Estate Planning Awareness Week: Reviewing Your Estate Plan after the Death of a Loved One
October 21–27 is Estate Planning Awareness Week, a perfect time to focus on securing your future and protecting your loved ones. Throughout the week, NC Planning will be sharing valuable insights on estate planning issues that often go overlooked, as well as ways to mitigate risks and make sure that your plans are structured to meet your long-term goals.
At NC Planning, we believe that estate planning is more than just a legal process. It’s a way to protect your assets, safeguard your family, and achieve peace of mind. Whether you need to update existing documents or start from scratch, our team is here to provide the guidance you need to make informed decisions that align with your wishes.
We know that the death of a loved one is never easy. Regardless of your relationship with the deceased (for example, a relative, significant other, or close friend), you need space and time to process and grieve your loss. Once you have had time to cope with all that has happened, you should consider updating your estate plan in light of your loved one’s death.
Although your estate plan primarily focuses on what will happen if you become incapacitated (unable to make or communicate your wishes) or pass away, the death of a loved one can have a significant impact on your planning. Here are a few considerations to keep in mind when reviewing your estate plan after the loss of a loved one:
Was your deceased loved one named as a beneficiary of money or property under your will or revocable living trust? If so, do your documents address what happens to that money or property should your loved one predecease you?
One of the most important parts of creating a will or revocable living trust is deciding who will receive your assets. If your loved one was named as a beneficiary in your estate plan, you’ll want to determine what happens now that they have passed away. If your plan doesn’t name a contingent beneficiary, the assets intended for your loved one may now be included in your general estate.
At NC Planning, our experienced attorneys can help you review your will or trust and make the necessary updates so that your assets are distributed according to your current wishes.
Is a trusted decision-maker now deceased?
As part of your estate plan, you may have appointed trusted individuals to make decisions for you, such as an executor, a trustee, or an agent under a power of attorney. If one of these individuals has passed away, you’ll need to review your documents and update your list of decision-makers.
- Personal Representative: This person is responsible for managing your estate, paying off debts, and distributing assets after your death. If your chosen representative has passed away and no backup was named, the court may appoint someone.
- Trustee or Successor Trustee: If a trustee named in your trust is now deceased, it’s important to revisit your trust agreement to see how their role is addressed. Our attorneys can help you decide whether you need to name a new trustee or amend the trust.
- Agents under Power of Attorney: Your financial and medical agents make important decisions if you become incapacitated. If an agent has passed away, it’s essential to update your documents to avoid the need for court involvement, which can be time-consuming and expensive.
Our team can assist you in reviewing and updating the decision-makers named in your estate plan, so that your documents accurately reflect your current wishes.
Guardian for your minor children
You have likely invested a lot of time and consideration in deciding who you would like to serve as the guardian of your minor children if you and the children’s other parent are unable to care for them. If the person you previously selected has passed away, it’s important to update this section of your will so that your children will be cared for by someone you trust.
While your circumstances may vary, if your chosen guardian is unable to serve for any reason, and you have no alternate guardian nominated, the probate court will determine who will raise your child. As with other roles, the selected person may not be the one you would have chosen, and absent input from you, the judge may have limited information when making this critical decision.
At NC Planning our attorneys will work with you to select and document the right guardian for your children, giving you peace of mind that they will be in good hands if something happens to you.
We Are Here to Help
We understand that revisiting your estate plan after losing a loved one can be overwhelming. At NC Planning, we’re here to support you through the process, whether you need to update existing documents or start a new estate plan. Our team will guide you every step of the way, offering personalized solutions that protect your assets and reflect your wishes.
Contact us today, and let us help you take the next step in your estate planning journey.
