Many of us have an estate plan in place, but are not always aware of its contents. This may be because the documents have been drafted a long time ago, or perhaps were not fully explained. Therefore, it is important to review our estate plans to ensure your assets are disbursed per your direction, even when your family’s circumstances change. In doing so, it is desirable to consider placing protections within a will or trust to ensure that gifts to those who become disabled do not inadvertently disqualify them from disability benefits that may be available.
All too often, estate plans will devise assets, either through a will or trust, to someone who perhaps later becomes disabled. In these instances, eligibility for benefits could be hampered or complicated. Moreover, what they may be receiving through a trust distribution is commonly not enough to support them. If modifications to your plan are necessary to ensure these protections, know that they can be made cost effectively, such as with a short amendment to an existing trust.
If anyone is uncertain about what is included in their estate plan, whether a will, trust, or power of attorney, they should take the time to review their plan and seek a trusted legal confidant to answer their questions. If you do not have an estate plan, then now is the time to get started! We can begin today.
Kevin Gee is an experienced Michigan attorney ready to assist you with your business and estate planning needs.