Don’t Listen to the people Who Say You’re Too Old
Debbie Baker
I always wanted to be a doctor – thinking medical. Almost 50 years to the day of my high school graduation I became a doctor, albeit a doctor of law.
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Musings from an Estate Planning and Probate Attorney
I always wanted to be a doctor – thinking medical. Almost 50 years to the day of my high school graduation I became a doctor, albeit a doctor of law.
What’s the difference? When does each come into play?
These are difficult conversations that need to be had.
Planning needs to be done and done right, because we really can never know when we’ll leave this earth. To work with an attorney is to be sure the right questions are asked. It’s to be properly informed by a practitioner instead of by your neighbor or the opinions of friends who aren’t attorneys. Attorneys help people think and make better choices.
I do appreciate the temptation to DIY AND strongly advise against it for fear the document created will not do the job when it’s needed.
Living Wills are documents people prepare for when the end of life is approaching – it provides a place to indicate choices about treatment or not and at what stage treatment ends. It’s an essential document to help the person dying do so on their own terms.
My practice is to recommend a Revocable Living Trust so that a child’s inheritance can be safe-guarded if the child is inline to inherit before they are legally able to inherit money on their 18th birthday, and after 18 if a parent doesn’t want to trust them with assets that young.
First thing I would tell someone is “I chose estate planning and probate to never have to be in court. Contesting a Will involves litigation. 😊I will counsel that fees can be expensive and the emotional toll on a family even more expensive. Then I refer to someone who does do will contests.
Your Last Will and Testament is the catch-all documents for any part of an estate that may have slipped through the cracks while planning to avoid probate. It also serves as a place holder if there is some type of lawsuit that needs a place to deposit funds after someone passes – personal injury, malpractice.
An estate is any asset a person owns. Probate is necessary when any asset is only owned in the name of an individual without a beneficiary designation. A Trust will, when done correctly, keep assets out of Probate.
My recommendation with minor children is always a trust given that most wouldn’t have trusted themselves with substantial money when they were 18. Trusts also allow for parents to determine at what age a child would receive money and what for.
This can be done – through direct financial gifts indicated in a will or through pet trusts. That it can be done is helpful to pet owners who are concerned about what happens if they pass before their animals.