I Can't Say This Enough...

Review your estate planning documents regularly.  What happens if one of your beneficiaries dies before you do?  Have you thought about this previously?  If you leave all assets to your children, and one dies, is that deceased child’s share given to the remaining children, or will it go to that deceased child’s heirs?  Have you gotten divorced and updated your documents to remove the ex-spouse?  If you have not, do you still want him/her to inherit as your will is currently written?  Contact Crane Elder Law Firm for a 15-minute consultation to discuss your situation.

Are Your Minors Protected?

Some people name their minor children to inherit money or other assets in their Last Will and Testament.  You should really give some thought about who will be the physical guardian of your children and who will be the guardian of finances.  If the words “for their benefit” are in the will, what does this really mean?  What if the guardian thinks that a new Mercedes SUV is necessary for transportation of your children since it is larger than their Honda Accord?  Is that choice okay with you?  Be sure that you trust your choice of guardian(s), and discuss guardianship with a qualified attorney so that you have a plan in place if you were to need it.  Contact Crane Elder Law Firm for a 15-minute consultation to discuss your situation.

Do You Have a Named Beneficiary?

Do you have a named beneficiary on your life insurance, retirement, and investment accounts?  You should always name a beneficiary and a contingent beneficiary and review your choices periodically.  Without a named beneficiary, or if a beneficiary dies before you do, upon your death, the proceeds normally end up as part of your estate, which causes a probate to be necessary.  The probate process can be time consuming, costly, and frustrating.  It is best to be proactive and review your estate plan regularly.  Contact Crane Elder Law Firm for a 15-minute consultation to discuss your situation.

Do You Want Security and Protection?

Do you want to save money, speed up the transfer of property to your loved ones, and maintain your privacy?  There are many ways to do this, but what is right for one person may be different for that of another.  First, you could give away everything while you’re still alive.  If that is not realistic, you could have jointly owned real estate with a survivorship right.  You could name a person as a beneficiary on financial accounts (Pay-on-Death or POD).  Or you could establish a trust.  If you establish a revocable trust, you can be the trustee who controls the assets, and retain the right to revoke the trust at any time.  Assets in a trust are owned by the trust entity, rather than you as an individual.  Contact Crane Elder Law Firm for a 15-minute consultation to discuss your situation.

What is Probate?

It is a legal process of distributing your assets after your death.  Paperwork is submitted to the Probate Court where it will be determined if the Last Will and Testament is valid and the executor is granted the power to distribute your assets, or if there is no will, an administrator is named to distribute assets.  This process can be tedious, time consuming, and sometimes costly.  The executor will need to gather information about all assets and liabilities and follow the law regarding distributions.  Public notice must take place for a set period of time.  Crane Elder Law Firm can help you through this process.  Please contact us for a 15-minute consultation to discuss your situation.