No one really likes to think about what will happen when they finally pass away. However, a little bit of planning and preparation can help your family out immensely. One of the ways to make that inevitable day easier on your loved ones is to set up an estate plan. But, estate planning may seem daunting and bring up a lot of questions. What is estate planning exactly? What if I don’t have anything to give to my family? How is my family supposed to know what my final wishes and arrangements are? How will minors in my family be treated? What will happen to my prized collection of Kansas City Chiefs memorabilia? The questions can seem endless. […]
If you have recently become new parents or parents-to-be, the last thing on your mind is probably doing estate planning. After all, you’re young, probably healthy, and all of your energy is focused on that new baby. Why in the world should you worry about preparing an estate plan now – that’s something your parents or your parents’ parents have to deal with, right?
In some ways, estate planning is more vital to a young couple than it is to an older couple. For the first time in your life, you have or soon will have a completely helpless human being who is totally dependent upon you for his or her care. And what happens if something happens to you or your significant other or both?
Financial Responsibility of New Parents or Parents-to-Be
There are the financial aspects to address as new parents or parents-to-be, such as determining and obtaining an appropriate amount of life insurance. And saving for that inevitable college education. That’s something a financial planner can assist you with, and it is equally important. But, estate planning deals with the legal […]
Going to have an attorney create an estate plan for you and your family can be hard. There are psychological barriers, financial barriers, time constraint barriers, and leg work barriers. Looking at all the things that make it difficult to go from “I really need to get an estate plan in place” to “Look at my shiny new estate plan” I understand why I talk to so many responsible people who have never found the time or motivation to come and talk to me about their estate planning needs. That being said, I will likely never understand who folks who have succeeded in the original process, fail in the upkeep tasks to ensure that the plan they have created and paid for does what they need it to do.
I can’t tell you how many times I have a conversation where I relay that I am an estate planning attorney, and the other person tells me, “I am so glad I had my estate plan done, it’s such a relief knowing that those things are taken care of”. I hear those words and I am instantly overtaken with conflict. On the one hand, I want to tell them that they have […]
We make mistakes, as people that fact is one of our defining characteristics. The secret to being successful is: (1) learning from your mistakes to ensure you don’t make the same one twice, and (2) learning from other people’s mistakes so you don’t have to make the same one once. Over the next few weeks, we will be looking at the top 10 mistakes that people make with estate planning in the hopes that we can support each other to learn from the mistakes of others, so they stay ONLY the mistakes of others.
Top Estate Planning Mistake #9: Putting your child’s name on the deed
Land is a strange thing in the eyes of the law. Really, all property in the world can be classified into two groups: (1) Real estate, and (2) everything else in the world. Because land is different, a lot of us feel a special connection with our real estate and we want to make sure that the “family home” stays in the family. Even folks who don’t do any other types of estate planning at all will often try to do something to provide for the way any real estate they own should pass.
Many times, I […]