When a person gets one second after midnight on their 18th birthday – it’s time. It doesn’t matter if you think you own anything, it matters most at this point to appoint someone to help with finances and health if need be – powers of attorney and advanced health directives, and a Last Will is a good thing since we’re never promised tomorrow.
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.
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.
I’ve always been honest and direct – some might say ‘brutally honest.’ People who know my depend on me for this. I’m honest because I care. My intuition and compassion help in making difficult decisions/confronting difficult situations.
We have a unique perspective on estate planning that serves our clients well. We thoroughly review not just your assets and your wishes but your legacy. We ask the questions “What’s in the best interest of this family, how do we achieve those goals and what kind of legacy do you want to leave behind?” After answering these key questions, we help you determine the best course of action for your family going forward.
