Monthly Archives: November 2019

How to Make Sure Estate Planning Wishes are Carried Out

When tasked with estate planning, individuals with many assets often face unique challenges, which include planning for how certain assets will be passed on to subsequent generations. Many people discover that they have a variety of questions regarding how to best handle their assets. An experienced estate planning lawyer can help you think about how your assets should be handled as well as how to ensure your beneficiaries receive everything to which they are entitled.  This article reviews some strategies that individuals with large estates should consider implementing to make sure that their wishes are fully carried out. Have Conversations About How Assets Should be Handled One of the biggest challenges that individuals have regarding estate planning is that they are never sure how to bring up the conversation with their family and loved ones. In reality, it is never too early to begin having conversations with your loved ones about estate planning.  When you do have these conversations, you should make sure that they include everyone who might be involved in your estate. Many individuals with large estate choose to make estate planning lawyers, wealth advisors, and other estate planning professionals part of these conversations, as well.  The goal     Read More

Tags: |

Understanding When it is Time to Change Special Needs Plans

One of the greatest mistakes that many people make about special needs plans are thinking that estate planning is a one-and-done process. Even after properly appointing a guardian, trustee, health care proxy, and other necessary agents for a special needs plan, there are still circumstances that can arise and necessitate a change of these documents.    The following will review some important steps to follow to make sure that agent designations on special needs documents are properly updated.   Routinely Review Your Special Needs Plan   It is a wise idea to review your special needs agent appointment on a routine basis. It is also a good idea to stay in constant communication with your special needs agent. This is because changes inevitably occur that will change the appropriateness of your selection. The problem, however, comes in deciding how often you should review your estate planning decisions. Once a year is a reasonable guideline for reviewing these plans.    When to Change Special Need Agents   Even if you routinely review special needs documents, it can be challenging to determine exactly when to replace an agent. You should consider replacing a special needs agent any time after there has been     Read More

Tags: , |

New Parents Need Wills

It is understandable that as a new parent, you want the best possible life for your child. Among the many things that new parents think about, wills are often one of the last. In reality, though, creating a will is an important step to take for your family’s future. The following will review just a few of the important things that new parents need to know about wills. Always Make Sure to Clearly State Your Intentions Wills, as well as other estate planning documents, are best viewed as instruction manuals for your executor and the court to follow after your death. You must clearly express your intentions regarding your wishes, or a New York court will likely interpret how your estate should be administered.  Beneficiaries on Financial Accounts Play an Important Role Most financial accounts allow a person to name a beneficiary. After you pass away, the funds pass to the beneficiary who is named on the account. If you create a will with a child in mind, it is a good idea to review your financial accounts to make sure that you have not named any inconsistent beneficiaries elsewhere. Name an Executor You can Trust To make sure that     Read More

Tags: , |