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Ensuring Your Final Wishes Are Just That: FINAL


Greedy childrenWith people living longer, things can be messier.

There’s more time for a second marriage, more time for assets to accumulate, and more time for more kids and grandkids—creating more confusion over who gets what after you’re gone. In reality, dissatisfied heirs might look for any opportunity to grab what they feel they deserve.

USA Today discusses five measures to offset potential challenges to your will in “5 ways to make a bulletproof will.”

  1. The no-contest clause. This provision will discourage people from disputing a will. It means that if you challenge the will, you get nothing. This clause can make beneficiaries think long and hard about trying to get more than you bequeath them.
  2. Emphasize your wishes verbally. Creating your will may seem to be a personal and private task. However, you should really try to communicate with your heirs to avoid unintended turmoil after your death. If you tell your loved ones while you’re alive, you can explain your rationale. It also makes it more decided that your choices are yours alone—making it more difficult to successfully contest the will. It also allows heirs to understand your wishes, which might help defuse hard feelings.
  3. Ask your doctor to verify your mental health. A valid will must be made by someone of sound mind. Disgruntled heirs may question whether you were in your right mind when you made the will and could argue to a judge to disregard your wishes. To avoid this, older individuals should include a doctor’s note that confirms their mental capacity with the will.
  4. Get an attorney. The do-it-yourself, fill-in-the-blanks will-preparation software is inexpensive and convenient. However, it's risky to go with the cheapest option when you have so much to lose. It’s similar to what astronaut Alan Shepard said before blast-off: “It's a very sobering feeling to be up in space and realize that one's safety factor was determined by the lowest bidder on a government contract.” A cheap online will may not be up-to-date with current laws, which could open the door for challenges.
  5. Consider a living trust. A living trust legally transfers your assets to designated beneficiaries. However, a trust is private, where a will is a public record. Also, the legal time frame to challenge a trust is usually shorter than for wills, plus a living trust will include directions for your finances in the event you are incapacitated. A will doesn’t have this. Speak with an experienced estate planning attorney to learn more about whether a living trust is right for you.

Reference: USA Today (Sept. 27, 2016) “5 ways to make a bulletproof will”

 

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  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
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Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.