The Executor’s Role in an Estate

There is no substitute for good records and good communication!

You’ve been chosen as the executor for your parents’ estate, or you’ve selected the executor for your estate. What does the executor do?

 Read More >>

The Importance of a Will

A crucial document best taken care of well in advance

A will is a crucial document that must be taken care of well in advance of the end of your elder’s life. Do not allow your elder to die intestate (without a will). When your elder doesn’t have a will, the state may take over, which can become very complicated. You’re almost sure to lose a hefty percentage of the true value of the estate. By making a will and assigning power of attorney, your elder will feel comforted that his or her wishes will be carried out.

 Read More >>

6 Practical Ways to Help Your Parents This Fall

Always approach them with love

You can’t take it with you! If they are able, suggest to your parents that they write a master list of who should get what and give the document to the executor. Or they can ask each child what he or she would like to have, and put that on a “wish list.” A document cuts down on the “he-said-she-said” that often occurs when settling an estate.

 Read More >>

Is It Time to Make a Change?

You can change or update a will at any time

How long has it been since you reviewed your will? Whether due to unsettling financial crisis or a “blessed event” in your family, it may be time to change it. There’s no time like the present to find your will and review your decisions and circumstances related to your final wishes.

 Read More >>

Know the Plan

Ask questions now

Knowledge is power. The more facts you know about your parents’ estate plans, the less you will have to decide on your own later. Make sure everyone in the family has talked with them about their estate planning and final wishes. Read More >>

Leaving a Legacy of Love

Still putting their children first

Anne and Bill are a wonderful example of parents who prepare for the inevitable. Both are in their mid-70s, and in relatively good health, but their two children and several grandchildren live far away. They knew that when something happens to them, their children would have to journey to get there and assist. Wanting to make life easier for their kids, they decided to make sure their wishes were known. Read More >>

I Don’t Want the Government to Get My Property

Misconception #6 of “The 12 Biggest Misconceptions of Estate Planning Clients”

Some people fear this will happen if they die without a will. Others have heard rumors about death taxes, and they think this is the “guvmint’s” final money grab as you’re taking your last breath. The latter concern—estate taxation—actually affects only about 1% of us, which is the topic for another blog. The first scenario could affect any of us, however.

If you die without a will, you, the “decedent,” die “intestate.” Every state has intestacy laws. These laws provide for the final distribution of any assets that aren’t otherwise legally disposed of, say, by beneficiary designations or joint ownership rights. Read More >>

My Husband and I Own Everything Together—Why Do I Need a Will?

Misconception #5 of “The 12 Biggest Misconceptions of Estate Planning Clients”

Most spouses do own everything together, 50/50. But the real question is, how? Are they joint tenants with right of survivorship, or tenants in common? (See Misconception #1.)

If they’re joint tenants, then the property passes automatically to the surviving spouse, with no need for a probate. If they’re tenants in common, the property of the first spouse to die will pass to others according to that person’s will. If no will can be found, the property passes to others per state law, the subject for next week’s blog. Read More >>

I’ll Just Leave Everything to My Daughter (She Knows My Wishes and Will Know What to Do)

Misconception #4 of “The 12 Biggest Misconceptions of Estate Planning Clients”

Please don’t do this to your children! I got a call just this week that shows the pitfalls of this approach. Here’s the scenario: Dad died, leaving five adult children. When I drafted his will, he stated that he wanted to benefit all his children equally, so his will reflected that. His life insurance policies had all five children as beneficiaries. But his annuity policy only listed child #3 as the beneficiary.

The law is clear: child #3 gets it all. But was that really Dad’s intent, or did he just forget to review and revise that particular beneficiary designation? What are the other children to think? Read More >>