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National Elder Law Month
May is National Elder Law Month—a timely reminder to plan for the legal and financial challenges that come with aging. Whether you are preparing for your own future or helping an aging parent, having the right plan in place can make all the difference. Elder law planning goes beyond a simple will. It includes powers…
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Second Marriages and Blended Families
Second marriages and blended families bring unique estate planning challenges. Without careful planning, the results can be very different from what you intend. It’s common to want to provide for a current spouse while also protecting an inheritance for children from a prior relationship—but a simple will or beneficiary designation often isn’t enough to accomplish…
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Avoiding Probate: What Works and What Doesn’t
Many people want to avoid probate, but there is a lot of confusion about what actually works. Certain tools can help avoid probate, such as beneficiary designations, transfer-on-death accounts, payable-on-death designations, and properly funded trusts. When used correctly, these tools allow assets to pass to the intended beneficiaries without probate. However, some common shortcuts do…
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Using a Testamentary Trust for a Child
Instead of using a simple will to leave assets to children, consider creating a trust for their inheritance. Called a testamentary trust, this type of trust allows you to name someone to manage the inheritance and decide when and how your children will receive it. However, this type of trust comes into existence only after…
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Leaving Assets to Minor Children
When leaving money and property to minor children, even the best intentions can lead to problems. Many parents assume that a simple will is all they need since that is where they can nominate a guardian for their minor children. However, a simple will requires that beneficiaries (even children) receive their inheritances outright in one…
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Tips for Commitment Without Marriage
More couples than ever are building deep, lasting relationships without ever walking down the aisle. Many couples are opting out of marriage, but not out of commitment. However, the law has not kept pace with modern relationships. If you and your partner choose not to marry, you must have an estate plan tailored to your…
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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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Myth 2: My Family Knows My Wishes
Some people believe they don’t need an estate plan because their family knows their wishes and will divide everything the way they want it. While your family may intend to honor your wishes, discussions without proper documentation carry no legal enforceability. If you don’t have an estate plan, your assets could go to distant relatives…
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Estate Planning Blunders to Avoid
Estate planning is a critical step in protecting your assets and ensuring your wishes are carried out. Unfortunately, many individuals make avoidable mistakes that can jeopardize their legacy. Common estate planning blunders include failing to create or update a will, neglecting to establish powers of attorney, improperly designating beneficiaries, and failing to coordinate plans with…
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The Drive: Signing the First Set of Documents
In estate planning, signing your initial set of documents, such as a will or trust, is your “drive.” It is your initial shot that moves the ball down the fairway. This “first swing” puts the following key protections in place: naming who will manage your affairs if you can’t, specifying how your assets should be…
Category: Will
Eckert & Krautkramer, LLC
Protecting Assets, Preserving Dignity, Ensuring Peace of Mind
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