Why a second opinion could save your estate plan

Estate planning is essential for managing your assets and ensuring your wishes are honoured after you die. However, estate plans are not static — laws, family dynamics and personal circumstances can change, affecting the effectiveness of your plan. One of the smartest ways to protect your estate is by seeking a second opinion. 

Pagdens is offering free estate planning consultations and drawing of basic wills at no charge until October 31. 

Here are eight reasons why a second opinion is a smart move for comprehensive and effective estate planning:

1. Ensure compliance with current laws 

Estate planning laws and regulations are subject to change. What was considered optimal planning a few years ago may not be compliant with current laws or tax codes. A second opinion from an estate planning attorney who is up-to-date with the latest legal developments can help ensure your plan is compliant and effective. They can offer insights into new laws that might affect your estate plan and suggest necessary adjustments.

2. Identify gaps and overlaps 

Even if your initial plan was well-crafted, a second set of eyes can identify gaps or overlaps that you may have missed. A different attorney might spot inconsistencies between your will and your trust, or recognise that certain assets aren't adequately accounted for in your plan. Addressing these issues can prevent potential legal disputes and ensure all aspects of your estate is covered.

3. Benefit from diverse perspectives 

Different estate planning professionals bring varied experiences and perspectives to the table. A second opinion might reveal alternative strategies that could better align with your goals or offer more favourable tax implications. For example, one expert might suggest different types of trusts or estate planning tools that could enhance your plan's effectiveness based on their unique experience. The Pagdens Estate Planning team takes a personal approach, understanding clients' and heirs' circumstances to ensure the best plan for everyone involved.

4. Optimise tax efficiency 

Tax laws can significantly affect how much of your estate is passed on to your heirs versus how much goes to taxes. A second opinion can provide a fresh perspective on optimising tax efficiency. Estate planning professionals can suggest strategies to minimise estate taxes, donations tax and other financial implications, ensuring that your estate is structured in the most tax-efficient manner possible.

5. Address changing family dynamics 

Family dynamics can evolve due to marriages, divorces, births and deaths. A second opinion can help ensure your estate plan reflects your current family situation and addresses any new considerations. For instance, a different adviser might suggest amendments to guardianship provisions, setting up of special trusts or adjustments in how assets are distributed among heirs.

6. Check cash flow measures and ensure sufficient liquidity 

It’s important to assess the costs of administration and the amounts that will be required to cover any debts in the estate so that enough cash will come into the estate to cover these. These amounts will also change over time and it’s good to check that the plan is still sufficient to cover these amounts.

7. Improve peace of mind 

A second opinion on your estate plan provides reassurance that your affairs are in order and that your wishes will be honoured as intended. It can also offer peace of mind that your plan has been thoroughly reviewed and is robust enough to handle any unforeseen circumstances. This reassurance can be particularly valuable in managing the emotional and financial complexities of estate planning.

8. Enhance planning strategies 

A second opinion can also help refine your overall estate planning strategy. This might include suggestions for charitable giving, retirement planning or investment strategies that align with your long-term goals. By incorporating diverse strategies and insights, you can enhance the effectiveness of your estate plan and better achieve your objectives. 

Pagdens is offering free estate planning consultations and drawing of basic wills at no charge until October 31 2024. Contact Pagdens to set up your free consultation today at 041-502-7200, email or complete the New Will form.

This article was sponsored by Pagdens.

^{This article is for general information and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions, nor for any loss or damage arising from reliance upon any information herein. Always contact an attorney for specific and detailed advice. Errors and omissions excepted. =}