Q: What are “contingent beneficiaries” and do I need to include them in my will or trust?

A: It is very common and understandable for people to set up their estate plan assuming all the people you want to leave money to are still living at the time of your own death.  However, far too many court battles have taken place due to a lack of contingency planning.  Although it’s uncomfortable and even morbid to put thought into these possibilities, we cannot emphasize how important it really is, especially in making sure your assets ultimately end up in the hands of your chosen beneficiaries, and not by way of a prolonged, expensive and contentious litigation.