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Legal Dangers of Outdated Estate Plans

Understand how to avoid an outdated estate plan, and how to fix a plan that may already be outdated.

Trusts instruments generally have three primary purposes: the orderly disposition of assets, avoidance of probate, and advantageous tax planning. A properly drafted trust will address these goals; however, changing life circumstances and changing laws can frustrate or thwart a grantor's intended result, leaving his or her desires unfulfilled, and beneficiaries subject to unpleasant outcomes. The problem is that many clients do not realize their trusts are outdated, with the resulting potential for adverse legal and tax implications. This topic will help attorneys and advisors identify some of the most common outdated provisions and how to articulate the risks associated with these provisions to their clients. The material will also cover common methods for fixing outdated trusts, and how attorneys can draft new trusts to provide flexibility for the future. This information is critical for all estate planning attorneys and advisors to ensure that inefficient trusts are updated, and new trusts are drafted for optimal realization of a client's goals, even amidst changing circumstances.

88 minutes
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Legal Dangers of Outdated Trusts

  • Reasons Why a Trust May Be Outdated
  • Risks Associated With Outdated Trusts

How to Fix Outdated Trusts and Trust Provisions

  • Modification (Judicial and Non-Judicial)
  • Decanting
  • Use of Trust Protectors

Drafting Trusts With the Future in Mind

  • Broad Trustee Discretion
  • Utilize Change of Situs Provisions
  • Include Trust Protectors
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, New Hampshire, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on August 21, 2019.

Call 1-866-352-9540 for further credit information.

  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Ben Schwefel

Ben Schwefel

Bohm Wildish & Matsen, LLP

  • Associate attorney with Bohm Wildish & Matsen, LLP
  • Practice focuses on estate planning and assisting business owners and high net worth individuals to protect their assets, decrease their tax liabilities, and plan for future generations
  • Represents fiduciaries in complex probate, trust administration, and trust litigation matters
  • An active member of the Trust & Estates Section of the Orange County Bar Association, the Orange County Chapter of the USD Law Alumni Association, and The Elite OC – Young Professionals Giving Back
  • During law school, he received the Albert and Mae Lee Memorial Scholarship, recognizing strong scholastic ability and outstanding moral character; served as the comments editor for the San Diego Journal of Climate & Energy Law; and wrote a student comment selected for publication , 6 San Diego J. Climate & Energy L. 247 (2015)
  • J.D. degree, University of San Diego School of Law; undergraduate degree, University of California, San Diego
No photo available

Jennifer Wilson

Bohm Wildish & Matsen, LLP

  • Associate attorney with Bohm Wildish & Matsen, LLP since 2009
  • Practice areas include estate planning, business formation, asset protection and trust administration
  • Has a passion for counseling clients in achieving their estate planning and business goals, and has created hundreds of trusts and business entities for her clients all over the world
  • Has presented numerous seminars on different aspects of estate planning and asset protection
  • Chair of the Orange County Chapter of the J. Reuben Clark Law Society and of the international Women in Law Committee of the JRCLS
  • Board member of Rising Star Outreach, a nonprofit organization dedicated to eradicating the effects of leprosy in India, and a member of the Ocean Institute Professional Advisory Council
  • An active member of the Trusts & Estates and Elder Law sections of the Orange County Bar Association, and also spends time volunteering in various legal endeavors dedicating to improving the circumstances of the underprivileged
  • J.D. degree, cum laude, Brigham Young University’s J. Reuben Clark Law School
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 406043
Published 2019
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