31 March

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Big Life Changes? Prepare for Big Estate Plan Changes

The COVID-19 pandemic demonstrates just how quickly and unexpectedly life can change. In addition to unanticipated upheavals that may occur, many choices we make also have significant impacts on our lives. There is a tendency of people who have created estate plans to let them run on autopilot rather than modifying them to reflect intended or unexpected life changes. This inattention to an estate plan can have serious consequences, including having assets go through probate or be inherited by an unintended beneficiary. Events that Require Estate Plan Updates An estate plan is structured to meet your needs at the time that it...

24 February

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Estate Planning for Singles

Posted by jefftotty

in Legal Advice

Whether widowed, divorced, or never married, estate planning is something that is rarely on the mind of a person who is legally single. Even when single people consider this process, many don’t believe that the value of their assets is worth the trouble of creating a will and think that just naming a beneficiary on their life insurance policy is enough. These perspectives are problematic at best and could lead to significant problems later, both for the single person and his or her family. An estate plan is more than writing a will and distributing assets. It also addresses several other...

24 February

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Don’t Wait: Plan Your Estate

Posted by jefftotty

in Legal Advice

There are many ways to structure an estate plan but there is only one key rule: Don’t wait. Too many people delay creating an estate plan until there is a medical emergency or devastating diagnosis, which makes the process rushed. Even worse, they don’t make an estate plan at all and unforeseen circumstances leave their children and other loved ones with no guidance regarding the care and financial support of their children, or any information about how to distribute their assets. An estate plan addresses these issues, and more. Benefits of Creating an Estate Plan There are many reasons why you should...

24 February

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Tips for Reviewing Your Estate Plan with Your Children

Posted by jefftotty

in Legal Advice

Everyone’s estate is unique but family dynamics, especially around money, often follow known patterns that can create resentments or devolve into broken relationships. Speaking frankly with your children about the estate plan now and structuring the plan to be fair and equitable can avoid anger and needless complications after you are gone. Ways to Communicate Your Estate Plan You can communicate your estate plan in many ways, but the key is to inform all of the children at the same time. This structure avoids resentments and beliefs that one child has influenced you at another’s expense. Also, communicate the plan before it...

12 February

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The Value of Hiring an Estate Planning Attorney

Posted by jefftotty

in Legal Advice

Despite the claims of online legal sites, creating estate planning documents is a complex process and it is important that they accurately reflect your wishes and are executed appropriately. Wills, trusts, healthcare directives, powers of attorney, and other related documents each serve a specific purpose and together form a major portion of your estate plan. To have true confidence that these documents meet your needs and will be recognized by courts, banks, and hospitals, you need to work with an experienced estate planning attorney. Other benefits include the following: Establish a Comprehensive Estate Plan Your will and/or trust does not automatically cover...

01 February

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Why Choose an In-Person Law Firm

Posted by jefftotty

in Legal Advice

Everything seems to be available on the internet these days, including legal services. With cheap options available to prepare documents yourself with standardized forms, using an online lawyer appears to be a good option to save money and receive the services you need. But as they say, appearances can be deceiving. WHAT YOU REALLY GET WITH AN ONLINE LEGAL SERVICE Online legal services, such as LegalZoom, are tempting to use because they are inexpensive and seem to have everything you need to manage basic legal tasks, such as creating a will or forming a business. However, there are several reasons to avoid...

03 January

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A Guide on Guardianship and Power of Attorney

Posted by jefftotty

in Legal Advice

Do you know who will be there to act in your best interests in the event you become incapacitated? What happens if you are unable to make sound decisions regarding your health or finances? Or worse, what if the person you have entrusted with your care is being questioned for abuse of power or neglect? These are important questions to ask yourself when it comes to your estate planning and we are here to explain some tools that are in place to ensure you are taken care of properly. Power of Attorney Arguably, the most important legal document to have in place...