Lisa Marie Presley Trust: Tips for Avoiding a Legal Challenge to Your Will or Trust

Lisa Marie Presley died recently, and her mother, Priscilla Presley, is challenging the terms and validity of her trust. Lisa's wishes were for her trust to go to her children. One key aspect of this planning is creating a valid will or trust to distribute your assets. However, as we have seen with Lisa Marie Presley's death, even the best-laid plans can face estate litigation.

While it is true that you cannot prevent someone from hiring a lawyer and challenging your will or trust, you can take steps to ensure it's valid and protected. To help with this process, below are some tips for avoiding a legal challenge to your will or trust. These tips can help to minimize the risk of a legal challenge to your will or trust and ensure that your wishes are carried out as you intended.

Seek Professional Advice

Creating a will or trust is a complex legal process that involves many different factors. It's essential to seek the advice of a professional estate planning attorney. A qualified Georgia estate planning attorney can help you create a will or trust that is legally sound and reflects your wishes. They can also ensure that your estate plan complies with the relevant state laws and regulations.

Use Clear Language

The language you use in your will or trust is critical to avoiding estate litigation. Make sure that your language is clear, concise, and specific. Ambiguous or vague language can lead to confusion and interpretation disputes, leading to legal challenges. A clear and concise document can help ensure your wishes are carried out. You should also use proper legal terminology and avoid technical jargon or language that may be open to interpretation.

Be Mindful of Inheritance Laws

Every state has inheritance laws that dictate how your assets will be distributed if you do not have a will or valid trust. These laws can vary widely, and you must be aware of them when creating your estate plan to ensure that you comply with them. This can help avoid legal challenges from family members or other beneficiaries who feel they were not treated fairly.

Consider the Tax Implications

Estate taxes can significantly impact the distribution of your assets. Consult with a tax professional to understand your will or trust's tax implications and ensure that your estate is structured in the most tax-efficient manner possible.

Keep Your Estate Plan Up to Date

Life is unpredictable, and your estate plan should be flexible enough to accommodate changes in your circumstances. If you experience a divorce, the birth of a child, or the death of a loved one, it's important to update your estate plan accordingly. It's recommended to review your estate plan every few years or when there is a significant life event to avoid having your will contested.

Be Transparent With Your Intentions

Communicate your intentions to your family members and beneficiaries. Let them know what you are planning and why you have made certain decisions. This can help to avoid confusion and disputes after you're gone. You can also discuss your estate plan with your family and beneficiaries to help them understand your goals and objectives. This can also help to minimize the risk of a legal challenge and ensure that your estate is distributed according to your wishes.

Creating a legally sound estate plan is essential for the end of life. By seeking professional advice, using clear language, being mindful of inheritance laws, keeping your estate plan up to date, and being transparent with your intentions, you can minimize the risk of a legal challenge and provide peace of mind for yourself and your loved ones. A well-executed estate plan can help provide for your family and beneficiaries.

Call a Georgia Estate Planning Attorney Today

If you need assistance creating or revising your estate planning documents, Jammie Taire and the Smith Taire Legal team can help. We educate our clients on their estate planning options and ensure their final wishes are legally binding. Call us at 678-253-8133 if you have questions about your estate planning or wish to meet with an experienced Georgia estate planning attorney.