Estate planning might be more emotional and personal than many other legal agreements, but the contracts are just as critical. Here are three things to look for during the contract review stage of any contract, including estate planning.
#1: Check the Dates and Deadlines
Check and double-check any dates and deadlines listed in the contract. While contracts are sometimes open for revision, estate planning has a unique situation where many, if not all, the elements remain unexecuted until after you or your loved one’s death. So, make sure the dates and deadlines are accurate now.
#2: Terms and Key Clauses
Whether the estate plan is for you or a loved one and whether it’s a simple decree of one’s wishes or a comprehensive plan for distributing wealth and assets, ensure a review of each term and key clause. Spend the time you need to ensure they’re all accurate and reflect your desires for your estate.
#3: Clear Language
Can anyone read the contract and understand the basics of what it’s laying out? If the language is unclear or ambiguous, it could open the contract to interpretation or potential legal conflict. Clear, concise language enables accurate interpretation and execution of your or your loved one’s wishes without needing a third party or mediation to determine the next steps.
Contracts, by nature, are complex and often overwhelming documents, but careful review and consideration are a necessity. When working on estate planning, the last thing you want or need is more stress. For contract review help you can count on, contact the experienced legal team at McCutchen McLean LLC.