Clients with a Last Will and Testament have often specified that their assets are to be distributed equally between their heirs, only to learn after a thorough estate planning review, that their even-handed intentions would not be carried out as they wish. Your Will may claim that property is to be divided equally, but if a life insurance policy, or your IRA, does not account for your youngest child, for example, or you have added one child as a joint owner to help out with your bank account, but not the others, your will does not undo those transfers and even out your childrens’ inheritance.
A comprehensive estate planning review is a necessary step toward protecting our loved ones after we pass away according to our wishes. As the scenario above indicates, this review requires more than simply preparing a will (or living trust), though that is of course an essential component of any estate plan.
An estate planning attorney can assist you in thinking through all of your assets and can advise regarding the best way to make sure that your goals are met, your wishes carried out.