If you want to stay in control of your money and medical decisions until the end, here are the five most important estate-planning documents you need to have.
If you aren't sure which estate planning tools you really need, at least start with the basics.
A recentCNBC article, titled "Stay in control with 5 estate-planning documents," talks about essential estate planning documents that everyone should have.
A revocable living trust is similar to a will in that it indicates how you would like your assets to be distributed after your death and can be amended anytime. While you should always have a will, a living trust—which is simply a trust set up during your lifetime as opposed to one created after your death—can be a valuable addition to your estate plan. Here’s why.
If you have a will, do you really need a living trust? Let's explore the advantages of living trusts to find out.
A recent article in Time, titled "Why This Estate Planning Tool Beats Just Having a Will," gives several reasons to consider living trusts.
Talking to family members about estate planning and legacies can be difficult and even painful. Those discussions, however, will almost certainly be less painful in the long run than the stories children may make up after parents are gone about why they made the choices they did.
Should you tell the kids? When it comes to your estate plan, yes!
A recent Time article, titled "The Hardest Part of Making a Will: Telling Your Kids What’s in It" lists a few ideas to help you overcome the challenges of having these important conversations.
Making decisions about the disposition of your assets can be an emotionally fraught and time-consuming process. Take small steps and seek expert guidance to realize your plans for the financial care of your families.
Who gets what when it comes to your estate? The process of distributing your assets is no easy task.
A recent Forbesarticle, titled "Estate Planning 101: Picking Your Heirs," provides some very useful instructions on basic estate planning. The article lists a series of questions that can help you organize your thoughts and prioritize your planning.
Dealing with an ill parent or their estate once they pass can be difficult, and having support through your siblings is important. However, sibling feuds can get in the way and cause conflicts during this time. Having your parents’ estate planning documents in order not only ensures their health care, finance and estate decisions are being taken care of, but that siblings are able to be there for each other instead of fighting.
If you think fights with your siblings are in your childhood past, wait until one of your parents turns ill or passes away. You'd be surprised at the feuds that can break out over an estate!
A recent Law Depot article, titled "Estate Planning: 4 Things Siblings Feud Over," compiled four items that commonly cause sibling fighting in estate planning, as well as some ideas to prevent fights from happening:
Family law practitioner Andy Low Hann Yong also noted a "significant increase" in inquiries for will writing service of late. He said this could be due to rising public awareness on the importance of having a will, or the occurrence of unfortunate incidents such as Malaysia Airlines Flight MH370 and earthquakes, and reports of bitter fights over estates involving well-known personalities or tycoons.
When tragedy hits the news, do you tend to think of your loved ones? Many people start evaluating the plans they have in place for the "what ifs" of life.
Malaysia Airlines Flight MH370 went missing with 239 people aboard in March, and in July Flight MH17 with 298 aboard crashed near the Russia-Ukraine border.
They can be incredibly useful tools, and thanks to the publicity, more people may consider using them, but many people misunderstand how trusts work. Let's take a look at — and dispel — three common myths about them.
Are trusts too much work? Are they only for the rich and famous? Do you really need to establish a trust before you die?
Trusts can be very useful tools, but few people understand how trusts work. Daily Financerecently posted an article titled "3 Myths About Trusts That You Can't Afford to Believe." This article examines and dispels three common myths about trusts.
So who needs estate planning? The answer is just about everyone. Although it is true that the planning that is required for a person with very limited wealth versus that of a person with great wealth, should not be as complex or costly, some degree of planning is required nevertheless.
Who exactly needs estate planning? Only the wealthy? Wrong! Everyone needs to do some form of estate planning.
Although the planning may vary based on the overall wealth and intentions of individuals, some degree of planning is required regardless if you are a prince or a pauper… or somewhere in between. The recent article in the Capital Gazette, titled "Estate planning, it's not just for the rich," reminds us of some very simple tasks you can do to get your estate organized. Communication is important when it comes to estate planning and end-of-life decisions. Consequently, you should talk with your loved ones and the executor of your will about your plans and wishes. You should also speak with an experienced estate planning attorney and do the following:
Mediation has emerged as a valuable tool for seniors and their families as an alternative to costly litigation. Mediation can be a useful instrument to prevent post death conflict by dealing with a family's issues during the senior's life.
A recent issue of the New York Law Journal, titled "Mediation: Prevent Estate Litigation, Preserve Relationships," explains when a family has a positive relationship and is making decisions together, difficult issues can be dealt with little or no hard feelings. On the other hand, if family members disagree or have competing interests, there is a chance that conflicts may arise. These disputes can lead to contested guardianship proceedings when the senior is alive and contested estate proceedings after he or she is gone. Either one of these disputes can take an immense toll financially and emotionally on a family.
Elder law attorneys help seniors address and resolve the issues that face them at their current stage of life. This can include long-term care matters, retirement benefits, estate planning, housing, abuse and neglect of a vulnerable senior, potential guardianship, and health care. Elder law attorneys can also assist with post-death issues relating to probate and estate administration.
Serious art collectors might roll over in their graves—or never marry—if they knew what feuds their purchases were destined to inspire. On the other hand, lots of friction can be avoided if lovers of art and their families acquaint themselves with a few legal and tax basics.
So, who's getting the Picasso? Dividing assets of artwork can be a challenge.
A recent Wall Street Journal article, titled "Tips for Dividing Art in a Divorce or Death," warns that fighting can be avoided if art lovers and their loved ones learn a little about some legal and tax basics. The original article offers some ideas on how to decide—in a fair and civilized manner—who gets what, and the ways of disbursing an art collection to minimize taxes.
Houston Estate Planning and Elder Law Attorney Blog