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Tim Alles
Jordan Bush
Chris Shourds
Previous Newsletters
April 2021 Does My Estate Plan Have An Elephant In The Room? (Part I)
March 2021 How Can I "Trust" My Trustees?
February 2021 What Do Tiger Woods' Tweets, and Your Social Media Content
Have to Do with Estate Planning? (Part II)
January 2021 What Do Tiger Woods' Tweets, and Your Social Media Content
Have to Do with Estate Planning? (Part I)
December 2020 What Are Estate Taxes And Why Do They Matter?
November 2020 What Life Events Should Trigger an Estate Plan Review?
October 2020 My Child Is A Spendthrift. What Can I Do To Protect Their Inheritance?
September 2020 What Is the Difference Between Estate Planning and Elder Law?
August 2020 Estate Planning After a Divorce - What Does It Mean for Your Estate Plan?
July 2020 What Should You Expect From Your Trustee?
June 2020 Should You Pass Your Assets Through A Trust Or A Will?
May 2020 Important Issues To Consider For Your Estate Plan
April 2020 Important Estate Planning Considerations During a Pandemic Crisis
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Important Issues To Consider For Your Estate Plan
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Imagine that your 94-year-old uncle has never created his will. Now
he is about to die and has no plans.
Sound far-fetched? Actually, it’s a remarkably common situation. Estate planning
is something everyone knows we should do; but time gets away from us.
Sometimes we are confused, scared, or just plain procrastinators. Very
few of us want to consider what happens after we leave our families.
A well-executed estate plan can
give you peace of mind knowing that, when the time comes, you’ll be able to help
provide for your family and have your wishes followed.
When Is a Good Time To Plan My
Estate?
In general, it’s never too early to start planning.
The fact is that we have no idea what life has
in store for us. For example, a serious illness or injury can happen to anyone
at any time. A sudden death without a will, can subject one’s property to a
state’s intestate succession laws and a probate judge will need to decide the
case. This means that your loved ones may
be subject to hefty inheritance taxes, and your property may not be allocated in
accordance with your wishes. Thoughtful estate planning can avoid many of these
pitfalls.
What If I Become Incapacitated?
While incapacitation is another topic that is tough to face, it’s important to
consider the legal ramifications as they relate to your estate. If you are
unable to make important financial and/or medical decisions for yourself, having
a power of attorney in place ensures that an agent you choose will make those
decisions on your behalf, and in accordance with your best interests. If you
face medical decisions related to life-sustaining efforts or ongoing treatment,
but are unable to make your own decisions, having a living will and a durable
power of attorney for healthcare will ensure that your wishes, and those of your
family, are respected.
How Do I Prepare For My Estate
Planning Needs?
Estate planning is complicated, and it is specific to each person’s unique
circumstances. There may be tasks that you need to attend to for your estate
plan to be in accordance with your wishes.
Examples include:
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Changing how a piece of property is titled.
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Changing the beneficiary on an insurance policy
or another financial instrument.
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Making tax-saving gifts to family members now.
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Preparing a letter designating which family
member should have sentimental and heirloom items.
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Creating a list of assets and liabilities.
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Deciding who may act as guardians if you have
young children or adult children with special needs.
A
knowledgeable estate planning attorney can help you navigate these important
issues, and make sure that your property and documents are in order.
They will be able to help ensure that your needs, and your loved one’s
needs are met, without undue stress and complications when the time comes.
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