ONLINE SEMINARS
Estate Planning in Plain English
Saturday, October 19, 2024 • 10:00am - 11:30am
This easy to understand 90 minute seminar will help you learn how to protect your family and wealth.
IN-PERSON SEMINARS
Estate Planning for Your Second Half of Life
Thursday, October 31, 2024 • 2:00pm - 4:00pm
Should you have difficulty registering, please contact us at
(703) 448-6121 or olivia@miorinilaw.com.
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How to Avoid Challenges to Wills and Trusts
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Challenges to wills and trusts are more common than you might think. These disputes can turn very ugly, very quickly. Resentment between family members can last a lifetime, and the financial consequences can be devastating for all parties involved. Here are several ways to prevent potential disputes from arising in the first place, avoid estate litigation, and help ensure your wishes are carried out.
Try to treat siblings as equally as possible.
In some family situations, this may seem easier said than done. However, the principle is sound and can help avoid a number of potential problems. If you have two children, leave each of them the same amount. This “equality principle” doesn’t just apply to money. There is also the issue of control. If one of your children seems better able to manage money and you name him or her as executor of the estate (or trustee of the trust), the other child will likely feel slighted. Naming a corporate executor or trustee can nip this thorny issue in the bud. Another potential problem is when inheritances are left to grandchildren, and one sibling has more grandchildren than the other. Even then, if you follow the equality principle, many conflicts can be avoided.
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Never underestimate the emotional value of certain family heirlooms and other tangible property.
That vase in the foyer or the old sofa in the living room might not seem valuable to you, but to certain members of your family it could hold special meaning… and value. A statement in a will or trust that essentially says 'tangible personal property should be divided as my heirs see fit’ can lead to a host of conflicts. By putting specific items that you believe are of interest to certain family members in writing, and discussing these decisions in advance, many emotionally charged disputes can be prevented.
If you gave money to one heir in the past, don’t forget about it in your plan.
Let’s say that several years ago you gave one of your sons $20,000 to help with the down payment on a home. Since your goal is to treat all of your children equally, you might want to address this gift in your will or trust. For example, it can be classified as an advancement, with the $20,000 counting as part of the money you ultimately leave to that particular son.
Consider including a contest clause in your Last Will and Testament.
Contest clauses in wills, also known as no-contest clauses, are provisions designed to discourage beneficiaries from disputing the validity of the will or challenging its terms. When enforced, these clauses can disinherit a beneficiary who contests the will, thus encouraging compliance with the testator's wishes. Their enforceability varies by jurisdiction; some courts uphold them strictly, while others may still consider the contesting beneficiary’s case. The pros include providing a clear incentive for beneficiaries to accept the will as written, potentially reducing litigation and associated costs. However, the cons include the risk of discouraging legitimate claims, which may lead to unfair outcomes, particularly if a beneficiary has reasonable grounds to contest the will based on issues like undue influence or lack of capacity.
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In conclusion, taking proactive steps to prevent challenges to your will or trust can save your family from unnecessary conflicts, financial strain, and lasting emotional scars. By striving to treat heirs equitably, acknowledging the sentimental value of personal property, addressing past financial gifts, and considering the inclusion of a contest clause, you can help ensure that your estate plan reflects your true intentions and is respected by your loved ones. Planning thoughtfully and communicating openly with your family can safeguard your legacy and provide peace of mind for you and your beneficiaries.
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Choosing a Guardian for Minor Children
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If something terrible happened to you and your spouse, what would become of your children? It’s not something anyone wants to think about, but we must. By naming a guardian for your minor children, you can help ensure they will be raised according to your wishes. The question is, how do you choose the proper guardian? Here are several factors to consider.
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The ability and willingness of the guardian to serve. Will the prospective guardian be able to meet the physical and economic demands of raising a child? Even more important, is the prospective guardian willing to serve in the first place? The last thing you want to do is name a guardian before speaking at length with the person you have in mind.
Values. Ideally, the prospective guardian will share your child-rearing philosophy, values, views on education, religious beliefs, and other fundamental principles.
Geography. If the prospective guardian lives in another state, moving there might be too drastic a change for your child, particularly an older child.
The guardian’s family. If the potential guardian has children of his or her own, would your child get along with them? And would the guardian be able to give your child enough attention in a busy household?
The age of your children. If your children are older and relatively mature, you may want to seek their input before naming a guardian.
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Through proper planning, you can ensure your children will be raised according to your wishes in the event you cannot raise them yourself.
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Our Estate Planning Paralegal, Penny, has a new group of foster kittens that are looking for their forever home! Follow her foster kittens on Instagram or Facebook.
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Our Client Relations Coordinator, Olivia, and her husband, Alex, bought a new house this month!
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