Estate planning can quickly become a complicated process, especially when categorizing valuable assets or dealing with many beneficiaries. This means that there are a number of issues that could come up while developing an estate plan. Some of these complications are hard to avoid, but many can be circumvented by planning ahead. Additionally, working with a resourceful estate planning attorney could help minimize problems.

If you intend to develop an estate plan, it is in your best interests to consult with legal counsel. The right attorney could explain common issues with estate planning in Tustin to help you know what to expect.

The Value of Remainder Clauses

One of the most important parts of a will or other estate planning document is known as the remainder. Also referred to as the residue clause, this language in a last will and testament is designed to account for any property that the estate plan did not transparently claim.

In most cases, a will or trust matches each asset to a specific beneficiary. However, if the author of an estate plan forgets an item or adds something into the inheritance after a trust is written, things could get more complicated.

Therefore, it is important for anyone planning an estate to remember the value of remainder clauses. When someone includes one of these sections in their framework, they can avoid disputes over extra property and potentially keep their estate from having to navigate probate. If an individual in Tustin has questions about how to draft and implement a remainder clause, they should reach out to an attorney who has years of experience with estate planning issues.

How Might Beneficiaries Complicate Estate Planning?

Meanwhile, some of the trickiest estate planning issues relate to beneficiaries – the people who stand to inherit assets under a will or trust. Conflicting information about beneficiaries between various documents is frequently a problem that probate works to resolve. For example, a will could award a bank account to one person, while a death clause attached to that account could identify someone else as the rightful heir. This would likely lead to conflict among beneficiaries that complicates the integrity of an estate plan.

Outdated information about the beneficiaries to an estate plan is another common problem. A person’s life changes over time, meaning that their relationships might looks different than they did at the start of the estate planning process. If a child dies, a spouse leaves the family, or an individual suddenly acquires substantial assets, the head of the estate might need to change who inherits what. Failure to account for these developments could create issues with closing an estate in the future, but a diligent lawyer in Tustin could help someone update beneficiary information.

Understanding Tax Problems in Estate Plans

Along with some of the other factors that can make planning an estate challenging, tax issues can also create unnecessary roadblocks. For example, failing to plan ahead or pay the relevant federal taxes could create needless financial burdens for someone’s heirs.

There are a few other tax complications that could make an estate representative stumble, but our Tustin attorneys are here to help. A skilled legal representative could assess each beneficiary’s tax liability and determine if any exemptions apply to the situation.

Let an Attorney Address Issues with Estate Planning in Tustin

No matter how hard you try to craft an airtight estate plan, unforeseen problems could still arise. If you proceed without the help of a legal advocate, it might be incredibly challenging to figure out what went wrong and arrive at a solution. Therefore, if you need help with your future, you should call one of our team members about issues with estate planning in Tustin. The sooner you reach out, the sooner you can get started. Contact our office today to learn more.

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511 E 1st St., Suite H
Tustin,  CA 92780

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Amity Law Group, LLP

Amity Law Group, LLP