What happens if you don’t plan for everything in your estate?
A will is the most popular estate planning tool because it allows you to determine what happens to your assets and also to name any guardians for your minor children. However, there are some reasons why certain assets may not make it into your will. These become part of what is known as your residuary estate. You may create a residuary estate intentionally or unintentionally in New Hampshire.
For example, you might decide in drafting your will that you wish to name specific items for certain people in your family or friends circle. You may also choose with the help of a knowledgeable estate planning attorney to use a residuary clause determining what happens to any other assets that were not already outlined in the will.
Residual estates can also be created accidentally, such as if you acquired new assets after drafting your will, but did not add any provisions for distributing those assets, forgot to include certain assets in your will, or someone you named in your will passes away before you or is not able to receive their inheritance for any other reason.
Consulting with a knowledgeable estate planning attorney in your area is the best way to consider all aspects of your estate plan and what you wish to include intentionally in your documents. Contact our law firm today to set up an initial consultation to talk through what estate planning looks like.