At one second after midnight on a person’s 18th birthday, parents lose the right to have access to doctors, banks, school…without the 18-year-old designating them, in a legal document, able.
A “Will” is also a valuable instrument for the tragic situation where someone dies and there’s a medical claim, or personal injury claim, or even if they’re part of a class action suit – like Camp LeJeune. The “Will” provides a place to receive proceeds from an unforeseeable, tragic event.
People often think they need a Trust when they don’t. It does depend on how large there estate is; are there minor children; are there special needs children or adults; are there situations where you don’t want someone to receive a large amount of money all at once.
And they’re ‘revocable’ in that whoever establishes the Trust can change it any time without permission of a beneficiary. Last Wills and Testaments, if filed with a court after a death, are available to the public at large. Trusts are not.
One of the hard things to do after someone dies is to figure out what to do with their “stuff” – potentially even for minimalists. It’s a true gift to have someone you car about take possession of something tangible to enjoy now, while you’re alive.
For intangibles – money, for instance – having accounts beneficiary designated means the financial institutions distribute virtually automatically – no family individual has to be involved.
The effort makes things easier on your loved ones. It’s a gift to them.
Planning in advance allows a family to grieve when someone passes – avoiding calling an attorney to start a court case; avoiding arguments with other family members; sparing expense for funeral/cremations.
One of my greatest victories is when a client calls after a loved one has died and I can reassure them that all is taken care of and nothing needs to be done until they’re ready.
Revocable trusts are just that – revocable; can be changed, modified, dissolved s long as the person who established it is living; they are excellent vehicles to be sure assets go to children as minors cannot inherit until they’re 18.
I’m always honored when people are inspired by my having gone to law school and point out someone who was there with me who had big hurdles to overcome to get where they wanted to be.
If you want something badly enough, it can happen.
Planning is about taking care of your family later. Sometimes people disinherit family members, and that can be tough.
How does each work? What is the purpose of each?
My previous career was in life coaching – asking difficult questions and helping people answer them.
This capacity is very helpful in my legal practice as there are often questions that need to be asked that can appear threatening to the person being asked – do I choose this child or that child or someone not related. I’m able to ask with empathy, diminishing the scariness of the question.
First, decide it’s time. Then pull together everything you own, tangible, intangible and then decide who you want to have represent you for possibilities while you’re alive (financial, health) and for after you pass.
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.
