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How To Initiate a Conversation with Your Parents about Estate Planning

The holidays can bring families together, which often make them a good time to discuss family matters, including estate planning.  This may be a sensitive or uncomfortable topic for some people, but it is so important that bringing it up is usually worth the discomfort.  An open discussion, even for a few minutes, can help so much in learning information you may need to know in the future, which can help ensure your parents' wishes are followed.  Here are some strategies to make it easier to broach the subject: 1. Choose the Right Setting Opt for a private and relaxed environment, such as after a holiday meal or during quiet downtime. Avoid discussing it during stressful moments or in front of children who may not understand the context. 2. Frame it Around Care and Love Emphasize that estate planning is about honoring their wishes and ensuring their hard-earned legacy is protected. Example: “We want to make sure we can follow your wishes when the time comes. Have you had ...
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Why You Should Hire an Estate Planning Lawyer

  Have you ever wondered why hiring an estate planning lawyer makes sense when anyone can download a Revocable Trust form from the internet or shop for a Last Will and Testament at an office supply store?   While standardized forms or online templates may seem convenient and cost-effective, using a lawyer to handle your estate planning offers several crucial benefits and safeguards. Here's why it is advisable to work with a lawyer for your estate plan rather than relying solely on a computer-generated form: 1.       Legal expertise and personalized advice: Estate planning involves complex legal concepts and considerations. An experienced estate planning attorney has in-depth knowledge of relevant laws, regulations, and strategies. She can provide personalized advice tailored to your specific circumstances, goals, and family dynamics. She can help you navigate through the complexities of estate planning, identify potential issues, and offer solution...
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What To Do When Your Estate Plan Is Complete

  Most of my clients breathe a sigh of relief once their estate planning is complete.   All of us know that wonderful feeling when a daunting task we’ve been thinking about for a while is finally finished.   However, there a few additional steps that can truly wind up the process and offer complete peace of mind.   1.       Fund your trust.   “Funding” a trust means either transferring ownership of assets to your trust during your lifetime, or designating the trust as beneficiary upon your death (also known as “Pay on Death” or “Transfer on Death” designations).   If you fail to fund your trust, your assets may have to go through the probate process using your “pourover” will.   In that case, the assets will eventually reach the trust, but the trust’s advantage of avoiding probate court, with its associated expenses and delays, would be lost.   In addition, if your assets do not pass through your trust, they can lose a...
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What Can an Estate Plan Do For You?

  Especially during this difficult year, many people are thinking about writing a will or creating a trust.   It’s a good instinct because estate plans are truly a gift for you and your loved ones, contributing to family harmony and peace of mind. But a few hurdles can stand in the way of completing this important work, such as uncertainty about which attorney to hire, how much it will cost, or concern that it will be a difficult, complicated process.   While estate plans definitely help maximize the preservation of assets and property for the next generation, it’s good to remember that an estate plan is about more than just money.  Even if you don’t feel like you're "rich," your estate plan serves many other purposes. A complete estate plan allows you to accomplish important goals, for example:    1. Offering guidance to your loved ones during a difficult time. An estate plan will record your wishes in black and white, so that your family membe...
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