You may not realize it now, but there’s a chance that your estate plan could be contested. This usually happens when a disgruntled loved one is unhappy with their inheritance, and they want to fight to invalidate your estate plan so that they can inherit more. Although the thought of having your estate planning hard work undone can be worrisome, there are steps you can take to reduce the risk of your estate plan being challenged in probate court.
How can you head off an estate plan challenge?
There are several ways to do this. As you proceed in the creation or modification of your estate plan, consider doing the following:
- Use a no-contest clause that indicates that individuals who inherit through your estate plan will lose it all if they try to contest your estate plan and lose.
- Distance yourself from those who you want to inherit the most from you so that you don’t give the perception that there’s been undue influence.
- See your doctor shortly before executing your estate planning documents so that you can demonstrate that you possess the requisite mental capacity to create a legally valid estate plan.
- If you intend to disinherit the individual, make sure your intentions and justifications are clear, which you may be able to indicate through a letter of intent that accompanies your estate plan documentation.
Don’t leave your estate at risk
Although the estate planning process is supposed to be about spelling out who will inherit your wealth and how, it can all quickly be invalidated if you’re not careful. That’s why now is the time to think about how you can avoid an estate contest by using your estate plan to reduce the risk. Hopefully then you’ll further protect your wealth and your vision of the future.