Estate planning can be a complex and frustrating process - and not just because you must follow the letter of the law when creating your documents. Instead, there are numerous challenges and obstacles to consider and anticipate. For example, you could create a comprehensive will that clearly outlines your wishes, only to have it contested in court, which could send the estate to probate and ultimately decrease its overall value. Learn how a Titanic clause can reduce the risk of this happening to your heirs, and discover how an experienced wills and trusts lawyer can help you add one to your current (or future) estate plan.
What is a Titanic Clause?
Titanic clauses are designed to deal with "worst-case scenarios" in estate planning, such as all your heirs dying before your estate can be distributed. They can also address when the state should direct funds to another agency or organization (i.e. your favorite non-profit), rather than attempt to find additional heirs for your estate. Not only can this reduce your risk of probate, it can also reduce the chances that your assets will go to an unintended party, or a family member that you do not know and have never heard of or met. Most individuals are encouraged to have a Titanic clause in their estate plan - even if the value of their estate is small - but it can be especially crucial for those with a high-value estate.
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