Articles Tagged with Will Changes

2.27.20It's never too early to start estate planning. If you already have a family, getting your personal affairs in order is a must. The sooner you start planning, the more prepared you will be for life's unexpected twists and turns.

Estate planning is a crucial process for everyone, no matter what assets you have now. If you want your family to be able to deal with your affairs, debts included, drafting an estate plan is critical, says Wealth Advisor’s recent article entitled “Estate planning for those 40 and under.”

If you have young children, or other dependents, planning is vitally important. The less you have, the more important your plan is, so it can provide as long as possible and in the best way for those most important to you. You can’t afford to make a mistake.

2.7.20This time of the year is a great time to revisit your estate plan, so you can ensure your legacy is protected for years to come.”

Many of us set New Year’s resolutions to improve our quality of life. While it’s often a goal to exercise more or eat more healthily, you can also resolve to improve your financial well-being. It’s a great time to review your estate plan to make sure your legacy is protected.

The Tennessean’s recent article entitled “Five estate-planning steps to take in the new year” gives us some common updates for your estate planning.

2.4.20A will or trust explains what you want to have happen to your assets when you die, hopefully in a very, very long time. While most people understand that a will explains what to do with money, property, and children, there are other parts you might be surprised by.

MSN’s recent article entitled “3 surprising things you might not think to include your will” tells about three things to include in your will that you may not have thought about before.

 

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7.23.19Notice that the title is not “if” you need to update a will, but “when.” A will is like the family pet—it can protect the house and demonstrate your love for your family. However, you have to take care of it.

People often comment when they complete their estate planning, that they feel so good to have done this very important task. It’s a great feeling to know that you’ve made the necessary preparations to protect your family and preserve your legacy. However, this is not a one-and-done event.

Thrive Global’s recent article, “7 Reasons Why You Need to Review your Will Right Now,” says it’s extremely important that you regularly update your will to avoid any potential confusion and extra stress for your family at a very emotional time. As circumstances change, you need to have your will reflect changes in your life. As time passes and your situation changes, your will may become invalid, obsolete or even create added confusion, when the time comes for your will to be administered.

3.13.19People think of estate plans as one-off documents, but they should think of them more like cars. Estate plans need maintenance, oil changes, tune-ups and if there’s an accident, repairs.

As life progresses, you’ll go through a number of stages, from being a teen to an adult, getting married, retiring, welcoming grandchildren and more. Every time you move through a stage, your estate plan should too.

Bankrate’s recent article, “Estate planning triggers: When to re-evaluate your estate planning strategy,” says the risk of not having a current estate plan and will that state your wishes is significant. When  people fail to put any plan into place, it leads to confusion, chaos, and unintended consequences. Use this list of important life events as triggers to remind you to discuss your current situation with a trusted attorney.

7.13.18Having a will prepared is a gift of kindness to your loved ones. They will appreciate the effort to care for them, after you’ve passed on.

If you need another reason to have a will prepared, consider the potential for conflict among loved ones who will have to guess about what your wishes were during a very difficult time. You can spare them that distress, by preparing your will and estate plan in advance.

US News & World Report’s article, “10 Steps to Writing a Will,” says that if you've been procrastinating on completing the task, here's your opportunity to cross it off your list. You can get going with these simple steps.

Before he died, the owner of the New Orleans Saints and Pelicans gave millions of dollars of property to his daughter and her children, but they were not included in his last will and testament.

The last will of multi-millionaire Tom Benson, who owned several professional sports teams and other businesses, did not include his daughter and her children, according to an article from KPVI, “Though excluded from his will, Tom Benson’s daughter and grandchildren received much from family patriarch.”

Following Benson’s death, court records indicate that his third wife Gayle became the sole beneficiary of an estate controlling New Orleans’ NFL and NBA franchises, as well as the Dixie Brewing Co. There were other valuable businesses or properties in the estate: three car dealerships, the site of Benson Tower and Champions Square, a $3.6 million Uptown mansion, a racing stable and a parking lot used by fans attending Saints or Pelicans games.

9.8.16A cautionary tale ends with a will being declared invalid, firings at the local police station and a lesson in elder abuse.

A wealthy 92 year old woman suffering from dementia left a $2 million estate to a local police sergeant but after three years of legal wrangling, her will was found to be invalid and the police officer and his supervisor were both fired from their positions. In New Hampshire Magazine’s September 2016 issue the article “Navigating Non-Relative Inheritance,” explains how vigilant professionals must be, especially in cases where children or other family members are being disinherited.

Just about all of the inheritances in a typical estate go to family members or to the deceased’s favorite charities. But when an unrelated individual is the beneficiary of a valuable asset or a large sum of money, it can raise questions and perhaps suspicions from those who felt they had a right to the inheritance. The issue may become how to balance the wishes of the testator—by distributing his or her assets as he or she sees fit—with the right of the bequeathed or the beneficiary of the will to accept it without creating a conflict of interest or violating the essential trust.

5.20.16Despite countless celebrity estate battles, most Americans still put off having a will created. Think of a will as an itinerary for your family that will make their lives easier once you are gone.

Prince was clearly busy with performing, writing, recording and creating. But that's still not a good reason for him to not have put a will in place. The very public court processes that are now underway could have been completely avoided had he devoted the time to creating an estate plan.

The Huffington Post, in its May 3 article, "Like Prince, A Majority Of Americans Don't Have A Will," stressed that wills are important as they establish beneficiaries, distinguish who gets what (and how much of it), and prevent the state from deciding what happens to your property.

5.19.16One Chief Justice's seemingly simplistic will was the target of a lot of humor. Tongues wagged in Washington that he had utterly failed to do any estate planning. The gossips had it all wrong.

It may be surprising to outsiders, but Washington D.C. actually functions in many ways as a small town. When Chief Justice Warren Burger died in 1995 and it was revealed that he had a one-page will that he typed himself, the community was amused and the jokes flew.

But the Chief had the last laugh. His lawyer responded that Burger's will, when given effect along with the terms of his previously deceased wife's will, created maximum tax savings.

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