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INSIDE
Celebrating the True Pillars of Monteforte Law
Keep Your Estate Plan Fresh
‘Survivor’s’ Erik Huffman Arrested for Domestic Violence
Why We Are No Longer Recommending Will-Based Estate Plans
Perfect Peach Cobbler
Crafting a Flexible Estate Plan With Conditional Statements
THE CASE FOR CONDITIONAL STATEMENTS Future-Proofing Your Legacy
your children if your spouse is deceased when the estate plan goes into effect.
lose mental acuity or pass away. That is why it is necessary to establish a flexible estate plan that accounts for any factors that may arise. Part of this means including conditional statements, one of the most powerful tools for future-proofing your legacy, in your estate plan. What are conditional statements? Conditional statements, also known as if- then statements, trigger certain decisions included in your estate plan when needed or triggered in a certain way, depending on certain defined conditions. An example of a conditional statement would be if your son is younger than 18 when you die, your estate will be put in a trust. Otherwise, if he is 18 or older, he will inherit it directly. It can also account for whether certain heirs are deceased; while you may plan on giving your estate to your spouse, a conditional statement would allow you to pass it on to
We live in uncertain times. We cannot accurately predict when or if the government will decide to raise or lower interest rates or taxes. Nor can we anticipate when we or our loved ones will
How can conditional statements be used? Conditional statements can account for far more than a deceased heir or reaching a certain age. Factors considered may include but are not limited to whether a possible heir has completed a requisite level of education (e.g., graduated from college), bought a house, gotten married, retained employment, or is demonstrably sober. These conditional statements can be stacked to account for a number of possibilities and ensure your family and loved ones’ circumstances are accounted for. If you want to make sure your plan is ready for any eventuality, consider working with an estate attorney to incorporate conditional statements into your estate plan.
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