King & Wood, P.A.

How Can I Choose an Estate Planning Lawyer?

“Planning for the future provides protection and peace of mind, so it becomes increasingly important to seniors as they approach their twilight years.”

Only about a third of Americans have an estate plan, according to the article “Choosing an estate planning lawyer” from Senior Matters. The number of people with wills is decreasing, rather than increasing, despite the events of recent years. Estate planning is worth doing, for the peace of mind, the personal and financial protection it provides, not to mention leaving a legacy of caring about the future for the next generation.

Estate planning involves making end-of-life decisions, with an emphasis on both finances and health. Most people think of estate planning as “who gets what,” which is accomplished largely through wills and trusts. For people who have amassed significant assets, this can be complex. An estate planning attorney makes it streamlined and will explain the implications of all aspects of the estate plan.

Estate planning includes gifting, generation skipping transfers, taxes, advance directives, power of attorney, health care proxies, living wills, naming an executor, organ donations, burial preferences, Do Not Resuscitate (DNR) orders and final wishes.

Estate planning is a highly personal process. This is why it’s important to find an estate planning attorney who is compassionate, as well as technically proficient. Estate planning attorneys tend to be caring individuals who chose this field of law because they sincerely wish to help others. They also know what happens when estate planning is not done, because they also help children when their parents fail to do estate planning.

Some people are reluctant to embark on estate planning, in part because they don’t wish to be reminded of their own mortality. Others are concerned about relatives with designs on their estate. However, not having an estate plan makes it more likely that relatives or others could challenge the estate and end up owning assets. An estate plan provides protection.

When a person dies without an estate plan and assets subject to probate, their estate is considered to be “intestate.” Only the court will have any control over how the probate assets are distributed. The probate court will simply follow the laws of your state, which frequently are based on kinship. The exact details vary from state to state, and this is known as “intestate succession.”

The intestate laws may result in outcomes completely different than what you wished. An estranged spouse could end up owning everything, or a child with substance issues could inherit a substantial sum which will be gone in months. In most states, minor children may not receive inheritances, so trusts or custodial accounts are needed.

Estate planning is just as important for people of modest means as it is for wealthy people. If a senior owns their own home, the increase in property values could mean their estate is much bigger than they even realize.

Choosing an estate planning lawyer isn’t difficult. Ask friends and family for referrals, visit websites and find an estate planning attorney who shares your values, understands your family and feels like a good fit. Once your estate plan is in place, you’ll gain peace of mind.

Reference: Senior Matters (Aug. 17, 2022) “Choosing an estate planning lawyer”

 

What Happens If My Partner Dies and We’re Not Married?

“All couples can now take advantage of tax benefits for married partners, pass assets from one spouse to another with ease and qualify for Social Security spousal and survivor benefits. However, not all couples want to get married.”

Traditional or non-traditional couples have the option of marrying, but not all couples wish to, according to a recent article from Kiplinger, “Marriage: When You’d Rather Not.”

Planning for a life together without the legal protections provided by marriage means couples of all kinds who decide not to marry must be sure to do estate planning. Otherwise, they may find themselves in life-altering situations concerning property ownership, parental rights, and inheritances. An estate plan is one of the most important protections for unmarried couples. It’s a gift to give each other.

Start with a last will and testament. Unmarried couples without children need a will, if they want to leave each other property. Otherwise, the laws of most states will have property going to the legal next-of-kin, which might be parents, siblings, or cousins. No matter how many decades the couple has been together, if they are not married, they have no legal inheritance rights.

Other estate planning basics are important to protect each other while living. Without documents like a financial power of attorney and a health care proxy for both partners, medical and other health care providers might not allow your partner to make critical health decisions on your behalf. For couples where families disapprove of their unmarried status, asking a parent to make these decisions, especially in an emergency situation, could magnify a crisis or worse, lead to a result neither partner wants.

Accounts with named beneficiaries, which typically include life insurance policies, retirement funds, investment accounts and similar financial products, aren’t distributed by the terms of your will. Instead, they pass directly to beneficiaries on death. Even traditional married couples run into trouble when beneficiary designations are not updated.

Every time there is a life change, including death, birth, break-up, or any big life event, updating beneficiaries is a good idea for all concerned.

Unmarried couples with children need to be especially diligent about estate planning. If a biological parent dies, their assets go to their biological children. However, when the non-biological parent dies, all of their assets could go to other relatives, unless a will is in place and beneficiaries are properly named. What about if the non-biological parent takes the step of legally adopting the children? They should still check on their parental rights. If accounts do not have beneficiaries named, the assets will go to next of kin, a parent or sibling and not the child or partner.

Home ownership is another financial issue to tackle for unmarried couples. They need a document clearly stating how the home is owned, how much each invested in the home, who is responsible for mortgage and tax payments, how to divide the home if it’s sold and who has the right to live in the home if the couple breaks up or if one dies or becomes disabled. If a home is solely in one person’s name and the other partner dies, the surviving partner may end up being evicted if the right protections are not in place.

For unmarried couples, meeting with an estate planning attorney is necessary to protect each other now and in the future.

Reference: Kiplinger (June 16, 2022) “Marriage: When You’d Rather Not.”

Why Is Updating a Will Necessary?

“Changes in tax law and in your personal life may mean that yours needs to be updated. Here are the easiest (and smartest) ways to do it.”

More than a few estate planning attorneys meet with clients who haven’t looked at their will since their children were in diapers. The meeting occurs when the children have children of their own. This mistake can have grave consequences for everyone in the family, says a recent article from Consumer Reports titled “Why You Need to Update Your Will Now.”

Even if it’s been five years since you last reviewed your estate plan, you need to make an appointment and go over your documents with an estate planning attorney. This isn’t just about updating because you now have grandchildren. It is also because federal and state tax laws have changed dramatically, especially in the last twelve years.

See if any of these apply:

• The will was created before 2001. In 2001, the federal estate tax exemption was $675,000. You can now leave heirs more than $12 million without paying federal estate tax. This high number is scheduled to end in the not-too-distant future, so you need to prepare for the coming change.
• You’ve moved to a new state where the estate tax exemption is higher or lower. In Connecticut, the estate tax exemption is $9.1 million, while in Oregon, it’s $1 million.
• You got (pick one): married, divorced, are in a stable committed relationship or have children who are now adults.
• Your relationships with family members or friends have changed and the beneficiaries, executors and/or heirs are different.

Whatever the reason for updating, you’ll need to address at least these critical parts:

• The will or trusts used to distribute assets to heirs.
• Durable Power of Attorney (POA), which gives a person of your choosing the power to manage your affairs, if you become incapacitated.
• A health care proxy, allowing the person you name to serve as your healthcare advocate.
• An advance directive (living will) to detail your wishes in the case of a medical emergency when decisions need to be made.

While federal estate taxes are far lower than they used to be, this status will change in 2026. Of the 12 states plus the District of Columbia with state estate tax rates, several have changed. State estate taxes tied to the federal estate tax rate may see changes again in 2026.

Many of the rules concerning inherited retirement accounts have changed. Anyone who inherits a traditional IRA or 401(k) who is NOT a spouse has to withdraw every dime in the account within ten years of the date of death. Planning how to move this money with regard to taxes due is a conversation to have with your estate planning attorney. Do you want to take the withdrawals now and move the money into another financial product, like life insurance, for your heirs? Or do you want to take the money out gradually over ten years?

Another question is whether your financial status changed over the years, for better or worse? If your old will directed large sums to go to a charity but you no longer have those funds, it needs an update.

Have you discussed the use of trusts with an estate planning attorney? You might wish to set up a trust for beneficiaries to control how funds are disbursed over the years; the funds might come from an inherited IRA since the last time your will was updated.

If you are in a committed relationship but not married, you can protect each other through estate planning. Unmarried partners have little or no inheritance rights. A trust could smooth the process of passing assets to an unmarried partner by keeping the estate out of probate court. A trust is also a private document, unlike a will, which becomes part of the public record once it goes through probate. If there are family members who you believe might challenge the will, a trust is likely the better option.

Reference: Consumer Reports (June 9, 2022) “Why You Need to Update Your Will Now”

How Do I Plan for Taxes after Death?

“Ben Franklin once said, ‘… nothing can be said to be certain, except death and taxes.’ For all certainties in life, the best thing you can do is plan for their eventual occurrence.”

Let’s get this out of the way: preparing for death doesn’t mean it will come sooner. Quite the opposite is true. Most people find preparing and completing their estate plan leads to a sense of relief. They know if and when any of life’s unexpected events occur, like incapacity or death, they have done what was necessary to prepare, for themselves and their loved ones.

It’s a worthwhile task, says the recent article titled “Preparing for the certainties in life: death and taxes” from Cleveland Jewish News and doesn’t need to be overwhelming. Some attorneys use questionnaires to gather information to be brought into the office for the first meeting, while others use secure online portals to gather information. Then, the estate planning attorney and you will have a friendly, candid discussion of your wishes and what decisions need to be made.

Several roles need to be filled. The executor carries out the instructions in the will. A guardian is in charge of minor children, in the event both parents die. A person named as your attorney in fact (or agent) in your Power of Attorney (POA) will be in charge of the business side of your life. A POA can be as broad or limited as you wish, from managing one bank account to pay household expenses to handling everything. A Health Care Proxy is used to appoint your health care agent to have access to your medical information and speak with your health care providers, if you are unable to.

Your estate plan can be designed to minimize probate. Probate is the process where the court reviews your will to ensure its validity, approves the person you appoint to be executor and allows the administration of your estate to go forward.

Depending on your jurisdiction, probate can be a long, costly and stressful process. In Ohio, the law requires probate to be open for at least six months after the date of death, even if your estate dots every “i” and crosses every “t.”

Part of the estate planning process is reviewing assets to see how and if they might be taken out of your probate estate. This may involve creating trusts, legal entities to own property and allow for easier distribution to heirs. Charitable donations might become part of your plan, using other types of trusts to make donations, while preserving assets or creating an income stream for loved ones.

Minimizing taxes should be a part of your estate plan. While the federal estate tax exemption right now is historically high $12.06 million per person, on January 1, 2025, it drops to $5.49 million adjusted for inflation. While 2025 may seem like a long way off, if your estate plan is being done now, you might not see it again for three or five years. Planning for this lowered number makes sense.

Reviewing an estate plan should take place every three to five years to keep up with changes in the law, including the lowered estate tax. Large events in your family also need to prompt a review—trigger events like marriage, death, birth, divorce and the sale of a business or a home.

Reference: Cleveland Jewish News (May 13, 2022) “Preparing for the certainties in life: death and taxes”

Does a Will Protect My Money and My Family?

“Dying intestate—without a will—may impose costs and delays on your loved ones. It can dynamite your estate plan, unless you made other plans.”

If you die without a valid will, your state may keep more of your assets than if you have a will. Your family won’t have any control and the court will follow the laws of your state regarding how your assets are distributed. That’s probably not what you want to happen, according to the article “People Are Dying Sooner So Protect Your Money Now” from Investor’s Business Daily.

Life expectancy in the United States is falling. Therefore, the need for an estate plan, including a will, is rising. In 2021, American life expectancy fell to 76.6 years, compared to 76.99 years in 2020 and down from 78.86 years in 2019. Despite this trend, fewer than half of Americans have a will.

An estate planning attorney can translate your wishes into your will and estate plan. Here are the basics that you need to know to protect your family and your money.

Beneficiary designations override a will. Whoever is listed as a beneficiary on an investment, retirement, or bank account will get your assets after you die. If you list someone different in your will, make sure that your beneficiary designation is the same. Don’t neglect pension or retirement accounts that were opened decades ago.

If you own property in more than one state, your estate plan needs to address multi-state ownership, federal and state taxes and plan for the likelihood of having to go through probate in each state.

A will is just the beginning of an estate plan. Estate planning involves more than death—you also need to plan for incapacity. A durable power of attorney allows someone of your choosing to legally manage finances, if you become incapacitated because of illness or an accident. A health care proxy empowers someone else to make medical choices, if you can’t communicate your wishes. A living will also puts your health care decisions in writing.

If you have a pet you want to have cared for after you have passed, you can do that with a pet trust. Pets are considered property and cannot inherit assets, but a pet trust is used to name a caretaker and a trustee.

The more information you can prepare in advance, the easier it will be for your family to handle your estate. Create an inventory of your accounts, including the name of the institution or company, account numbers and your usernames and passwords. Don’t include this information in your will, which becomes a public document once it’s filed in court. This list needs to include everything it takes to run your household (utilities and landscaper), medical care (physician, pharmacist, and any specialists), and finances (financial advisor, mortgage company and banking).

Make a list of key people, including your executor and backup executor. Create a list of people who you want to be notified, from heirs and family members to work and community groups.

The planning you do now will lessen the stress on your loved ones.

Reference: Investor’s Business Daily (May 2, 2022) “People Are Dying Sooner So Protect Your Money Now”

Senior Second Marriages and Estate Planning

“More Americans are now getting married over the age of 65 than ever before. Even though this may be a second or third marriage for many, caregivers should nevertheless be aware of certain aspects that shouldn’t be ignored amidst all the wedding plans and celebrations.”

For seniors enjoying the romance and vitality of an unexpected late-in-life engagement, congratulations! Love is a wonderful thing, at any age. However, anyone remarrying for the second, or even third time, needs to address their estate planning as well as financial plans for the future. Pre-wedding planning can make a huge difference later in life, advises a recent article from Seniors Matter titled “Your senior parent is getting remarried—just don’t ignore key areas.”

A careful review of your will, powers of attorney, healthcare proxy, living will and any other advance directives should be made. If you have new dependents, your estate planning attorney will help you figure out how your children from a prior marriage can be protected, while caring for new members of the family. Failing to adjust your estate plan could easily result in disinheriting your own offspring.

Deciding how to address finances is best done before you say, “I do.” If one partner has more assets than the other, or if one has more debts, there will be many issues to resolve. Will the partner with more assets want to help resolve the debts, or should the debts be cleared up before the wedding? How will bills be paid? If both partners own homes, where will the newlyweds live?

Do you need a prenuptial agreement? This document is especially important when there are significant assets owned by one or both partners. One function of a prenup is to prevent one partner from challenging the other person’s will and trusts. There are a number of trusts designed to protect loved ones including the new spouse, among them the Qualified Terminable Interest Property Trust, known as a QTIP. This trust provides support for the new spouse. When the spouse dies, the entire trust is transferred to the persons named in the trust, usually children from a first marriage.

Most estate planning attorneys recommend two separate wills for people who wed later in life. This makes distribution of assets easier. Don’t neglect updating Powers of Attorney and any health care documents.

Before walking down the aisle, make an inventory, if you don’t already have one, of all accounts with designated beneficiaries. This should include life insurance policies, pensions, IRAs, 401(k)s, investment accounts and any other property with a beneficiary designation. Make sure that the accounts reflect your current circumstances.

Sooner or later, one or both spouses may need long-term care. Do either of you have long-term care insurance? If one of you needed to go into a nursing home or have skilled care at home, how would you pay for it? An estate planning attorney can help you create a plan for the future, which is necessary regardless of how healthy you may be right now.

Once you are married, Social Security needs to be updated with your new marital status and any name change. If a parent marries after full retirement age and their new spouse’s benefit is higher than their own, they may be able to increase their benefits to 50% of the new spouse’s benefits. If they were receiving divorced spousal benefits, those will end. The same goes for survivor benefits, if the person marries before age 60. If they’re disabled, they may still receive those benefits after age 60.

Setting up an appointment with an estate planning attorney a few months before a senior wedding is a good idea for all concerned. It provides an opportunity to review important legal and financial matters, while giving both spouses time to focus on the “business” side of love.

Reference: Seniors Matter (April 29, 2022) “Your senior parent is getting remarried—just don’t ignore key areas”

What Is a Digital Estate Plan?

“It’s not pleasant to think about death or a medical emergency that could put you out of commission, even temporarily. However, one of the greatest gifts you can give to a loved one is preparing for those scenarios.”

Traditional estate planning is step one, from creating a will to setting up a durable power of attorney and health care proxies. However, when you and your estate planning attorney create a comprehensive estate plan, you’ll now need to include digital estate planning. A recent article titled “Digital Estate Planning: 5 Things to Do Now to Make Things Easier in a Crisis” from Consumer Reports provides a step-by-step process.

First, get your important information organized. Create a document and either store it in a fireproof, waterproof safe in your home or share it with a secure digital password manager. Include complete contact information for doctors, estate planning attorneys, business partners, financial advisors, family members and important friends. Include land line and cell phones numbers and email addresses. Next, list your medical information, health conditions, prescriptions and pharmacies. Add information for your workplace, schools, houses of worship and community organizations. Anyone you interact with on a regular basis should be included.

Provide information for personal documents, including your birth certificate, Social Security card, estate planning documents, passport and Medicare or other health insurance information.

Your estate planning documents include your advance care directives, including a living will, durable power of attorney and healthcare proxy.

Financial information including bank accounts, account numbers, investments, credit cards, mortgages and car loans or leases should be listed. Make a note about all recurring bills when they are due and how you pay them.

Password sharing with trusted family members. Someone will need access to your online accounts. Ideally, share this information with two people—one who lives with you and one who does not—just in case one cannot help. Phone and computer passwords should be written down or write down a hint you know will easily be understood by someone who knows you well. You can also use a password manager. However, be careful to select one with extremely good security.

Create a legacy contact for major online accounts. A handful of major online platforms now provide an option to name a person who can access your accounts, if you designate a “legacy contact.” Apple, Facebook and Google are among those who offer this important feature. In the future, other platforms may follow.

Add digital assets to your will. Major platforms without a legacy contact feature have strict access requirements. Microsoft says it must be served with a valid subpoena or court order to provide access. LinkedIn and Instagram can memorialize accounts but require legal documentation or proof of death for an executor to gain access to the accounts. Go through all platforms and find out what your executor will need to do to obtain your digital assets. Make sure that they are added to your will. However, don’t include account numbers or passwords, as the will becomes part of the public record during probate.

Digital assets are still tricky. The Revised Uniform Fiduciary Access to Digital Assets Act (RUFADAA), which has been adopted by most but not all states, allows people you designate in your will to access digital property. However, it is not a complete solution. RUFADAA doesn’t allow for access to the content of emails and other digital communications because of privacy laws. Your will needs to have language clearly stating your wish for your fiduciary to be able to access and read your emails.

Call a planning meeting with your family. Talk about your wishes, the planning you’ve done and your expectations for who will handle your affairs. It’s not the easiest conversation, and some family members may be more comfortable than others, but when the inevitable occurs, they’ll be ready.

Reference: Consumer Reports (May 4, 2022) “Digital Estate Planning: 5 Things to Do Now to Make Things Easier in a Crisis”

What If You Don’t have a Will?

“A recent survey estimated that 68% of people die without a will. The consequences of dying without a will (‘intestate’) can be disastrous.”

A will is a written document stating wishes and directions for dealing with the property you own after your death, also known as your “estate,” explains a recent article “Placing the puzzle pieces of long-term care and planning a will” from Pittsburgh Post-Gazette. The COVID pandemic has reinforced the importance of having an estate plan in place. With almost one million deaths attributed to COVID to date, many families have learned this lesson in the hardest possible way.

When someone dies without a will, property is distributed according to their state’s intestacy laws. If your next of kin is someone you loathe, or even just dislike, they may become an heir, whether you or the rest of your family likes it or not. If you are part of an unmarried couple, your partner has no legal rights, unless you’ve created a will and an estate plan to provide for them.

In general, intestacy laws distribute property to a surviving spouse or certain descendants. A much better solution: speak with an experienced estate planning attorney to have a will and other estate planning documents prepared to protect yourself and those you love.

Start by determining your goals and speaking with family members. You may be surprised to learn an adult child doesn’t need or want what you want to leave them. If you have a vacation home you want to leave to the next generation, ask to see if they want it.

A family meeting, attended by an objective person, like an estate planning attorney, may be helpful in clarifying your intentions and setting expectations for heirs. It may reveal new information about your family and change how you distribute your estate. A grandchild who has already picked out a Ferrari, for instance, might make you consider setting up a trust with distributions over time, so they can’t blow their inheritance in one purchase.

Determining who will be your executor is another important decision for your will. The executor is like the business manager of your estate after you have passed. They are a fiduciary, with a legal obligation to put the estate’s interest above their own. They need to be able to manage money, make sound decisions and equally important, stick to your wishes, even when your surviving loved ones have other opinions about “what you would have wanted.”

You’ll need to speak with this person to make sure they are willing to take on the task. If there is no one suitable or willing, your estate planning attorney will have some suggestions. Depending on the size of the estate, a bank or trust company may be able to serve as executor.

The will is just the first step. An estate plan includes planning for incapacity. With a Will, a Power of Attorney, Health Care Proxy, and Living Will (also known as an Advance Directive), you and your loved ones will be better positioned to address the inevitable events of life.

Reference: Pittsburgh Post-Gazette (April 24, 2022) “Placing the puzzle pieces of long-term care and planning a will”

How Do I Protect Myself and My Children in a Second Marriage?

“Who’s going to inherit on the death of one of the re-marrieds? Will this be the surviving spouse? If so, where will those inherited monies go on the second-to-die’s death?”

In first marriages, working together to raise children can solidify a marriage. However, in a second marriage, the adult children are in a different position altogether. If important estate planning issues are not addressed, the relationship between the siblings and the new spouses can have serious consequences, according to a recent article titled “Into the Breach; Getting Married Again?” from the Pittsburgh Post-Gazette.

Chief among the issues center on inheritances and financial matters, especially if one of the parties has the bulk of the income and the assets. How will the household expenses be shared? Should they be divided equally, even if one spouse has a significantly higher income than the other?

Other concerns involve real estate. If both parties own their own homes, in which house will they live? Will the other home be used for rental income or sold? Will both names be on the title for the primary residence?

Planning for incapacity also becomes more complex. If a 90-year-old man marries a 79-year-old woman, will his children or his spouse be named as agents (i.e., attorneys in fact) under his Power of Attorney if he is incapacitated? Who will make healthcare decisions for the 79-year-old spouse—her children or her 90-year-old husband?

There are so many different situations and family dynamics to consider. Will a stepdaughter end up making the decision to withdraw artificial feeding for an elderly stepmother, if the stepmother’s own children cannot be reached in a timely manner? If stepsiblings do not get along and critical decisions need to be made, can they set aside their differences to act in their collective parent’s best interests?

The matter of inheritances for second and subsequent marriages often becomes the pivot point for family discord. If the family has not had an estate plan created with an experienced estate planning attorney who understands the complexities of multiple marriages, then the battles between stepchildren can become nasty and expensive.

Do not discount the impact of the spouses of adult children. If you have a stepchild whose partner feels they have been wronged by the parent, they could bring a world of trouble to an otherwise amicable group.

The attorney may recommend the use of trusts to ensure the assets of the first spouse to die eventually make their way to their own children, while ensuring the surviving spouse has income during their lifetime. There are several trusts designed to accomplish this exact scenario, including one known as SLAT—Spousal Lifetime Access Trust.

Discussions about health care proxies and power of attorney should take place well before they are needed. Ideally, all members of the family can gather peacefully for discussions while their parents are living, to avoid surprises. If the relationships are rocky, a group discussion may not be possible and parents and adult children may need to meet for one-on-one discussions. However, the conversations still need to take place.

Second marriages at any age and stage need to have a prenuptial and an estate plan in place before the couple walks down the aisle to say, “I do…again.”  

Reference: Pittsburgh Post-Gazette (March 1, 2022) “Into the Breach; Getting Married Again?”

What Estate Planning Documents Should Everyone Have?

“This is a great time to get organized with estate planning—it will make things a lot easier for yourself and your loved ones.”

This is the time of year when people start thinking about getting piles or files of paperwork in order in preparing for a new year and for taxes. A recent article “How to Prepare, Organize and Store Estate-Planning Documents” from The Street gives useful tips on how to do this.

First, the most important documents:

Estate Planning documents, including your Will, Power of Attorney (POA), Healthcare Proxy, Living Will (often called an Advance Care Directive). The will is for asset distribution after death, but other documents are needed to protect you while you’re alive.

The POA is used to name someone to act on your behalf, if you cannot. A POA can be created to be specific, for example, to have someone else pay your bills, or it can be general, letting someone do everything from paying bills to managing the sale of your home. Be cautious about using standard POA documents, since they don’t reflect every situation.

A Healthcare Proxy empowers someone you trust to make medical decisions on your behalf. The Living Will or Advance Care Directive outlines the type of care you do (or don’t) want when at the end of your life. This alleviates a terrible burden on your loved ones, who may not otherwise know what you would have wanted.

Add a Digital POA so someone will be able to access and manage your online accounts (subject to the terms and conditions of each digital platform).

Your Last Will and Testament conveys how you want your estate—that is, everything you own that does not have a surviving joint owner or a designated beneficiary—to be distributed after death. Your will is also used to name a guardian for minor children. It is also used to name an executor, the person who will be in charge of carrying out the instructions in the will.

A list of all of your assets, including bank accounts, retirement accounts, investments, savings and checking accounts, will make it easier for your executor to identify and distribute assets. Don’t forget to check to see which accounts allow you to name a beneficiary and make sure those names are correct.

Both wills and trusts are used to convey assets to beneficiaries, but unlike a will, “funded” trusts don’t go through the probate process. An experienced estate planning attorney can create a trust to distribute almost any kind of property and follow your specific directions. Do you want your children to gain access to the trust after they have reached a certain age? Or when they have married and had children of their own? A trust allows for greater control of your assets.

Finally, talk with your family members about your estate plan, your wishes for end-of-life medical care and what you want to happen after you die. Write a letter of intent if it’s too hard to have a face-to-face conversation about these topics, but find a way to let them know. Your estate planning attorney has worked with many families and will be able to provide you with suggestions and guidance.

Reference: The Street (Dec. 20, 2021) “How to Prepare, Organize and Store Estate-Planning Documents”