Ali Katz
Q: Could I face eviction due to an out of date Will?
-Renting Beneficiary
A: Dear, Renting:
It’s critical that you understand exactly what will happen after you become incapacitated or when you die, to ensure that the people you love don’t end up cleaning up an estate planning nightmare while also grieving your passing.
An example: Grandma signed a will putting all of her assets in trust for the education of her grandchildren, and in her Will, she indicated that her local bank should manage those assets. After signing her Will, Grandma bought a home for her daughter and grandchildren but never updated her Will and since the bank was tasked with providing education for the children, the bank is within their right to sell the house with the intention of putting the money in trust for their education. Then, when the children turn 21, they will get a distribution of whatever is left.
Unfortunately, this oversight is far too common due to the way many lawyers serve their clients. Their estate plans are often just focused on the documents and the one-time transaction, rather than ensuring they work with their clients on an ongoing basis, updating those documents each time life changes or asset changes occur, as we do.
To ensure there is a clear plan in place for your wishes to ensure you and your loved ones are supported in the event of your incapacity or death, contact a Personal Family Lawyer® today.