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Tag: Estate Plan

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How to Get an Estate Plan


Bigstock-Extended-Family-Outside-Modern-13915094[1]People seeking retirement advice often express concerns about needing to leave an inheritance for their loved ones. They should get an estate plan to do that.

Different professionals have different roles in your financial well-being. Accountants can assist you with your tax returns. Retirement planners can assist you with your investments. And, as Morningstar explains in “Get Your Estate Plan in Gear” estate planning attorneys can assist you with an estate plan.

The article discusses a couple looking for retirement advice. They wanted to make sure their daughter with special needs would be adequately provided for after they passed away.

The author suggested that they get an estate plan and gave some tips about how to do it, including:

  • Hire an attorney who specializes in estate planning. If you want to make sure that your loved ones are taken care of, then you do not want to create an estate plan on your own.
  • Take stock of all the assets you own so you know what needs to be distributed in your estate plan.
  • Figure out who you want to include in your estate plan as heirs, beneficiaries and in key roles, such as executors and trustees.
  • Try to learn what type of estate planning documents you might need. If you are not certain, then make sure that you let your attorney know that.
  • After you get an estate plan from the attorney, make sure you manage the physical documents themselves so they are in good shape and can be found if anything happens to you.
  • Keep your estate plan up to date and makes changes whenever your life circumstances change.

Reference: Morningstar (Sept. 23, 2016) “Get Your Estate Plan in Gear.”

 

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Alleviating End-of-Life Regrets

Bigstock-Vintage-brass-telescope-on-ant-44347372[1]Everyone regrets something at the end of a long life, even if it is just not telling friends and family how much they meant to them. A letter-writing project seeks to help people alleviate some of those regrets.

Doctors and other professionals who care for the elderly who are approaching the end of their lives often report that their patients are full of regrets. They regret everything from not mending a broken relationship to not saying thank you to those who helped them and not telling people how much they love them.

This should not be surprising as there are many things people wish they had done differently during their lives. One of the tragic things for those near the end of life, however, is that they often do not have the time or ability to tell loved ones what they regret not saying sooner.

The New York Times reports on a new project designed to help with that problem in "Writing a 'Last Letter' When You're Healthy."

The Stanford Friends and Family Letter Project is a relatively simple idea.

It offers a free letter template with seven questions for people to answer. The questions include "Who do you wish to thank?" and "What do you wish to thank them for?"

This simple idea provides an easier way for people to order their thoughts and let people know how they feel.

One thing this project does not address is estate planning.

Having a properly planned estate is one way to lessen end-of-life regrets as it gives comfort in knowing that family members left behind will be taken care of. If you do not have an estate plan, then contact an estate planning attorney about how to get one.

Reference: New York Times (Sept. 7, 2016) "Writing a 'Last Letter' When You're Healthy."

 

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You Actually Do Need a Will

Bigstock-Attractive-Mixed-Race-Couple-P-9992345[1]Some people today suggest that not everyone needs a will because of the many other methods of transferring assets. However, everyone would benefit by at least having a simple will.

There are many different ways to transfer assets after you pass away. You can create all sorts of different trusts. You can title property as joint owners. You can make financial accounts payable on death.

These are all ways to transfer assets that would override any will that you write. Because all these different tools are available, some have suggested that not everyone needs a will today.

In response, however, Forbes notes in “Do You Really Need A Will?” there are still many reasons to have a will.

Anyone with minor children should have a will because, in most jurisdictions, it is the document through which you can appoint the guardian of choice for your children. Other instruments can be used to provide assets for a child, but only a will is available to state who should take care of the child.

Even if you do not have a child, you probably have personal property that is not easily handled in other legal instruments. If you want to have a say in who gets that property, then a will is necessary to do so.

That there are other ways to transfer assets after you pass away is wonderful and an estate planning attorney can help you navigate through the ways to find the best options for your unique circumstances.  Call Profit Law Firm to find the best way to transfer assets for your family.

Nevertheless, a will is still necessary for things that cannot be included in those documents. For that reason expect your estate planning attorney to prepare a will for you, even if it is a very simple one.

Reference: Forbes (Aug. 31, 2016) “Do You Really Need A Will?”

 

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Estate Planning Documents You Need

Attractive Mixed Race Couple SmilingEveryone needs an estate plan, and every estate plan will contain a mix of different documents depending on the complexity of the estate assets and individual preferences. However, there are a few documents that everyone needs.

Estate plans come in all shapes and sizes. Some are extraordinarily complex and contain thousands of pages of legal documents. Other estate plans contain only a few basic documents. One of the interesting things about estate plans is the documents that make up the simplest estate plans are also part of the most advanced plans. These documents are the basic framework of estate plans. The Chicago Tribune recently discussed what these basic documents are in “Documents you need before you die or become incapacitated.” They include:

  • Will – At its core a will is simply a legal document that declares how a deceased person’s property that is not disposed of by any other legal means should be handled.
  • General Durable Power of Attorney – A standard document that allows a person to determine who should handle his or her finances in case of incapacity.
  • Health Care Power of Attorney – Similar to the other power of attorney, but it allows for someone else to make medical decisions for an incapacitated person.
  • Living Will – Gives prior instructions to medical personnel about what means should be used to prolong a person’s life in the event that the person is terminally ill with no chance of recovery and unable to give instructions at the time.

Meet with an estate planning attorney at Profit Law Firm, PLLC to determine what additional documents you may need.

Reference: Chicago Tribune (July 25, 2016) “Documents you need before you die or become incapacitated”