Creating an estate to handle a person's assets after they have passed away can be a vital step for making this experience as easy as possible for their survivors. Despite the utility of pursuing an estate plan over a traditional will, individuals may not be as comfortable with this option until they get some questions answered. Here are some things you should know about estate planning.
Will An Estate Provide You With A Lot Of Control Over The Assets In The Estate?
It is an understandable concern for individuals to want to have as much control as possible over the assets that they are leaving to their survivors. To this end, an estate can be an excellent option as it will allow individuals to have as maximum control and flexibility over the distribution of their assets. Furthermore, updating this plan can be much easier and faster than a traditional will, which can be important for those that want to be diligent about keeping this documented as updated as possible.
How Will The Estate Be Overseen After Your Passing?
As with other arrangements that you can make for your eventual passing, it will be necessary for someone to be designated to oversee your final wishes. When you have chosen to use an estate plan, you will need to have an administrator to handle finalizing any paperwork and distributing the actual assets. Luckily, there are many estate administration attorneys that will be able to ensure that your final wishes are properly executed once you have passed away.
Do You Have Options To Reduce The Risk Of Someone Challenging the Estate Terms?
A common fear that individuals will have when creating their estate plan is that someone may challenge it through the courts to overturn its provisions in an effort to expand their claim. This is an understandable concern, but there are steps that will significantly reduce this risk. One of the first and foremost will be to always hire an estate attorney to prepare these documents so that you can avoid mistakes that could open it to challenge. Additionally, it may be possible to include a challenge clause, which would deny someone their original claim from the estate if they file an unsuccessful legal challenge to it. This can be a powerful incentive for individuals to avoid baseless or spurious challenges. Lastly, being open with the survivors as to what they can expect ahead of time can reduce the risk of shock or confusion as to what it is that you wanted for them.