Inheritance Heists Ch. 2: Flexible Estate Planning

I’m Mike Hackard with Hackard Law.  I’m sharing passages from my new book Inheritance Heists – and I hope that they can help you avoid estate catastrophe. Here are some key best practices for planning an estate or trust to steer clear of disaster:

Flexibility is key: Even the most carefully crafted plans may need adjustment as family circumstances change. Consider building in some flexibility, such as powers of appointment or provisions for trust modifications.

Communication matters: Open dialogue among beneficiaries can lead to mutually agreeable solutions. Transparent communication makes a big difference in resolving potential conflicts.

Intent over rigidity: Sometimes, honoring the spirit of a trust means being open to reasonable modifications. Courts and beneficiaries alike should consider the settlor’s overall intentions rather than adhering rigidly to the letter of the trust document.

Legal pathways exist: The Probate Code often provides avenues for sensible trust modifications that don’t interfere with the trust’s material purpose. Explore these legal options rather than resorting to deception or litigation.

Anticipate change: Estate planners can design trusts with built-in flexibility to accommodate potential changes in family dynamics or beneficiary needs.

Consider cognitive decline: It’s increasingly important to plan for the possibility of cognitive decline. This could include mechanisms for trust modifications or appointing trusted individuals to make decisions if the settlor becomes incapacitated.

Seek professional guidance: Work with experienced estate planning attorneys who know the legal nuances and help ensure that any changes align with the settlor’s intentions and comply with relevant laws.

If a family estate didn’t go as planned and you need help, you can call us at Hackard Law: 916-313-3030.  We want to hear your story.