Those who live or own property in Florida may be able to learn a lot from the estate plan of Lee Radziwill. Her plan had both a will and a series of trusts to make it easy to pass property to future generations. The latest copy of her will was created in 2018, and the latest version of her revocable trust was created in 2017. This likely means that they were updated at various points in her life.
Updating an estate plan over time is important because estate planning should be seen as a long-term process. Although most people may not be inclined to review a will or other documents after creating them, this is rarely a good idea. Over time, changes to tax laws or other events could make the original plan lacking or totally obsolete. Those who have a trust may want to continually review it to ensure that it meets the family’s intent.
Typically, trusts are created to control who gets assets and to minimize a potential estate tax bill. In the case of Lee Radziwill, she had a limited power of appointment added to her revocable trust. This allowed only select people or charitable organizations to be able to benefit from the assets inside of it. It may also be used to exclude a potential beneficiary from inheriting family assets.
The loss of a loved one can be a stressful event for a person to go through. However, it can be a little easier to get through when the deceased has a clear and organized estate plan ready to be executed. This may prevent anyone from challenging a will or prevent the need to go through probate at all. This can avoid unnecessary scrutiny over the affairs of a deceased public figure.