Estate Planning Practice Blog

Don't Disinherit By Accident.

A common mistake in drafting estate planning documents are provisions that disinherit children by accident. Remember what happened to Anna Nicole's daughter Dannielynn? [A fitting way to wrap up the last post of the year... with one of the more notorious deaths in 2007.]

Read the article from bankrate.com about this common mistake.

To avoid this mistake should it have drastic consequences for your estate, review your estate planning documents including your Wills and Trusts to see what provisions are in there for intentionally omitting after born children. If you don't understand this provision or want to double check, check in with your estate planninig attorney.

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Estate Planning, Probate and Trusts involve complex areas of law. Individual circumstances must be considered before any advice can be given.  The general information above is not to be construed as legal advice, which can only be given after consideration of the unique facts of each matter. Please seek the advice or counsel of your attorney, financial advisor or CPA as it may be appropriate.

Year End, New Year's Reminders

While you are organizing and putting away things around the home from the holiday season, don't forget to review your existing estate plan. If you don't have an existing estate plan, 2008 would be a great year to get started.

For 2008:
1. Review your existing estate plan. Things to look for: make sure your wishes are being met, make sure your asset schedule is up to date and make sure the family structure (births, divorces and deaths), nominations for trustees and any special provisions remain applicable.

2. Check your beneficiary designations for all of your financial products (retirement accounts, life insurance policies, annuities, bank/brokerage accounts) to ensure they are up to date

3. If you have a trust, make sure all of your important assets as advised by your attorney are transferred into your trust (double check newly acquired assets and real property holdings)

4. Work with your attorney to update your estate plan, beneficiary designations and asset transfers accordingly

5. If you don't have an estate plan in place, make 2008 the year it gets done

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Estate Planning, Probate and Trusts involve complex areas of law. Individual circumstances must be considered before any advice can be given.  The general information above is not to be construed as legal advice, which can only be given after consideration of the unique facts of each matter. Please seek the advice or counsel of your attorney, financial advisor or CPA as it may be appropriate.

Elder (Abuse?) Article from New York Times

Posted on Christmas Eve,  should elders be less accountable for their investing mistakes?

Read here for the article and links previous articles in the series.

Simply What the Client Needs.

Most clients ask for a simple will or trust.  They never ask for a complex will or trust.

So, of course, most estate planning attorneys do prepare these simple wills and trusts for their clients. They are exactly the estate planning documents that their clients need based on their circumstances, future situations and wishes.  It is simply what the client needs.

For 2008:
1. Review your existing estate plan

2. Check your beneficiary designations for all of your financial products (retirement accounts, life insurance policies, annuities, bank/brokerage accounts) to ensure they are up to date

3. If you have a trust, make sure all of your important assets as advised by your attorney are transferred into your trust (double check newly acquired assets and real property holdings)

4. Work with your attorney to update your estate plan, beneficiary designations and asset transfers accordingly

5. If you don't have an estate plan in place, make 2008 the year it gets done

________
Estate Planning, Probate and Trusts involve complex areas of law. Individual circumstances must be considered before any advice can be given.  The general information above is not to be construed as legal advice, which can only be given after consideration of the unique facts of each matter. Please seek the advice or counsel of your attorney, financial advisor or CPA as it may be appropriate.