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You are here: Home / Archives for estate planning

estate planning

Estate Plans: The Power of the Will

October 8, 2019 by Guest Contributor Leave a Comment

So you’ve been thinking about what happens after you die, in a non-religious sense. This doesn’t mean you’re a morbid person, just responsible for your assets. Maybe you’ve been thinking about whether or not you need a will, and how to write one in a way that benefits you and your loved ones the most. Writing a will can be emotional and difficult, which is why hiring a lawyer with expertise in estate law is highly recommended. While there are online services that will allow you to write your own will, they are not comprehensive enough to cover the full complexities of an estate plan, even if you don’t consider your assets much of an estate. 

 

Last Will and Testament FAQs

Who should have a will?

A will and an estate plan are recommended for anyone over the age of 18 in the ownership of any assets. While everyone should have some form of an estate plan, there are certain instances in which a person should reevaluate their existing plan, or create one if they don’t have one already. These times are generally when your life changes enough that your will is no longer relevant. This could be when you have a kid, get married, or buy a house. 

 

Why should I care what happens to my stuff after I die?

Even if you no longer care what happens to your stuff, your loved ones might. If you have any beneficiaries, they may rely on it. A well-written will will distribute your assets the way you feel is best and help to reduce confusion and stress in an extremely emotional time in your loved ones’ lives. 

 

What if I’m young? I’m not planning on dying for awhile.

Just because you’re young doesn’t mean you shouldn’t start thinking about your estate plan. You may not think you have enough assets to be worth the trouble of writing a will, but leaving it to your loved ones to decide what your best wishes might have been is guaranteed to be more trouble overall. From the age of 18, you are able to start a mini-estate plan. This serves a similar function as opening a savings account for a teenager: it might not have a lot in it, but getting used to it early will help when you’re ready to start gaining assets.

 

Can I put anything in my will?

Not quite. There are some limitations as far as what a will can cover, for instance, you aren’t allowed to leave assets to your pets or give people money to do illegal things. As far as clauses go, it’s best to discuss your wishes with a lawyer to make sure they’re followed as you want them. If you want a clause saying that anyone who contests your will is automatically written out of it, that is possible but should be reviewed by an attorney.

 

What’s a nuncupative will?

A nuncupative will or a death-bed will, is a verbally given estate plan, often made during a person’s final moments. They are usually considered invalid, especially if they contradict the person’s already existing will. It is highly recommended not to rely on a death-bed will as your estate plan. 

 

What if I don’t want a specific person in my will?

You don’t have to write anyone into your will if you don’t want to and a good attorney should be able to help you write your will without the help of whoever you’re trying to exclude. Some family dynamics make this impossible, but if you truly don’t want this person to be included in your estate plan you should schedule a personal interview with your lawyer. Family can be messy, but a well-written estate plan should help you make your passing as painless as possible.

Filed Under: Law Tagged With: estate planning

Estate Planning for Same-Sex Couples

May 29, 2019 by Mike Nason Leave a Comment

The 2015 Supreme Court decision that affirmed the legality of same-sex marriage across the United States is still fairly recent in the country’s history, leaving many same-sex couples without the estate planning documents they need to protect themselves in the event of their partner’s death. It’s important for same-sex couples to set aside time to get familiar with the laws of their state and get the proper estate planning documents in order.

Legal Adoption Papers

One issue that may exist for some same-sex couples is the need for legal adoption papers. If couples use assisted reproductive technology, one partner may be the biological parent of a child. In some states, both parents immediately become the legal parents of a child when it is born. In others, the non-biological parent must go through additional steps to become the child’s legal guardian. Ensure that all of this paperwork is in order. If the biological parent of the child passes, their spouse may have an uphill battle trying to get custody of the child if they haven’t gone through the proper legal avenues—even if they’re the only other parent the child has ever known.

Healthcare Proxy and Power of Attorney

Ensure that you and your spouse have paperwork in place that allows you to make decisions for the other person—if that’s how you choose to set up your estate plan. In many states, the right to make healthcare decisions for your spouse, visit them in the hospital, and receive updates regarding their condition is automatic. However, discrimination still happens, and same-sex spouses may come up against intolerance while trying to exercise these rights. Make sure you have copies of essential documents on hand. Doing so can save precious minutes when your spouse is in critical condition.

In addition to protecting you and your spouse from discrimination by healthcare professionals or administrative staff, these documents are often essential if one or both families do not accept the marriage. There have been cases where one spouse dies and the decedent’s parents attempt to take control of the estate, ignoring the surviving spouse’s rights.

Look Into State Laws

Some states recognize common law marriages. In these situations, couples are considered legally married after living together for a set period of time. However, few states still recognize common law marriages, so some couples do not have the protections they believe they do. Look into your state’s laws regarding marriage as you begin exploring your estate planning needs.

Benefits of Marriage Over Civil Unions

Some same-sex couples choose civil unions in lieu of marriage. Rights vary between states. While civil unions may grant some of the same rights and protections of marriage, a legal marriage definitely has some advantages over a civil union.

  • Social Security: If one spouse is at a lower SS level than their spouse and their spouse passes away, they may be able to claim their deceased spouse’s larger SS benefits. This benefit does not exist for couples in civil unions.
  • Estate taxes: A surviving spouse does not have to pay taxes on their deceased spouse’s estate if the decedent names them as their beneficiary. Those in civil unions do have to pay taxes if the estate is worth more than $11.2 million.
  • Mortgage payoff: If only one spouse is named on the mortgage, the other person may not be asked to repay the remaining balance if the named spouse passes away. In a civil union, the other partner may have to refinance or pay off the mortgage to keep the home.
  • Retirement accounts: When a spouse passes away with money in their IRA, the remaining spouse can roll it over into their own IRA without paying penalties. The surviving partner in a civil union must go through extra steps to avoid a lump sum payment that triggers penalties and taxation.

There is one key benefit that civil unions have over marriage: when one partner dies, the other partner is not expected to pay the decedent’s medical bills. In a marriage, the surviving spouse is expected to pay the deceased spouse’s remaining medical bills.

Estate planning should be a priority for all adults. Choosing an estate planning attorney with experience in your specific situation can streamline the process.

Filed Under: News Tagged With: estate planning, Marriage

New Burial Options in Washington as the State Legalizes Composting of Human Bodies

May 23, 2019 by Mike Nason Leave a Comment

In May of 2019, Washington made history by passing a bill that would allow people to have their loved ones’ remains disposed of via composting, offering an option beyond traditional burial and cremation.

Why Would You Compost?

The law has stirred up more than its fair share of complaints and controversy, and the state senator who introduced the law has received plenty of angry emails. However, advocates of composting note that it offers an environmentally friendly and low-cost option for those who want to avoid the harmful chemical production of the cremation process and the financial expense of a traditional burial. Most burial options cause a significant amount of environmental damage. Traditional burials and cremations cause substantial carbon emissions, and embalming utilizes a variety of carcinogenic chemicals that can damage the local environment. Currently, about 800,000 pounds of formaldehyde are put into the earth every year, disturbing local water supplies. Coffins use over 30 million feet of wood each year in America, contributing to a growing deforestation issue.

Some who oppose the law believe that bodies will be dumped and left to rot, but the process legalized in Washington is actually highly controlled and respectful of human remains. The body is covered in straw, wood chips, or other natural materials. It is kept in a temperature-controlled area, where it breaks down over a period of three to seven weeks. The family then receives the soil that remains, which they can use as they choose. This offers a new way for family members to pay homage to their loved ones and respect their final wishes.

In addition to its environmental benefits, composting is a viable option for those on a limited budget. While a conventional burial may cost up to $25,000 or more, composting could cost roughly $5,500.

Green Alternatives to Burial and Cremation

Composting is the latest in a variety of green burial options that aim to limit the amount of space used by cemeteries, eliminate the carcinogens produced during the cremation process, and avoid the toxins produced during embalming. In addition to composting, Washington residents can also choose alkaline hydrolysis. This procedure, which is legal in 19 other states, breaks down remains with pressure, heat, water, and chemicals. Some cemeteries offer environmentally friendly burial options. They may allow families to have their loved ones buried in biodegradable caskets without being embalmed. This offering could soon reach other states as the first company to offer human composting begins to expand operations throughout the country.

What This Means for Estate Planning in Washington

This major innovation in burial options is likely to affect estate planning law in Washington. The law will not take effect until May of 2020, giving people time to consider their options and adjust their estate plans accordingly. Estate planning ensures that a decedent’s assets are handled appropriately, but it also holds executors responsible for carrying out their loved ones’ final wishes. Some may work with an attorney to draft a will that requests composting, as it limits burial costs and allows people to turn their final remains into nutrient-rich soil that leaves the Earth a healthier place.

Many are encouraged by the future of this technology. Some have requested that they be used to grow specific plants after their death—across the board, this option supports each person’s freedom to choose how their remains are handled and allows people to support new life after they pass.

Filed Under: News Tagged With: estate planning

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