Do I REALLY need a Will? You may not think you need a Will, but you really do! And here is why…
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Although many people equate “estate planning” with having a will, there are many advantages to having a trust rather than a will as the centerpiece of your estate plan. While there are other estate planning tools (such as joint tenancy, transfer on death, beneficiary designations, to name a few), only a trust provides comprehensive management of your property in the event you can’t make financial decisions for yourself (commonly called legal incapacity) or after your death.
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People often set up bank accounts or real estate so that they own it jointly with a spouse or other family member. The appeal of joint tenancy is that when one owner dies, the other will automatically inherit the property without it having to go through probate. Joint property is perceived to be easy to setup since it can be done at the bank when opening an account or title company when buying real estate.
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Today we will be focusing on newly married individuals. If this is you then now is the perfect time to start working on an estate plan! As newlyweds, you may not have a list of your accounts, but you’ve effectively just done a working inventory of your possessions—as you’ve figured out how to consolidate two households into one. You’ve already been working on the new banking and shared responsibility of bills and taxes and so forth.
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Estate planning is the process of developing a strategy for the care and management of your estate if you become incapacitated or upon your death. One commonly known purpose of estate planning is to minimize taxes and costs, including taxes imposed on gifts, estates, generation skipping transfer and probate court costs. However, your plan must also name someone who will make medical and financial decisions for you if you cannot make decisions for yourself. You also need to consider how to leave your property and assets while considering your family’s circumstances and needs.
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If you are recently married or have been married and are acquiring additional assets, know that you have options when it comes to how the property will be titled. And, although joint tenancy seems like an easy and convenient choice, it may not work as well as you would think.
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Your wedding is over, and the day was absolutely perfect. You went away on your honeymoon with your new spouse and had the time of your lives. Now you are back and can breathe a sigh of relief and watch the rest of the years ahead unfold before your eyes. Well, not so fast. Now that your honeymoon is over, there are several things you should be mindful of to make sure that the legal and financial parts of your life properly reflect your newly married status.
read moreLet’s kick off a new week with a new topic: Incapacity. Comprehensive estate planning is more than your legacy after death, avoiding probate, and saving on taxes. Good estate planning includes a plan in place to manage your affairs if you become incapacitated during your life and can no longer make decisions for yourself.
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Let’s keep rolling with the topic of incapacity but now let’s focus on choosing the right agent. A common misconception is that estate planning equates to death planning. But as we mentioned, planning for what happens after you die is only one piece of the estate planning puzzle. It is just as important to make a plan for what happens if you become mentally incapacitated.
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We know it’s hard. Thinking about someone else raising your children can stop you in your tracks. It feels crushing and too horrific to consider. But you must. If you don’t, a stranger will determine who raises your children if something happens to you – your children’s guardian could be a relative you despise or even a stranger you’ve never met.
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