POV: John and Sarah create separate wills shortly after getting married at 34 years old. In that will, they devise all of their individual separate property assets to their siblings. Since both John and Sarah are financially independent, they want to provide for their siblings in the event of death. Fast forward 10 years. They’re now 44 years old. They have two children. John no longer talks to one of his siblings. John and Sarah no longer want to pass their assets down to their siblings but instead to their children. They also want to outline guardianship should they both pass. Their will is officially outdated. Life is dynamic. Things change. How can you ensure your will grows with you? Creating a flexible will that incorporates future changes is important if you don’t want to spend lots of money and time updating your will every time something in your life changes! Let’s dive into how you can ensure your will stays flexible.
Why flexibility in a will matters
First, we want to reiterate how important flexibility in a will is. No matter what age you get your will done, things can change. Even if you get it done at 74, you might live to 94! That’s 20 years of the ebbs and flows of life. Having a rigid will has many consequences, including:
- Cost: You will end up spending more money to continuously update your will every time something changes.
- Potential for disputes: If you die with an outdated will, your loved ones will likely face some legal battles over what was the true intention for the estate.
- Peace of mind: Knowing you are protected no matter what happens and aren’t required to continuously update your will is a great feeling. Set it and forget it!
- Protecting loved ones: Ensuring that your assets end up in the right hands and your loved ones are taken care of is priceless!
Getting a flexible will is about saving money, peace of mind, and protecting loved ones. What more could you ask for?
How to address common life changes in your will
There are some future life changes that are destined to happen–having children, people dying, people getting married, people getting divorced, losing a lot of money, gaining a lot of money, you name it! There are ways to predict these possibilities and actually incorporate them into your will. Here are some examples:
- Birth or adoption of children: If you don’t have children when executing your will, you may want to consider what you’d want if you did have children. For example: “I want all of my assets to go to my brother, John, unless I have children. If I have children, then all of my assets go to my then-living children.”
- Divorce: While most states do actually revoke wills devising assets to an ex-spouse, it’s always better to be safe than sorry. You can include statements in your will that say, “All of my assets go to my spouse, unless we are separated or divorced at the time of my death, then all of my assets go to my brother, Tom.”
- Marriage: If you are a lifelong bachelor who suddenly weds later in life, you may want to incorporate the potential for wedding bells into your will. For example, “I bequeath my estate to my brother, unless I am married at the time of my death, and then I bequeath my estate to my spouse.”
- Planning for potential deaths of beneficiaries: Let’s say you devise your assets to your brother. You want to create a backup plan if he’s already passed when you die. Do you want it to go to HIS children, or should it go to someone else? For example, “If my brother, Tom, does not survive me, I leave all my assets to my niece, Alice…”
- Create a residuary clause for a catchall: Should you have more than expected in your will at the time of your death than originally outlined, you can leave the remainder of your will to someone. For example, “After any specific bequests above, I leave the remainder of my estate to my cousin DeeDee.”
- Significant changes in finances: If you have an ever-changing financial situation or maybe you’re just unsure of what your finances will look like in the future, you can bequeath your estate in percentages. For example, “I give 10% of my estate to my brother. I give 90% of my estate to my children.”
- Backup Beneficiaries: Sometimes our beneficiaries pass away before use or at the same time, then what happens? For instance, “if none of my beneficiaries survive me, then I leave my estate to [insert named individuals or charities].”
As you can see, there are some tips and tricks for predicting the future and getting ahead of potential bumps in the road.
Adding a trust to your estate plan
What else can you do to create a flexible estate plan? You can also incorporate other documents, like a trust, to ensure your estate plan stays adaptable to life’s changes. Trusts offer a powerful way to avoid the delays and costs of probate while maintaining privacy for your family. Putting assets in trust means that your estate does not need to go through probate court (takes forever), and in turn, does not go on public record.
Trusts can also provide greater control over your assets even after your death, making them an excellent tool for protecting your loved ones and ensuring your wishes are carried out as intended. For example, you can specify how and when your beneficiaries receive their inheritance, which can be particularly helpful for young beneficiaries or those with special needs.
The bottom line on incorporating future changes in a will
When life gives you lemons… get a flexible will? Okay, that’s not how the saying goes, but you get the point. Life will throw you lemons, and you need to be prepared in your will unless you want to constantly update your will and/or worry about the consequences of not updating it! From incorporating potential future changes into your will to adding a trust to your estate plan, you can do so much to ensure you stay as flexible as a gymnast! Happy planning!
Sara is a bilingual Spanish-speaking attorney and legal advisor from Orange County, CA. Sara is the co-founder of Ovando Bowen LLP, along with her husband Chumahan Bowen, Esq. As a legal advisor, Sara helps her clients navigate the complexities of both business and personal affairs. Sara has been assisting individuals and families since 2009 when she worked at the Long Beach Courthouse, Self-Help Center. Book a Q&A or Full Representation with Sara here
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