Can estate planning documents expire? Learn how to maintain these essential docs.
When creating an estate plan, people often wonder if their documents can expire. Can your will expire? How about trusts? Your Millman Law Group attorney can guide you through your estate planning questions. The truth is that while your estate planning documents do not expire, they can be revoked, replaced, or invalidated. It’s essential to know when these adjustments must be made, so estate planning with a professional is always recommended.
How Long Do Estate Planning Documents Last?
Estate planning documents like Wills and Trusts have no expiration date. A properly executed Will remains valid until either updated with a new version or revoked. The Will cannot be changed once the Testator passes away. A Trust, such as the standard Living Trust, does not expire. It remains in effect during the lifetime of the Trustor who created it and remains valid after their passing. The Trust remains active so it can disperse assets to the chosen beneficiaries.
While your documents do not expire, estate planning experts recommend reviewing them periodically, especially after significant life events. These events include marriage, divorce, death, or the birth of a child, which may influence how you decide to structure your Will or Trust.
How Long Can a Trust Last?
A Trust lasts indefinitely as long as assets remain within it. In the case of a Living Trust, it stays effective for as long as the Trustee remains living. After their passing, the Trust remains open and operational, depending on its specific terms and assets. If the Trustee must perform particular duties like managing investments or selling properties before dispersing assets, the Trust may remain open for several months or years.
However, there are instances where the Trust must end. This is often the case when Trusts are specifically created to exist for a certain period or until a specified event occurs, such as a child reaching a particular age. While some states impose a “Rule Against Perpetuities,” which prevents a Trust from continuing indefinitely, Florida has extended this rule to allow trusts to last for 1000 years! Your estate planning lawyer can help you understand all benefits you may enjoy when estate planning in Florida.
Does an Inheritance Expire?
Inheritance will not typically expire. However, there are some factors related to unclaimed inheritances. When a beneficiary fails to claim their inheritance, those assets may be deemed “unclaimed.” This occurs when the estate’s personal representative cannot locate the beneficiary or the beneficiary is unaware of their inheritance. In these cases, the state may hold the unclaimed assets until claimed. The specific laws regarding unclaimed inheritances vary from state to state.
Additionally, there are timelines associated with contesting a Will. If someone believes they were wrongly excluded from a Will or the Will is invalid, there is a limited period in which they can take legal action. Depending on the jurisdiction, this may be as short as a few weeks or as long as a few years. If this period expires and you lose your right to contest the Will, you may cause a potential inheritance to “expire.”
How Long Does a Will Remain Valid After Death?
A Will is valid indefinitely after the death of the person who made it. After the individual passes away, the Will’s terms are legally enforceable, assuming the Will meets all legal requirements. While the Will does not expire, certain provisions may be time-sensitive. For example, some clauses require beneficiaries to survive the deceased by a specific period to inherit from the estate.
While your estate planning documents do not expire, they are impacted by time. It is essential to manage your estate planning with your Millman Law Group attorney to ensure your documents remain legally valid and up-to-date with your wishes.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.