18 May Is There Anything that I Can Do if I Realize that My Parents’ Estate Planning Is Incomplete or Outdated?
Is there anything that I can do if I realize that my parents’ estate planning is incomplete or outdated?
A “Last Will and Testament” or a “Will” is a legal document that expresses your postmortem wishes. It appoints a personal representative or executor to administer your estate. It designates a guardian of the person and property of minor children. It usually covers burial instructions, funeral expenses and estate tax apportionment. However, it is most commonly understood to govern the transfer of a deceased person’s property to his/her designated beneficiaries. The term “Property” includes everything you can possibly own, such as cash, stocks, bonds, houses, vehicles, jewelry, artwork, business interests, and even future interests-think Michael Jackson. His estate will be open for a very long time.
In other words, property is everything you own, both now and in the future. *Please note that a will does not avoid probate. A properly drafted and executed estate plan will remove all assets from your name and provide for a smooth transition for your family not only after death (avoiding probate), but in the event you become incapacitated from injury or illness (guardianship). It’s a no-brainer for both financial as well as emotional reasons. Depending on the complexity of the estate, an administration can last for years. In our economic environment, it can take even longer because there are less clerks, court staff and case managers. It’s also dangerously unpredictable and avoidable thus resulting in unnecessary administration expenses (including attorneys’ fees and costs). You should make a will as soon as you have children, get married, acquire any assets, and especially if any of these areas incur material changes.
“Planning with Purpose,” Haimo Law (HaimoLaw.com) can help you plan for and protect your family and your business’s interests for the immediate and long-term future. Together, we can take advantage of incredible tools and techniques that are available to you right now. Call us for wills, trusts, probate, asset protection and business planning. Haimo Law offers premium professional representation at an affordable price. Alternative fee arrangements are available upon request. We are reliable, approachable, honest, hard-working and attentive. Helping your family and business is our priority. We look forward to meeting and exceeding your expectations.
Barry E. Haimo, Esq.
Strategic Planning With Purpose
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