Posts Categorized: Wills

While it is an honor to be named as a trusted decision maker, also known as an executor or personal representative, in a person’s will, it can often be a sobering and daunting responsibility. Being an executor requires a high level of organization, foresight, and attention to detail to meet responsibilities and ensure that all beneficiaries receive the accounts and property to which they are entitled. If you are an executor who is feeling overwhelmed, here are some tips to lighten the load.

he caveat to being an executor is that once you accept the responsibility, you also accept the liability if something goes wrong. To protect yourself and make sure you are crossing all the “t’s” and dotting all the “i’s,” hire an experienced estate planning attorney now. Having a legal professional in your corner not only helps you avoid pitfalls and blind spots, but it will also gives you greater peace of mind during the process. READ MORE

With the cost of a funeral averaging between $7,000 and $12,000 and steadily increasing each year, at the very least, your estate plan should include enough money to cover this final expense. And if you are thinking of simply setting aside money in your will to cover your funeral expenses, you should seriously reconsider, as paying for your funeral through your will can create unnecessary burdens for your loved ones.

Although you can leave money in your will to pay for your funeral expenses, your family won’t be able to access those funds until your estate goes through the court process of probate, which can last months or even years. And since most funeral providers require full payment upfront, your family will likely have to cover your funeral costs out of pocket. Moreover, your loved ones will have to deal with all of this while grieving your death. READ MORE

This August, President Biden, Vice President Harris, and the U.S. Department of Education (DOE) announced a three-part plan to help low and middle-income families deal with the increasingly burdensome cost of paying for college while also making the student loan system more efficient and easier for borrowers to manage. The most dramatic part of the plan includes the cancellation of up to $20,000 in student loan debt, which would benefit an estimated 43 million borrowers, and completely cancel the debt of 20 million.

Since 1980, the cost of public and private colleges has nearly tripled, yet federal assistance hasn’t kept pace with the increased expense. Indeed, Pell Grants once covered roughly 80% of the cost of a four-year public college degree, but today they cover just one-third. This has forced many students to rely on student loans, and today’s typical undergraduate student leaves college with nearly $25,000 in debt, according to the DOE. READ MORE

From a financial perspective, now is a good time to start planning for your child. As you are probably aware, the ART process can be expensive. Having a proper financial plan can help alleviate some of your worries during the process. Raising a child is also expensive; the cost of food, clothing, shelter, toys, and education must be considered. Even if you are not expecting a child imminently, setting money aside or preparing a budget to accommodate these expenses can put you on the right financial path.

When it comes to addressing your child in your estate plan, including who will be the child’s guardian if something should happen to you, how much money the child will receive, and when the child will receive an inheritance, it is best to wait until the child is soon born. While you can plan for a potential child, your estate planning documents will be clearer if you plan for things as they are at the time of drafting. However, you can still create an estate plan now and change your plan when a child is born. Creating an estate plan is not a one-and-done event. It must change and evolve as your, and your family’s circumstances change. READ MORE

Following the death of a loved one, close family members are sometimes surprised to learn that they didn’t receive the inheritance they were expecting and that the deceased instead left most of their estate to an individual they only recently met, who wasn’t even a relative. While it’s not always the case, in some situations, this can mean your loved one was taken advantage of by a bad actor, who manipulated him or her into cutting out close family members from their plan and leaving assets to the bad actor instead. 

This is called “undue influence,” and it’s not only unethical, it’s illegal and considered a form of elder abuse. Given the growing number of seniors, the prevalence of diminished capacity associated with aging, and the concentration of wealth among elderly Baby Boomers, we’re likely to see a serious surge in the number of cases involving undue influence in the coming years. READ MORE

Roughly two-thirds of Americans do not have an estate plan. If you are among the minority of US adults who have prepared a will, living trust, and other end-of-life documents, you may think your estate plan is settled. But you might want to think again. An estate plan is a living set of documents that should be regularly reviewed and updated. Even if you are vigilant about changing your estate plan over time, there may be aspects that you have missed, such as beneficiary designations for retirement accounts or life insurance policies.

Because your estate plan relies on others, such as designated decision-makers and beneficiaries, it is important to consider not only what might happen to you but also what might happen to them. There may be other aspects of your estate plan that you have overlooked as well. The best-laid plans often go awry, but paying attention to the smallest details can help keep your final wishes intact. READ MORE