Posted on April 1, 2025

Myth 1: My spouse and I had our estate plan prepared 20 years ago. It is done and off our to-do list until one of us passes away.

Fact: Estate planning is not a one-and-done event. By not updating your estate plan to account for changes in your circumstances or those of your beneficiaries over the past 20 years, you are inviting conflict or even a legal battle, because some things have inevitably changed. Your beneficiaries may try to prove that the change in circumstances necessitates setting aside what you have put in your will or trust in favor of a different outcome.

You should also review and update your estate plan frequently because major life changes often impact it. Your minor children may be adults now, and you may need to change how you want them to receive their inheritance. Also, since time has passed, you may want to name different trusted decision-makers (personal representative, successor trustee, and agents under a financial or medical power of attorney). People pass away and move away, or other individuals may be a better fit now. You want to ensure that you choose the right people to act on your behalf.

Myth 2: My son has creditor issues.To ensure that my money does not get into his creditors’ hands, I cannot leave any money or property to him.

Fact: Disinheritance is not the only option. Through the use of trusts, we can help you leave money to your son that will be for his benefit only. A discretionary trust would allow you to set aside money and property and appoint a neutral third party to be the trustee and manage the money and property. The trustee would then give your son money or property at the trustee’s discretion. Because your son would not be entitled to the money and property outright, it would be harder for most creditors to reach it.

If you want to protect an inheritance with fewer restrictions, you can have your son’s inheritance held by a trust that stipulates when and how money and property are given to him. This stipulation could be a certain percentage at specific ages or upon achieving certain milestones. While any funds given to your son at these trigger dates would be accessible to his creditors, this approach is still preferable to providing the full amount all at once, which could make his entire inheritance fair game for creditors. The bottom line is that we can craft a plan that will allow you to provide for your son and protect what you are leaving behind.

Frequently Asked Questions

Question: I want to keep my estate planning private. How can I help prevent conflict while still protecting my privacy?

Maintaining privacy is a very serious matter. However, too much secrecy can breed distrust and cause problems among family members. If you do not want to get into all of the details of your estate plan, such as what or how much each person is to receive, it is important to at least let your family know that you have had a plan prepared and that it reflects your current wishes. With this information, your family will understand that the choices you made were yours and not someone else’s and that you have taken the time to memorialize them.

If you are comfortable giving your family members more information about your plan, you can hold a family meeting with an estate planning attorney. Holding a family meeting is a proactive approach to ensuring that your chosen family members understand your estate plan and the reasoning behind your decisions. Open communication promotes transparency, helping to prevent misunderstandings and minimize the risk of future conflicts. It also provides a supportive space for your loved ones to ask questions and gain clarity. By addressing potential concerns in advance, you can create alignment and help ensure a smoother transition in the future.

By using a trust as your foundational estate planning tool, you can enumerate your wishes and include instructions for the person in charge to continue managing the accounts and property owned by the trust. The trust contains all of the necessary instructions, so there is no need for court involvement. Because the court is not involved, in most cases the terms of the trust do not have to be made public and can be kept among those who are impacted.