Inheritance

Why You and Everyone Else Needs a Will

Published on: December 11, 2019 | By McCulloch & Miller, PLLC

Once you understand what a will can do, the reason that everyone needs one becomes a lot clearer, especially if you have any minor children or any assets.

A will is a legal document used to provide clear and binding instructions on how you want your assets to be distributed after you die. Everyone should have a will, because they can also be used to identify a person who you want to handle your property, known as the executor and who should be the guardian of your minor children, if both parents die.

Yahoo Finance’s article, “What Does a Last Will and Testament Actually Do?” explains that a last will and testament has instructions for what you want to happen with your assets. A will also designates an executor, names beneficiaries and more. You should work with a qualified estate planning lawyer, when preparing one.

Why Children Should Be Included in Charitable Giving Plans

Published on: December 9, 2019 | By McCulloch & Miller, PLLC

A fear that children will not be motivated to have careers because of their family’s wealth is a concern. However, in the long run, it can hamper how wealth is handled by the next generation.

In a perfect world, discussing a family’s legacy should be a process that begins when children are old enough to understand concepts as simple as giving and the notion that wealth comes with social responsibilities. In reality, few discuss their philanthropic or legacy goals with their children.

CNBC’s recent article, “Don’t expect Mom and Dad to clue you in on your inheritance,” says that 8 out of 10 financial advisors said that “some” or “hardly any” of their clients involve the next generation in family philanthropy, according to a recent survey from Key Private Bank.

Why Estate Planning Matters for People Without Children

Published on: November 27, 2019 | By McCulloch & Miller, PLLC

Estate planning is even more important for individuals and couples without children. Without an estate plan, your assets may go to long-lost relatives you’ve never met. You also need to plan for incapacity, especially if there are no living relatives.

While your legacy may be different if you don’t have children, you still need to have an estate plan.

Motley Fool’s article, “5 Estate-Planning Tips for Child-Free Couples,” suggests that you may want to leave some of your money to friends, family members, charitable organizations, or your college. No matter the beneficiaries you choose, these estate planning tips are vital for childless couples.

Can Beneficiaries Push Back on a Bad Temporary Administrator?

Published on: November 22, 2019 | By McCulloch & Miller, PLLC

If a temporary administrator has failed to perform their duties properly, the court has the power to remove this person.

Beneficiaries need to know that they have rights too. If a temporary administrator is not following the terms of the will, taking money that belongs to the estate or failing to perform their fiduciary duties, it’s time to go to court.

nj.com’s recent article, “What to do if an estate administrator isn’t doing his job,” explains that a temporary administrator is usually appointed by a probate judge, because the named executor has died, renounced his or her rights to serve, or is unable to serve.

Can a Trust Become the Owner of My Home?

Published on: November 20, 2019 | By McCulloch & Miller, PLLC

Many instances of estate planning disasters start when well-meaning people try to use a simple solution for what is ultimately a complicated problem. It’s better for all concerned to meet with an estate planning attorney who can present strategies that will achieve goals, rather than attempt a do-it-yourself plan that creates more problems than it solves.

In one example of a do-it-yourself estate plan, a husband decides to use his inheritance to purchase the family home. His wife signs a quitclaim deed to him that puts the property into his living trust, on the condition that if he dies before she does, she is allowed to live in the home until death.

However, the living trust was never signed. So, what would happen to the property if the husband were to die before the wife?

Here are the Estate Planning Documents You Must Have

Published on: November 6, 2019 | By McCulloch & Miller, PLLC

Leaving the workplace behind and heading into retirement can be as much an emotional transition, as it is financial. The prospect of fulfilling dreams long deferred, while recognizing a milestone of aging can take time to work through. At the same time, there are time-sensitive tasks that need doing.

During this process, which is easier for some than others, it’s very important to tend to financial and legal matters in estate planning, reports Forbes in a recent article, “Retirement, Estate Planning: Documents You Should Have.”

Putting together a well thought out financial plan and creating an estate plan lets you be certain that personal, financial, and health wishes will be carried out the way you want. Managing your estate, regardless of the size, starts with working with an experienced estate planning attorney who will help give you greater control, privacy and security of your legacy. Here are the documents you need to get started:

What Happens When There’s a Will Contest?

Published on: October 30, 2019 | By McCulloch & Miller, PLLC

Contesting a will is not for the faint of heart, but this is the process that lets a person legally challenge a will.

When there’s a will, there’s a way to challenge it, known as a “will contest.” If someone dies and they had a will, their estate goes through the probate process. The probate court is the jurisdiction for challenging a will.

Understanding how this works is important, if you’ve been named as a beneficiary of an estate or you’re concerned that your own will may one day be contested.

What is a Probate Lawyer? Do I Need One?

Published on: October 28, 2019 | By McCulloch & Miller, PLLC

While it’s possible for people to manage some parts of their loved one’s estate, very often the tasks feel overwhelming. When getting assets out of probate becomes too much of a challenge, it’s time for help.

There are instances when an executor knows they need to hire an attorney who focuses their practice on settling an estate immediately. That’s usually when there’s a lot of money at stake, or if the family has a history of fighting. Other times, the job of settling an estate starts out okay, then hits a roadblock, or becomes too emotionally draining.

KAKE.com’s recent article, “Do I Need to Hire a Probate Lawyer?: The Top Signs You Should Lawyer Up” says that trying to do this on your own can often be time-consuming and expensive. That’s why it’s smart to have a probate lawyer working with you.

How a Will Help A Child Manage Distributing Your Property

Published on: October 7, 2019 | By McCulloch & Miller, PLLC

A single parent wonders if they need a will, or if just making an account a Payable on Death or POD account will be an adequate solution for transferring his assets when he dies.

Even if you have only one child, if you have no will, things will be complicated for her or him. You may wonder if you can simplify matters, just by creating a POD account with their name as the person to inherit the account when you die. However, what if you have other property, like a car, a tax or credit card refund, or any other asset that is not part of that account? Yes, that property will pass to the sole child by intestacy. However, having a will could make it far easier for your child.

nj.com’s recent article asks “Do I really need a will to help my son when I die?” The article explains that by naming your only child as the beneficiary on a POD or Transfer on Death (TOD) account, that move only governs the transfer of that particular account at your death.

How the Blended Family Benefits from an Estate Plan

Published on: September 23, 2019 | By McCulloch & Miller, PLLC

With about half of all marriages ending in divorce, second marriages and blended families have become the new normal in many communities. Estate planning for a blended family requires three-dimensional thinking for all concerned.

An article from The University Herald, “The Challenges and Complexities of Estate Planning for Blended Families, ” clarifies some of the major issues that blended families face. When creating or updating an estate plan, the parents need to set emotions aside and focus on their overall goals.

Estate plans should be reviewed and updated, whenever there’s a major life event, like a divorce, marriage or the birth or adoption of a child. If you don’t do this, it can lead to disastrous consequences after your death, like giving all your assets to an ex-spouse.