Can I Change My Estate Plan Or My Will At Any Time?
Generally speaking, a revocable trust in your last will and testament can be changed at any time that you have mental capacity and the ability to communicate your desires. Your irrevocable trust generally can only be changed in the specific manner that is provided for in the trust document. It is that lack of flexibility in the irrevocable trust that gives it the strength and protection that is not available to a fully revocable trust. If you desire greatest flexibility, your revocable trust will deliver that great flexibility but if you desire asset protection, you will need to give up flexibility in order to gain protection.
As always, the devil is in the details. Many people believe they are competent to change their will and trust long after everyone else has decided that they have lost their mind. Therefore, if someone is asserting that you are no longer competent, you might consider the wisdom of seeking a medical opinion, in writing, that supports your contention that you have the mental capacity to change your will or trust.
If I Need To Setup A Business Succession Plan, Should That Be A Separate Estate Plan Or Will That Be Handled At The Same Time With The Same Documents?
Business succession plans can be an integral part of certain estate plans. In some estates, it is not overly difficult to include your business succession plan in with your typical estate planning documents such as your will and/or your trust. In other situations, the complexity of the business does not reasonably lend itself to such a resolution and the business plan will need to be a separate set of documents which can relate to and be created in conjunction with your estate plan but not in the same documents as the decisions concerning who receives your household goods and furnishings or who will serve as your executor.
While there is no easy rule that applies to everyone in every situation, you can generally expect that the more successful the business the more likely it is that a separate and distinct business succession plan will be in order. On the other hand, if your business is just you and your truck and your tools, it is highly likely that your business succession plan can be incorporated into your last will and testament.
For more information on Changing An Estate Plan Or A Will, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (405) 880-8960 today.
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