A will is an exceedingly important document, especially for those with children. Dying without a will can have long-lasting impact on those you leave behind, and removes any control you might have otherwise had over the distribution of your estate after your death. This may lead to your estate being distributed amongst those you might not have wished to benefit, or it may lead to dispute, or simply long delays in your beneficiaries receiving their due.
Your Legal Sherpa® is committed to making the process as simple and straightforward as possible. We have the experience and the tools to help you clearly identify, and then clearly articulate your goals and concerns. We do this to help you reduce the potential for disagreement or dispute. We will help to ensure that minor children are taken care of in a way that lines up with your value system. We will work to reduce income and estate administration taxes while also looking to protect your estate from creditors and predators.
Naming an Executor
Even a seemingly simple decision such as naming an executor or estate trustee can come with unforeseen consequences, but your Legal Sherpa® is there to help you find the most suitable and trustworthy candidate. Your executor will, first and foremost, need to be willing, able, and capable of fulfilling the duties of executing your estate. Your executor will also likely be the most important element of your will when it comes to review and revision. Will the named party still be willing? Will they still be capable? It’s a crucial role, as you will be trusting someone with a great deal of responsibility, effectively giving them control of the estate and leaving them to distribute the estate amongst your chosen beneficiaries.
How do you Know if it is Time to Update your Will?
It is always a good idea to revisit your Estate Planning (what we call Forward Planning) documents when life changes occur. Significant life changes can easily alter your family or financial situation, and subsequently alter the way your will might be read, or invalidate it altogether. We invite you to schedule an Equipment Check and Journey Planning Meeting with a Legal Sherpa® lawyer in order to course correct for changes such as:
- Changes to your financial situation
- Death or disability of those named as trustee
- Divorce, marriage, separation or addition of a child occurred
- The launch of a new business venture
- the creation or invention of new intellectual property
- Significant accumulation of valuable goods, such as a collection
REMINDER: You cannot alter your Will(s) by crossing out or adding something new. Any handwritten change could invalidate your Will(s).
“Forward Planning” vs. “Estate Planning”
At Yeti Law, we prefer to use the term “Forward Planning” instead of the more traditionally used “Estate Planning” terminology. Forward planning refers to planning for life, including its potential for disabilities and death, which is a dynamic on-going process in an ever-changing environment. At Yeti Law, we want to be part of your ongoing journey, we want to help you in the creation of your plan, and also in the revisions and changes which will be required as life changes occur over time.
