the estate planning. An irrevocable trust is a trust that cannot be revoked and on its face, it cannot be changed. Those types of vehicles are generally put in place because they provide particular tax advantages that a client would want or other types of protections that with the basic estate plan that the client wants are not provided for. Anything can be changed, but when you are dealing with irrevocable trusts and the like, it can be very difficult to modify those provisions.
Changes Can Be Made To The Estate Plan At Any Time. For details, call Estate Plan Strategies LLC to talk with Attorney Steven B. Spewak for a FREE Initial Consultation at 314-454-9100 ext.125 and get the information and legal answers you’re seeking.
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