Building in flexibility into your California estate plan, which includes naming secondary beneficiaries, is an important aspect of creating a comprehensive estate plan. Still, many people wonder if there is another way that an estate plan can be amended to pass assets to another, even after the estate owner has died.
The answer is yes – if you utilize something called a disclaimer.
For example, it is not uncommon for a parent to want to see an inheritance pass directly to their children instead of them. This can be for a number of reasons – they don’t need the money, there are estate tax consequences, or they simply want to help out. Whatever the reason, anyone can disclaim an inheritance in favor of the next generation or a trust by executing a written disclaimer.
A disclaimer must adhere to California probate code, so you will need the assistance of a qualified probate attorney with experience in post-death estate administration. If errors or oversights were made in an existing estate plan, these may also be correctable through careful post-death estate administration.
The Flanigan Law Group is an Irvine estate planning, administration and litigation legal services law firm. For more information on California probate and post-death estate administration, contact the Flanigan Law Group at 949-450-0041.