Estate Planning Case Study: Updating Wills and Legacy Due to Changed Circumstance

Client Background

Charles and Michelle had previously undertaken comprehensive estate planning ten years earlier, which included the creation of wills, durable powers of attorney, and health care proxies. However, as circumstances evolved, they recognized the need to make significant changes to their estate plan. Their motivation stemmed from Charles' upcoming surgery, prompting them to seek immediate updates before that date.

Charles and Michelle's foremost request was to invalidate, revoke, or override their existing wills, as many of the conditions had changed since their existing documents were signed. Key changes included:
  • The couple no longer had minor children, as all were now financially independent.
  • One beneficiary had died, and another had since been provided for in alternative ways.
  • They wished to add new beneficiary, on an equal status basis with their seven children, to reflect changes in financial circumstances.
  • They wished to remove provisions for gifts to grandchildren and charitable contributions as they had addressed those needs already during their lifetimes.

Estate Planning Solutions

  1. Revoking Previous Wills: By drafting new wills for both of them, we revoked the prior wills that they had wanted to change, and incorporated their desired new beneficiary structure. 
  2. Cancellation of Supplemental Needs Trust: The Supplemental Needs Trust for one beneficiary, who was now adequately cared for through alternative means, was canceled and rescinded.
  3. Implementation of New Inheritance Wishes: Charles and Michelle's new wishes for inheritance, as detailed in a hand-written codicil that they had created informally, were legally implemented into their estate plan.

Conclusion

Charles and Michelle's estate planning journey reflected their commitment to ensuring their legacy was updated to align with their current circumstances and priorities. The extensive modifications to their estate plan, including the revocation of previous wills and cancellation of a Supplemental Needs Trust, ensured that their wishes were accurately reflected.

Their new inheritance wishes, as outlined in the codicil, were seamlessly incorporated into their estate plan. The appointment of Michelle as the Personal Representative (PR), followed by her nephew and niece as secondary options, highlighted their meticulous planning to ensure the smooth administration of their estate.
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This case study underscores the importance of periodically reviewing and updating estate plans to adapt to changing life circumstances and priorities. Charles and Michelle's story exemplifies their dedication to securing their legacy in a manner that aligns with their current family dynamics and financial situation.

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