Building an effective estate plan is an important part of providing for the ones you love with your resources. However, in some cases, even those who fail to create an estate plan during their lifetimes may end up with their resources placed into a constructive trust upon passing away. Constructive trusts are a certain kind of trust that arises when a court acknowledges the rights of an heir despite the absence of an established trust at the time of a benefactor's death.
The longer you wait to make a will, the more likely you'll never get around to it. If you still have not created a will, you should take some time to consider how a will might benefit you and make a point of creating your will as soon as possible. However, for those who already have a will, it is wise to consider if you need to amend or entirely revoke your will if you experience a number of significant life changes.
When you set up a trust as part of your estate plan, you face the very important task of appointing a trustee to oversee the trust and the assets within. However, in some cases, your relationship with a trustee may sour, or you may realize that he or she is not behaving in your best interests, or the best interests of your beneficiaries.
Once you get your estate plan situated, you might think that you can forget about it since it is done. The truth is that you do need to review the will periodically so you can ensure that it still accurately reflects your wishes.