Beneficiaries of a will or trust might be surprised by the bequests left to them. But what happens when that initial surprise wears off? A legal challenge to a will or trust might be one outcome.
Estate planning is important for everyone, but for families with a small business, there are extra considerations.
Although readers may understand that life insurance proceeds generally count toward an estate’s valuation, they may not realize the privacy implications. To protect an estate’s privacy, an attorney that focuses on estate planning might recommend naming a trust as the beneficiary of a life insurance policy, instead of specific loved ones. Otherwise, if a life insurance claim dispute breaks out among potential beneficiaries, the context could become very public.