Warning! A will may not control the fate of some of your property. If you’re like most people, this is surprising to you. Your will only controls those assets in your individual name. Here’s what we mean: 1. Joint Tenancy Property: Many married couples own their house as well as their bank and investment accounts as joint tenants. Some single parents put a child’s name on a joint account or the house (not recommended) and some siblings jointly own a vacation home or hunting cabin (not … [Read more...] about Warning! A Will Alone May Not Control All Your Assets
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Reasons an Estate Plan Could Be Challenged: Part 1 – Formal Requirements
An Estate Plan is an essential part of your planning process. But there are ways an Estate Plan can be challenged as being invalid. This is part of a series of articles by my friend and colleague Steve Hartnett, an estate planning expert, on ways an Estate Plan might be invalid and how to avoid these pitfalls. Reasons an Estate Plan Could Be Challenged: Part 1 – Formal Requirements … [Read more...] about Reasons an Estate Plan Could Be Challenged: Part 1 – Formal Requirements
The Questions of Estate Planning, Part 6: Why
People often have questions about Estate Planning. This is the sixth in a series of articles addressing those questions. This sixth article by my friend and colleague Steve Hartnett, an estate planning expert, addresses “why” to do Estate Planning. Read on to learn more. The Questions of Estate Planning, Part 6: Why … [Read more...] about The Questions of Estate Planning, Part 6: Why
The Questions of Estate Planning, Part 5: How
People often have questions about Estate Planning. This is the fifth in a series of articles addressing those questions. This fifth article by my friend and colleague Steve Hartnett, an estate planning expert, addresses “how” to do Estate Planning. Read on to learn more. The Questions of Estate Planning, Part 5: How … [Read more...] about The Questions of Estate Planning, Part 5: How
Being in Control At The End of Your Life
States have historically allowed people to execute “Do Not Resuscitate” orders that, as the name implies, order physicians not to perform any procedures to resuscitate the individual if he or she is not breathing or has gone into cardiac arrest. Oregon, along with a number of other states, goes one step further -- and seniors appear to like the move. California has authorized a two-page form called a “Physician Orders for Life-Sustaining Treatment”, or POLST for short, that allows an individual … [Read more...] about Being in Control At The End of Your Life
The Keys to a Successful Estate Plan
A successful estate plan is an estate plan that works. An estate plan works if it does what you want it to do. The 3 keys to a successful estate plan are communication with loved ones, updating on a regular basis, and consultation with a qualified and experienced estate planning attorney. If you have all 3 keys, the door opens to a successful plan and your investment of time, effort, and money will be worth it. Importantly, your wishes will be honored. In other words, your estate plan will … [Read more...] about The Keys to a Successful Estate Plan
Important Estate Planning Tools for the LGBTQ+ Community
Estate planning is important for everyone; however, it cam be even more important for members of the LGBTQ+ community. Because of the unique, and often varied, legal position that a partner has among the states, estate planning is of particular importance in order to ensure that your partner is provided for in the event of your death, and recognized in the event of your incapacity. While each situation is unique, consider incorporating the following tools into your estate plan: Last Will and … [Read more...] about Important Estate Planning Tools for the LGBTQ+ Community
Don’t Accidently Disinherit Your Children
Each and every day, children are unintentionally disinherited and receive nothing when their parent dies. If you’re like most people, this is not what you want. Here are two examples illustrating how children are disinherited. Example One Jim and Susan have a long happy marriage. They have been married for 32 years and have four children, all boys. Jim has a heart attack and dies. He and Susan owned everything jointly so at his death, Susan inherited all of the assets. Several … [Read more...] about Don’t Accidently Disinherit Your Children
Your Estate Plan: Get It Into a Writing or Else
Your estate plan must be in writing to be legally valid; conversations with your spouse or other family members are not enough. Without written directions and authorization, family discord and upset may result and your wishes may not be followed. Don’t Want to be Hooked to Life Support Machines, Put it in Writing in an Advance Health Care Directive For example, Terri Schiavo, the Florida woman kept on life support for 15 years, had reportedly told her husband that she didn’t want to be … [Read more...] about Your Estate Plan: Get It Into a Writing or Else
Is Cryptocurrency an Asset for Purposes of Estate Planning?
Deciding how your assets will be distributed after you are gone is likely a primary function of your estate plan. For your plan to work as intended you must include all of your assets in the plan. That sounds simple enough; however, in the new digital age it might be more complicated than you realize. For example, if you own cryptocurrency, is it considered an asset for purposes of estate planning? To help answer that question, let's discuss how cryptocurrency fits into your estate plan. What … [Read more...] about Is Cryptocurrency an Asset for Purposes of Estate Planning?
