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How Well Do You Know Your Own Estate Plan?
If someone handed you your estate plan today, could you pass a pop quiz about what it actually says? Do you know who would manage your estate? Who would make financial and medical decisions if you became incapacitated? Who would care for your minor children? Do your beneficiary designations and asset titles still match your…
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Estate Planning Traps Most People Miss
Think your estate plan is up to date? You may be overlooking problems that could create headaches for your family later. An estate plan is not something you create once and forget. As your family, finances, and circumstances change, your plan can become outdated without you realizing it. Common traps include outdated beneficiary designations, failing…
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When “We’ll Figure It Out” Becomes a Problem
When a parent’s health crisis hits, families often discover that what they thought they had figured out does not hold up. Good intentions and family agreements do not create legal authority. Hospitals, banks, and other institutions rely on formal documents. Without a valid power of attorney or other estate planning documents, important decisions can be…
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The Invisible Estate
Your estate may contain more than you realize. Airline miles, hotel points, credit card rewards, gift cards, travel credits, and other loyalty rewards can represent significant value—but they are often overlooked. Unlike money in a bank account, rewards points are generally governed by the program’s terms and may not automatically pass to your heirs. Some…
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Your New Year’s Resolution: Estate Planning
The new year is a natural time to set meaningful resolutions. Making a resolution to create or review your estate plan is a powerful step toward ensuring your wishes are honored and your loved ones are cared for. An effective estate plan does more than distribute assets. It can reduce the risk of family conflict,…
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Myth 3: I Already Signed a Will, so I’m Covered
Life shifts, laws change, and your goals evolve over time. An outdated estate plan can be just as detrimental as having no plan, so be sure to review your estate plan regularly—ideally, every three to five years. You should also review your estate plan whenever significant life events such as the following occur: family changes…
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Asset Protection Tip #2 Liability Insurance
The first line of defense is insurance, including homeowner’s or renter’s, automobile, business, professional, malpractice, long-term care, and umbrella policies. Liability insurance not only provides a means to pay money damages but can often include payment of all or part of the legal fees associated with a lawsuit. If you do not have an umbrella…
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Outdated Beneficiary Designations
If you fail to name a beneficiary or do not name a contingent beneficiary in case something happens to the primary beneficiary, the money or account could be subject to probate upon your death. The probate process can add costs and delays to settling an estate. Probated accounts and property must be reviewed by the…
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Review Beneficiary Designations Regularly
A beneficiary designation supersedes a will or trust about how to distribute an asset. Many people make the mistake of assuming the opposite: that their will or trust overrides beneficiary designation forms. A beneficiary form that is not up to date can result in assets not passing to the correct beneficiaries. An estate plan should…
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Your Post-Honeymoon Legal Checklist
As you start living happily ever after, make sure to take care of these post-honeymoon to-dos. Meet with an estate planning attorney to discuss creating a will or trust or updating your current one. Review and update your existing power of attorney finance, power of attorney for health care, and HIPAA authorization, or have them…
Category: Keeping Your Plan Current
Eckert & Krautkramer, LLC
Protecting Assets, Preserving Dignity, Ensuring Peace of Mind
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