A new way of estate planning: 1) Ensuring your loved ones will stay out of court and conflict in the
(2)
The law won’t recognize your estate plan until it’s signed and done. So until your estate plan is finished, you need to proactively name your spouse as your primary beneficiary on your retirement and insurance accounts, and then name at least one contingent, or alternate, beneficiary to receive the funds in case your spouse dies with or before you.
Want to make sure every piece of your future is proactively planned for? I can help.
www.kkmillerattorney.com
Wedding season is winding down. But if you’re a newlywed, there’s one last thing you need to check-off on your wedding to-do list: create an estate plan.
This week I’m covering 6 essential estate planning tools every newly married couple needs to set up right away. If you recently tied the knot, you don’t want to miss this series!
Click the link to read the full blog. 👇
www.kkmillerattorney.com
A lot changes once your marriage is official, but how you and your spouse want your finances to be managed or how you would want medical decisions to be made for each other are not automatically documented when you say “I do.”
Instead, your choices for yourself, each other, and your life together need to be properly documented to ensure your wishes are respected and honored no matter what the future holds.
Learn what every newlywed needs in an estate plan in this week’s blog. Click the link below to read it now.
www.kkmillerattorney.com
Many newlyweds and long-time married couples assume their spouse has automatic access to their assets and can make decisions for them at any time. 🤔
Sadly, this isn’t the case. Without giving written permission to your spouse through a Durable Financial Power of Attorney and a Power of Attorney for Health Care, decision-making authority could be given to someone else by the court, even a stranger or a family member you would never want to have control over your life. 😯
Want to know more? Be sure to read this week’s blog.
www.kkmillerattorney.com
If you’re a newlywed 💍or are planning to tie the knot soon, it’s time to make your first legal move as a married couple – creating an estate plan! With all the joy and happiness a new marriage brings, planning for your potential incapacity and future death may feel out of place, but creating your estate plan as part of your post-nuptial to-do list is the greatest gift you can give your new spouse.
In this week’s blog, I explain 6 essential estate planning tools you need to put in place right now and why they’re so crucial for newlyweds.
Click the link below to get started.
https://kkmillerattorney.com/the-attorney/f/from-i-do-to-what-if-estate-planning-must-dos-for-newlyweds
Online marketplace sites like Facebook, Etsy, Poshmark, and Craigslist are rife with scammers. But what you might not know is that scammers are now manipulating victims into providing the scammer with a “refund” for purchases the scammer never made. To learn how to avoid these “overpayment” scams and more, be sure to read this week’s blog and share it with your family and friends.
Read it now by clicking the link below.
www.kkmillerattorney.com
“Help Your Parents Avoid These New Financial Scams - Part 2” is out this week!
Your family's security is of the utmost importance, and as your parents age, they may be more and more vulnerable to nefarious fraudsters. Keep your family (and yourself) informed and protected by reading this week’s blog.
Click the link below to read it now.
www.kkmillerattorney.com
As your Personal Family Lawyer®, I'm available to help guide a discussion with you and your parents about your financial well-being as part of your estate plan, including how to catalog their assets and how to make it as easy as possible for you to help each other in the case of an emergency or scam attempt.
To learn how my heart-centered approach is different from other law firms, schedule a free 15-minute call. 📱
I can’t wait to help you and your family stay protected and cared for.
www.kkmillerattorney.com
Phishers often pose as trusted entities such as banks, the government, or department stores. But in recent years, phishers have been sending their victims more personalized emails to trick them into thinking the message is from someone the victim personally knows. The email will address the victim by name and may appear to come from a friend, co-worker, or supervisor. It may even contain a legitimate-looking email domain, signature, or logo.
Make sure your parents know about this scam and others by sharing this week’s blog.
www.kkmillerattorney.com
“Help Your Parents Avoid These New Financial Scams - Part 2” is out this week! In part one of this series, we explored two popular scams that are targeting older adults this year: the grandparent scam, and cryptocurrency pickpocketing. In this week’s blog, I’m sharing two more scams that you and your parents need to be aware of, plus tips for staying protected.
See the link to read the full blog now. 👇
In part one of this series, we explored two popular scams that are targeting older adults this year: the grandparent scam, and cryptocurrency pickpocketing. In this week’s blog, I’m sharing two more scams that you and yo...
🇺🇸 On this solemn day of remembrance, we pay tribute to the heroes, courage, and unity that emerged on September 11, 2001. 🗽
One of the toughest parts about being the victim of a scam is the emotional and mental stress it usually causes. Scammers intentionally use urgency, alarm, or guilt to trick victims into making hurried decisions to send money to someone who needs “help.”
In the new “Grandparent Scam,” fraudsters will call or text senior adults pretending to be their grandchild. The scammer will claim that they’re in trouble and that they need the grandparent to send them money right away to bail them out of jail, buy a ticket home from a dangerous location, or pay for damages caused by a car accident.
To learn how to protect your parents from this scam and others, be sure to read this week’s blog.
www.kkmillerattorney.com
Don’t miss this week’s blog, “Help Your Parents Avoid These New Financial Scams - Part 1.”
Your parents' financial security is a priority that demands proactive measures, especially in the face of emerging scams that exploit their vulnerability. In this two-part series, I’m talking about four new financial scams that your parents (and you) need to know about to protect your money and your happiness.
This is a blog you don’t want to miss. Click the link below to read it now.
Unlike money kept in a bank, money kept in the form of cryptocurrency is difficult to recover if the owner dies, and impossible to recover if you don’t know where your parents kept their cryptocurrency.
Always talk to your loved ones about where their financial assets are located and how to access them. If you aren’t sure what the best way to track your assets is, give us a call. We can help you make sure all of your assets are accounted for and properly incorporated into your plan, so they are never lost to the ones you love.
Want to know more? Click the link below to schedule a free 15-minute call to learn more about our unique way of serving clients.
www.kkmillerattorney.com
To protect your parents from being victimized by a scam, talk to them about the importance of never disclosing personal or financial information or the names of their loved ones in a text, phone call, or email. 📩
Instead, instruct them to ask who the caller is and wait for the sender or caller to respond. If in doubt, the senior should ask the sender personal questions that only their family would know, but a scammer wouldn’t. Using a family passcode or phrase is one of our favorite strategies to identify scammers.
If the person on the other end of the call or email can’t give your parent the family passphrase, it’s a no-go for help!
Read this week’s full blog to learn about protecting your aging loved ones (and yourself) from financial scams.
www.kkmillerattorney.com
Fraudsters and scam artists are nothing new, but changing tools and technology are making it easier than ever for scammers to target their victims, especially seniors. To protect your aging parents (or yourself) from these con artists, it's crucial to equip yourself with the knowledge of how these scams work and what your loved ones need to know to keep their assets and emotions safe.
In this two-part series, we’ll explore four of the most recent and insidious financial scams that have surfaced, shedding light on their tactics and providing you with practical steps to shield your parents from potential harm.
Click the link below to read it now.
Fraudsters and scam artists are nothing new, but changing tools and technology are making it easier than ever for scammers to target their victims, especially seniors. To protect your aging parents (or yourself) from the...
Did you know that using a Will guarantees you’re family will need to go to court when you die?
That’s because Will only has the authority to control your assets and represent your decisions when it is filed under a probate case in court after your death. 🥀 Unfortunately, AARP and the American Red Cross don’t explain in their Make-A-Will campaign that a Will has limits like this that can affect your family and leave them with a mess.
To learn more, click the link below to read this week’s blog.
Did you see ads for Make-A-Will Month online or in your mailbox?
Making a Will is a great idea, but a Will on it’s own won’t take care of your assets and family the way you think.
If you’re thinking about making a Will online or using a DIY kit, don’t miss this week’s blog, “AARP and The Red Cross Celebrate Make-A-Will Month, But Here’s What They Didn’t Explain.”
✨Click the link below to read it now. ✨
www.kkmillerattorney.com
An online program may be able to give you a legally valid Will or other legal documents, but just because something is legally valid doesn’t mean it will be effective. And any document created through a 20-minute online tool is almost guaranteed not to work for you and your loved ones when they need it. 💔
That’s because an effective estate plan isn’t just documents - it’s a series of decisions carefully made through heart-centered counseling and strategic guidance.
Read this week’s blog to learn more.
www.kkmilleratorney.com
An estate plan isn’t just one or two documents - it’s a range of strategic decisions about the allocation and title of your assets, and it’s a set of tools and counseling-oriented planning that make sure everything and everyone you love is taken care of both while you’re alive and after you’re gone. ❤️
Your complete estate plan may include a Will, a Trust, Powers of Attorney, and other tools that are tailored to your specific situation, local laws, and your vision for the future.
Learn more about Make-A-Will Month and what you really need instead in this week’s blog.
www.kkmillerattorney.com
August is National Make-A-Will Month and you may have received an advertisement in your inbox or mailbox from AARP or the American Red Cross reminding you to get your Will taken care of this month.
But in reality, the message of AARP and the Red Cross for Make-A-Will Month is misleading and could leave your family with a stressful mess when you die or if you become incapacitated.
Want to know why? Don’t miss this week’s blog!
Click the link to read it now.
www.kkmillerattorney.com
Thinking of using your employer’s group legal insurance to create your estate plan? 🛑 STOP! 🛑
Estate planning isn’t something you do one time–it’s something that changes and evolves with the changes in your life. If it doesn’t, you’ll quickly be left with a pile of documents that don’t work for you and your loved ones the way you intended.
Sadly, group legal insurance plans don’t provide the personalized and long-term attorney-client relationship your family needs and deserves.
Don’t miss this week’s blog article to learn more.
www.kkmillerattorney.com
Affordable premiums and the promise of free legal services is tempting - but don’t be fooled. The kind of estate plans offered through group legal insurance plans generally include the bare minimum for your family and don’t consider your family’s unique circumstances and needs.
Instead of saving you money, an estate plan created through a group legal insurance claim could cost your family far more than a customized plan would have, and is likely to leave your loved ones with a big mess.
Read the full blog now to learn more... www.kkmilleattorney.com
Estate planning isn’t something you do once because your life will change, your assets will change , and the law will change. A legal insurance-covered plan will not keep up with those changes. You may receive documents through your group legal insurance plan, but those documents aren’t likely to be what your family needs when something happens to you.
To make sure your family is taken care of no matter how life changes in the future, you need personalized legal counsel that is there for you at any time, not just once a year.
Want to know more? Click the link below to read more.
www.kkmillerattorney.com
Getting group legal insurance through your workplace benefits is becoming more and more common. Group legal insurance seems like an easy option to save on your family’s estate plan, but it’s often inadequate for creating the kind of plan you really need to protect your assets, your choices, and your loved ones.
In fact - the type of estate plan created through legal insurance programs could leave your family with a big mess.
In this week’s blog, I’m exploring the potential pitfalls of using group legal insurance for estate planning and sharing suitable alternatives to ensure your assets are properly protected and that your loved ones are left with a legacy of love, and not a big mess.
Click the link below to read the full blog!
As the need for affordable legal services becomes even more important in today’s world, it's common to opt for group legal insurance offered through your workplace benefits. These group insurance plans provide free legal...
As your Personal Family Lawyer®, I am specially trained to educate, empower, and support you to make the right decisions for your life and for the people you love. Furthermore, because your plan will be designed to provide for your loved ones in the event of your death or incapacity, I am not just here to serve you—I’m here to serve your entire family.
If you’d like to learn more about this process or schedule your appointment, contact me, your Personal Family Lawyer® today.
www.kkmillerattorney.com
Whether you’ve met with an estate planning lawyer before or it’s your first time, it’s important to understand how working with me, your Personal Family Lawyer® is different from meeting with a traditional lawyer.
Schedule an appointment with me TODAY!
Click the link below to read more.
www.kkmillerattorney.com
In the end, your Life & Legacy Plan goes far beyond simply creating documents and then never seeing me again. I will develop a relationship with you and your family that lasts not only for your lifetime but for the lifetime of your children and their children if that’s your wish. And this all starts with my Family Wealth Planning Session.
Learn more about this on my website!
www.kkmillerattorney.com
This investment of your time now will save your family countless hours of heartache and work down the road, while also keeping your loved ones out of conflict and out of court. If you choose to work with mr, you'll get the peace of mind that comes with knowing you never have to make another financial or legal decision without our guidance again. And if and when something happens to you, your loved ones will get the same type of trusted advisor, who will be there for them when you can't be.
Message me to learn more!!
https://kkmillerattorney.com/the-attorney/f/what-to-expect-your-initial-meeting-with-me
I will explain what’s involved with my process, in hopes that it will inspire you to meet with mr, your Personal Family Lawyer® and get clear on what your family needs you to have in place, so you don’t leave behind a mess if you become incapacitated or when you die. I promise to help you make the wisest, most affordable, most effective, time-saving plan for yourself and the people you love.
Check out this week’s blog to understand how working with me, your Personal Family Lawyer® is different from meeting with a traditional lawyer.
Click the link below to read it now. 👈
https://kkmillerattorney.com/the-attorney/f/what-to-expect-your-initial-meeting-with-me.
Protecting your kids while they’re away at school may seem simple: make sure they have your phone number, pack bandaids, and have an emergency plan.
But does your plan include a comprehensive Kids Protection Plan®? Every minor child needs short-term and long-term legal guardians, and no college student should leave home with a Power of Attorney for finances and health care.
Think these documents aren’t back-to-school priorities? Thank again! Without these documents in place, your kids are at a real risk.
Read this week’s blog to learn why:
https://kkmillerattorney.com/the-attorney/f/don’t-send-your-kids-back-to-school-without-these-documents.
If you have a child headed to college this fall, you want to make sure they have everything they need before they go.
Don’t forget to send them off with the right legal documents so you can access their bank account and medical records if something happens to them. No parent wants to imagine their child becoming incapacitated by an illness or injury while they’re at school, but what’s even worse is having a sick child that you can’t help because of legal red tape!
Learn how to be prepared and have peace of mind by reading this week’s blog, “Don’t Send Your Kids Back to School Without These Documents.”
Click the link below to read more.
https://kkmillerattorney.com/the-attorney/f/don’t-send-your-kids-back-to-school-without-these-documents
Having friends and family to help with your kids is a blessing. But the people you trust most have no authority to be with your children if something happens to you unless you legally document their authority.
Plus, if you don’t name legal guardians for your kids, you risk creating conflict among family members who want to care for your children and may subject your loved ones to a lengthy and costly court process —a burden that could be avoided through estate planning.
Want to know more? Read this week’s blog for the full story.
https://kkmillerattorney.com/the-attorney/f/don’t-send-your-kids-back-to-school-without-these-documents
Whether you are unconscious in the hospital or have passed away, no one has the authority to make decisions for your child but you - unless you’ve granted that authority to the people you trust ahead of time. If you haven't, then the decision of who will care for your child is up to a judge who doesn't know you or your family dynamics.
🚨Don’t leave your child’s future to chance.🚨 Read this week’s blog to learn how to protect your child right now by clicking the link below.
https://kkmillerattorney.com/the-attorney/f/don’t-send-your-kids-back-to-school-without-these-documents
As summer comes to a close, and back-to-school excitement fills the air, there is one crucial task that is often overlooked: designating legal guardians for your minor children.
And, if your kids are going off to college, you’ll no longer be able to make decisions for them or have access to their medical records in an emergency unless your adult kids create Powers of Attorney and Health Care Directives.
Want to send your kids into the school year with total peace of mind? Read this week’s blog, “Don’t Send Your Kids Back to School Without These Documents” to learn how.
Click the link below to read it now. 👈
https://kkmillerattorney.com/the-attorney/f/don’t-send-your-kids-back-to-school-without-these-documents
A sudden illness or injury can leave you incapacitated and unable to manage your affairs. Therefore, it's essential to review your estate plan to ensure it includes Powers of Attorney for healthcare and finances.
Every adult should have Powers of Attorney. These documents let you name someone you trust to pay your bills and manage your assets, as well as make medical decisions for you if you can’t speak for yourself.
It’s also important to include healthcare directives that describe what kind of healthcare you want if you become incapacitated.
Illness is just one life change that can have major affects on your estate plan. To read the full blog, click the link below.
www.kkmillerattorney.com
Recently married or newly divorced ? Then don’t miss part 2 of my blog series, “10 Life Events That Signal It's Time to Review Your Estate Plan.” This week I’m covering more life changes that mean it’s time for an estate plan check-up.
Don’t have an estate plan? If any of these 10 events have happened in your life, you’ll want to make one ASAP!
Click the link below to read more now.
www.kkmillerattorney.com
If your existing plan doesn’t meet Oklahoma’s requirements for how an estate plan is signed or witnessed , or contains terms or processes that differ from the processes of our state, this can cause delays when your plan needs to be used and may even require a court to review its validity.
Not sure if your estate plan will still work for you? Read this week’s blog to learn what other changes mean it’s time for a review.
www.kkmilllerattorney.com
Question: I just got a divorce. Does that automatically stop my ex from inheriting from me?
Answer: No. If your ex is still named as a beneficiary on your retirement or life insurance, they will receive those funds if you die.
If you’re divorced, you probably aren’t looking to leave your ex-spouse an inheritance. Don’t forget to update your estate plan and all of your financial accounts with new beneficiaries ASAP or you risk leaving your assets to your ex!
Want to make sure your plan is updated the right way? Schedule a free 15-minute call to learn how I can help.
www.kkmillerattorney.com
week, we started to explore 10 life changes that might affect your estate plan, from changes in your assets 💰🏠 to the death of a loved one.
You might think that estate planning is something you can complete one time and then check off your to-do list for good. But in order for your estate plan to work for you no matter how your life changes, your plan needs to change with it. This week, we’re coving five more life events that mean it’s time to review your plan.
Click the link below to read the full blog now. ✨
10 Life Events That Signal It’s Time to Review Your Estate Plan - Part 2
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Is a will the same as an estate plan? No, a will is only one part of an estate plan. And to understand the difference let me define estate plan without using legalese. An estate plan is a roadmap you make for what happens to you if you become incapacitated (meaning unable to make decisions for yourself) and for what happens to your family and assets (or stuff) after you die. If you don’t have a plan of your own, the state of Oklahoma has one for you, but it may not be what you’d want. A will is just one tool used in an estate plan. It allows you to leave assets to particular people or charities, but it does nothing to address incapacity and it does not avoid probate court. A will alone will not suffice as a complete estate plan. If you’re interested in learning more about what happens to your family and your assets when you die or become incapacitated, schedule a free 15-minute consult with me. #estateplanning #lifeplanning #legacyplanning
How Do I Pass Along Family Heirlooms Peacefully? Unfortunately, family mementoes are one of the most common causes of conflict among heirs. Here are some tips for helping to keep your family out of conflict over the things you (and they) love: First, talk to your family about who will get what when the time comes, and work out the details beforehand. Then make sure all family members are aware of the choices you have made and why. Second, have a complete estate plan that includes a memorandum that explains the specific bequests and consider including that in a recorded audio you leave to your family, so they not only hear your voice, but the stories behind the mementoes as well as your desire for who gets what and why. Third, don’t play favorites, but do give thought to who you designate to receive what — these are the things your family will most remember. Finally, to pass along family history and your values, consider creating a Family Wealth Legacy Interview. This can take any form – a letter, a recording, a video – and is not legally binding, but instead helps you pass on the intangibles that make your family unique. If you would like more information about passing on the things you love to the people you love, contact me today to schedule a time for us to sit down and talk. #estateplanning #lifeplanning #legacyplanning
We already did our wills so why do we need to update them? A common misconception is that once you do your will, you’re good to go for the rest of your life. Not true. Your will, trust, power of attorney and health care directive need to be updated throughout your life. Why? Because otherwise, it may not work when you need it to, or when your family needs it to. We never know when something will happen to us, so you should make your will based on what’s true at the present time. But as your life changes - and the law changes - your plan should change, too. If it doesn’t accurately reflect your life and the law when you pass away or become incapacitated, it may not be worth the paper it’s written on. It has to reflect the present as much as possible. A good rule of thumb is to have your plan reviewed every 3 years, which is why it’s a common practice in my firm. In fact, I believe it’s so important, I do it for free for all clients. If anything you’ve learned here concerns you, and you want to know more about what happens to your family and your assets when you die or become incapacitated, schedule a free 15-minute consult call with me (link in comments).
What estate planning documents should my child, who just turned 18, have in place? At age 18, your child is now an adult in the eyes of the law. This means you no longer have the authority to make decisions regarding their medical care, nor will you have access to their finances if something happens to them. Since you are no longer in charge, your child’s greatest liability from a planning perspective is what would happen if they were incapacitated by illness or injury and become unable to make decisions on their own behalf. To prepare for this scenario, you should have your child sign two key documents: an advance directive for health care and durable financial power of attorney. The health care proxy portion of Oklahoma’s advance directive for health care allows your child to grant you (or someone else) the legal authority to make healthcare decisions on their behalf in the event they are incapacitated and unable to make decisions for themself. The living will portion provides specific guidance about how your child would want their medical decisions made in the event they are incapacitated. Finally, if your child is incapacitated, you may also need the ability to access and manage their finances, and this is done with durable financial power of attorney, which gives you (or someone else) the authority to manage their financial and legal matters, such as paying tuition and managing their bank accounts. I can help you create these documents to ensure your child is adequately protected as he or she begins their new life as a young adult.
What are the “must have” documents? There are some obvious ones: your birth certificate, marriage certificate, your kids’ birth certificates, social security card, passport. But there are also some that most people don’t have. ▪️ A will ▪️ A power of attorney ▪️ A health care directive ▪️ A living trust - if it’s right for your situation Why are these must have documents? To make sure that you are taken care of if you get sick or are gravely injured, and to make sure that the people you want to get your stuff after you die do. Oklahoma law says that you have a RIGHT to tell people where your property goes after your death. A will and trust do just that. A power of attorney and health care directive tell people what to do with your property and your medical care if you are alive but unable to communicate your decisions. What happens if you don’t have these must have documents? Simply put, someone else makes the decisions for you. Someone HAS to. And often, it’s a judge who has no idea who you are and what you want. This result can be avoided so easily if you just take the time to get your must have documents drafted and signed. If anything you’ve learned here concerns you, and you want to know more about what happens to your family and your assets when you die or become incapacitated, schedule a free 15-minute consult call with me (link in comments)
Tuesday Q&A: How can I avoid being placed under the care of a professional guardian? Should you become incapacitated without any planning in place, your family would have to petition the court in order to be granted guardianship. In most cases, the court would appoint a family member as guardian, but this isn’t always the case. If you have no living family members, or those you do have are unwilling or unable to serve or deemed unsuitable by the court, a professional guardian would be appointed. In another scenario, should your loved ones disagree about who should be your guardian, the court could decide that naming a relative as your guardian would be too disruptive to your family dynamics and appoint a professional guardian instead. You can avoid this using estate planning. With proper planning, upon your incapacity, a person of your choice would have the immediate authority to make your medical, financial, and legal decisions, without the need for court intervention. Moreover, you can provide clear guidance about your wishes, so there’s no mistake about how these decisions should be made. If you’re interested in learning more about what happens to your family and your assets when you die or become incapacitated, schedule a free 15-minute consult call with me (link in comments)
Happy New Year from Kimberly K Miller, Attorney at Law, PLLC! #estateplanningattorney
Tuesday Q&A: How long does it take to sell a house in probate? That’s a great question! And there is no definitive answer. The timeline depends on a number of factors: Whether there is a will or no will, even though both go through probate; How the house is titled; How many heirs there are and whether there’s conflict among them; How quickly you can get a motion filed. This is an extra step is required to sell a house in probate; and How long the judge’s backlog is. Then, of course, when you finally get court approval, there’s the actual selling part: listing the house, getting offers, making it to closing. The total timeline is anyone’s guess, but it could be months to a year or more. If you have a house and want your family to avoid the probate process and be able to sell the house faster, talk to an attorney about setting up a living trust. If you’re interested in learning more about what happens to your family and your assets when you die or become incapacitated, schedule a free 15-minute consult call with me (link in comments)
Tuesday Q&A: How do I know I’m picking the right people to raise my kids if I died? Choosing guardians to raise your kids if you couldn’t is one of the most important decisions a parent should make. Unfortunately, only 33% of parents have actually done this. So, good for you for asking the question in the first place. When you’re trying to figure out who would be the best choice, know that you don’t have to pick your parents, or your siblings. You can - and should - pick the best people no matter the relation to you or your children. Start by listing your values, then list all the people in your life who have these values. Then, take into account the age of the people you’ve listed, where they live and whether they could maintain solid relationships with both sides of your family. Lots of people think the people they choose need to be financially able take on the responsibility and indeed, that is by far the most common reason people decline to serve as your kids’ guardians. But if you work with an experienced attorney, you'll learn how to take care of that piece, and not burden someone else with the money part of raising your kids. If you’re interested in learning more about what happens to your family and your assets when you die or become incapacitated, schedule a free 15-minute consult call with me (link in comments)
Tuesday Q&A: I know I need an estate plan, but where do I start? This is a great question and one that I get all the time. And the answer is probably not what you're thinking. The answer is: you should start with an inventory of your assets. Now, what does that have to do with estate planning and what happens after I die? The answer to that is everything! Estate planning has way more to do with what types of assets you have and how they're owned. It has a lot less to do with how much money you have. So start with an inventory of your assets and then talk to an attorney. Estate planning is way more complicated than most people think, so talk with an attorney who can make sure that your assets are distributed the right way after you die or become incapacitated. Any questions? Leave a comment. If anything you’ve learned here concerns you, and you want to know more about what happens to your family and your assets when you die or become incapacitated, schedule a free 15-minute consult call with me (link in comments).
Tuesday Q&A: How Do I Know When It’s Time to Update My Estate Plan? There are certain triggering events that may necessitate an update of your plan. Some of them are: • A new marriage or a divorce • Your spouse passes away • A new child, whether born to you or adopted • A child passes away • The death of one of your chosen executors, trustees, health care agents or powers of attorney • A change in the law • A significant inheritance • You start a new business or buy an existing business • It’s been a long time since you made your plan • You purchase an investment property, especially if it’s out of state These are the most common scenarios, and of course, there are exceptions and nuances to each. But the most important thing to remember is it doesn’t hurt to check with an attorney to see if an update is warranted. If you’re interested in learning more about whether you should have your plan reviewed by an attorney, schedule a free 15-minute consult call with me (link in comments)
Tuesday Q&A: How much should estate planning cost? The answer is simple: Whatever it’s worth to you. You can do your will, trust, power of attorney and health care directive for a minimal cost, or even free, online. But do you really understand what you’re signing? Do you know the potential consequences to your family if you don’t do it correctly? Do you know if the form you find is up to date with the current law? Do you know if it will work when your family needs it to? You could even work with an attorney who just drafts documents, or even wills on the side (which many do). But you’ll get documents that you put away on your shelf and never look at again. What then? There’s a high probability that your plan won’t work when you need it to or your family needs it to. And in that case, you just wasted your money. So, the real answer is - like most things - you get what you pay for. If you want a plan that you fully understand, and that will work when your family needs it to, it will cost more than a DIY plan, or even what you’d pay working with an attorney who just does documents. If anything you’ve learned here concerns you, and you want to know more about what happens to your family and your assets when you die or become incapacitated, schedule a free 15-minute consult call with me (link in comments) #estateplanning #lifeplanning
Tuesday Q&A: What EXACTLY is an estate plan, anyway? Attorneys love to use legalese, so here’s my definition: An estate plan is a roadmap you make that states how you want to be taken care of if you become unable to care for yourself, how you want your assets to be distributed after you pass, and who you want to raise your children if the worst happened and you were no longer here to raise them. It’s legally enforceable, meaning your wishes will be honored. Who needs one? Everyone over 18. Even if you don’t have assets to distribute, you should make a plan for what happens to you if you become incapacitated. And why should you do it? Because if you don’t do it yourself, someone else will have to, and they’ll have to go to court to do it. You are putting them in the position of having to not only make a lot of tough decisions they shouldn’t have to deal with - especially if they’re grieving - but you’re also costing them a lot of time, energy and expense out of their own pockets. Putting your loved ones through that isn’t fair to them. That’s right; I said it. If you haven’t done it yet, make it a priority. Your loved ones will thank you - I promise. If anything you’ve learned here concerns you, and you want to know more about what happens to your family and your assets when you die or become incapacitated, schedule a free 15-minute consult call with me (link in comments).
The Law Office of Cheryl Husmann
N Pennsylvania
McAlister, McAlister & Nicklas
E. 15th Street
Matthew C. Prasuhn, Attorney at Law
East 15th Street
Oklahoma Estate Attorneys,PLLC
NW 156th Street
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