If you were to suddenly die today, would your loved ones know how to quickly find your estate planning documents? Would they know how to access all your financial accounts? How about your insurance policies? What about your login and password info to all of your digital assets?

One crucial part of estate planning that frequently gets overlooked is ensuring your loved ones can easily locate all your planning documents and other key assets upon your death or incapacity.

Don’t cause a logistical nightmare
Beyond burdening your loved ones with needless work and expense, if your planning documents, such as wills, prenuptial agreements, and insurance policies, can’t be located, it will be as if they never existed. The same goes for valuable assets like stocks, bank accounts, and other financial property no one knows about.

Given this, you should make sure someone you trust knows exactly where to find your planning documents – which should include an updated inventory of all your assets.

What to include in your planning binder or file
A little pre-planning and organization now can make things easier on your loved ones later.  Ensure you have updated copies (or the originals) of the following documents in one, easily accessible location:

  • An inventory of all your assets and their location
  • An advance healthcare directive
  • A will
  • Your living trust (if you have one)
  • Marriage or divorce certificate(s)
  • Instructions for your funeral and final disposition
  • Letters, cards, photos, and other treasured sentimentals
  • If you have minor children, a Child Protection Plan naming long and short-term guardians, along with detailed care instructions

Get your affairs in order—before it’s too late
Each family is unique, so this is just a baseline of what to include in your file. And because death or incapacity can happen to any of us at any time, don’t wait to get your affairs in order. Take steps now to give this gift to your family in the future.

Dedicated to empowering your family, building your wealth and defining your legacy,

If you’re like most people, you probably view estate planning as a burdensome necessity—just one more thing to check off life’s endless “to-do” list.

You may shop around and find a lawyer to create planning documents for you, or you might try creating your own DIY plan using online documents. Then, you’ll put those documents into a drawer, mentally check estate planning off your to-do list, and forget about them.

The problem is, your estate plan is not a one-and-done type of deal.

In fact, if it’s not regularly updated when your assets, family situation, and/or the laws change, your plan may be totally worthless when your family needs it. And believe it or not, failing to regularly update your plan can create its own unique set of problems that can leave your family worse off than if you’d never created a plan at all.

Keep your plan up to date
We recommend you review your plan at least every three years to make sure it’s up to date, and immediately amend your plan following events like divorce, deaths, births, and inheritances. We have built-in systems and processes to ensure your plan is regularly reviewed and updated, so you don’t need to worry about whether you’ve overlooked anything important as your life changes, the law changes, and your assets change.

You should also create (and regularly update) an inventory of all your assets, including digital assets like cryptocurrency, photos, videos, and social media accounts. This way, your family will know what you have and how to find it when something happens to you, and nothing you’ve worked so hard for will be lost to our state’s Department of Unclaimed Property.

We’ll not only help you create a comprehensive asset inventory, but we’ll make sure it stays up to date throughout your lifetime.

Properly title your trust assets
When you create a trust, it’s not enough to list the assets you want it to cover. You have to transfer the legal title of certain assets—real estate, bank accounts, securities, brokerage accounts—to the trust, known as “funding” the trust, in order for them to be disbursed properly.

While most lawyers will create a trust for you, few will ensure your assets are properly funded. We’ll not only make sure your assets are properly titled when you initially create your trust, we’ll also ensure that any new assets you acquire over the course of your life are inventoried and properly funded to your trust.

This will keep your assets from being lost, as well as prevent your family from being inadvertently forced into court because your plan was never fully completed.

Keep your family out of court and out of conflict
As your Personal Family Lawyer®, our planning services go far beyond simply creating documents and then never seeing you again. Indeed, we’ll develop a relationship with your family that lasts not only for your lifetime, but for the lifetime of your children and their children, if that’s your wish.

We’ll support you in not only creating a plan that keeps you family out of court and out of conflict in the event of your death or incapacity, but we’ll ensure your plan is regularly updated to make certain that it works and is there for your family when you cannot be. Contact us today to get started with a Family Estate Planning Session.

Dedicated to empowering your family, building your wealth and defining your legacy,

When it comes to putting off or refusing to create an estate plan, your mind can concoct all sorts of rationalizations: “I won’t care because I’ll be dead,” “I’m too young,” “That won’t happen to me,” or “My family will know what to do.”

But these thoughts all come from a mix of pride, denial, and a lack of real education about estate planning and the consequences to your family. Once you understand exactly what planning is designed to prevent and support, you’ll realize there really is no acceptable excuse for not having a plan, provided you are able to plan and truly care about your family’s experience after you die or become incapacitated.

With that in mind, here are some of the things most likely to happen to you and your loved ones if you fail to create any estate plan at all.

Your family will have to go to court
If you don’t have a plan, or only have a will (yes, even with a will), you’re forcing your family to go through probate upon your death. Probate is the legal process for settling your estate, and even if you have a will, it’s notoriously slow, costly, and public.

Depending on the complexity of your estate, probate can take years to complete. And like most court proceedings, probate is expensive. In fact, once all your debts, taxes, and court fees have been paid, there might be nothing left for anyone to inherit. And if there are any assets left, your family will likely have to pay hefty attorney’s fees and court costs in order to claim them.

The expense and drama of the court system can be almost totally avoided with proper planning. Using a trust, for example, we can ensure that your assets pass directly to your family upon your death, without the need for any court intervention.

You have no control over who inherits your assets
If you die without a plan, the court will decide who inherits your assets, and this can lead to all sorts of problems. Who is entitled to your property is determined by California’s intestate succession laws, which hinge largely upon on whether you are married and if you have children.

Spouses and children are given top priority, followed by your other closest living family members. If you’re single with no children, your assets typically go to your parents and siblings, and then more distant relatives if you have no living parents or siblings. If no living relatives can be located, your assets go to the state.

Keep in mind, intestacy laws only apply to blood relatives, so unmarried partners and/or close friends would get nothing. If you want someone outside of your family to inherit your property, having a plan is an absolute must.

You have no control over your medical, financial, or legal decisions in the event of your incapacity

Most people assume estate planning only comes into play when they die, but that’s dead wrong. Yes, pun intended.

If you become incapacitated and have no plan in place, your family would have to petition the court to appoint a guardian or conservator to manage your affairs. This process can be extremely costly, time consuming, and traumatic for everyone involved. In fact, incapacity can be a much greater burden for your loved ones than even your death.

You need Powers of Attorney which grant the person(s) of your choice the immediate authority to make your medical, financial, and legal decisions for you in the event of your incapacity. You can also provide specific guidelines detailing how you want your medical care to be managed, including critical end-of-life decisions.

You have no control over who will raise your children
If you’re the parent of minor children, the most devastating consequence of having no estate plan is what could happen to your kids in the event of your death or incapacity. Without a plan in place naming legal guardians for your kids, it will be left for a judge to decide who cares for your children. And this could cause major heartbreak not only for your children, but for your entire family.

You’d like to think that a judge would select the best person to care for your kids, but it doesn’t always work out that way. Indeed, the judge could pick someone from your family you’d never want to raise them to adulthood. And if you don’t have any family, or the family you do have is deemed unfit, your children could be raised by total strangers.

If you have minor children, your number-one planning priority should be naming legal guardians to care for your children if anything should happen to you. This is so critical, we’ve developed a comprehensive system called the Child Protection Plan® to accomplish this goal.

No more excuses
Given the potentially dire consequences for both you and your family, you can’t afford to put off creating your estate plan any longer. And once you have a plan in place, you’ll gain the peace of mind that comes from knowing that your loved ones will be provided and cared for no matter what happens to you. Don’t wait another day.

Dedicated to empowering your family, building your wealth and defining your legacy,

If you’ve watched TV lately, you’ve likely seen ads selling reverse mortgages. A reverse mortgage can be a great tool to help you realize your dreams.  However, it is a very specific type of tool for a very specific type of situation.  If used incorrectly, it can cause a borrower to lose their home.  You owe it to yourself and your loved ones to learn the good, the bad, and the ugly of reverse mortgages.

How they work
A reverse mortgage is a loan which allows homeowners 62 and older to convert some of the equity they have in their primary residence into cash. The amount of equity required to obtain a reverse mortgage depends on your age. Younger borrowers need about 60% equity in their homes to qualify, while those over 80 may need just 45%.

Once approved, you can receive the money in one of three ways: as a lump sum, as monthly installments, or as a line of credit. Because you receive payments from the lender, your home’s equity decreases over time, while the loan balance gets larger, thus the term “reverse” mortgage.

With a reverse mortgage, you no longer have to make monthly mortgage payments, and you can stay in your home as long as you keep up with property taxes, pay insurance premiums, and keep the home in good repair. Lenders make money through origination fees, mortgage insurance, and interest on the loan balance, all of which can exceed $10,000 to $15,000.

Be aware, the reverse mortgage loan (plus interest and fees) becomes due and must be repaid in full when any of the following events occur:

  • Your death
  • You are out of the home for 12 consecutive months or more, such as in the case of needing nursing home care
  • You sell the home or transfer title
  • You default on the loan by failing to keep up with insurance premiums, property taxes, or by letting the home fall into disrepair

A still evolving industry
In 2011, the Consumer Financial Protection Bureau cracked down on some of the misleading advertising practices by lenders. All reverse mortgage advertisers are now required to disclose that the loans must be repaid after death or upon move-out. Additionally, advertisers can no longer claim the loans are a “government benefit” or “risk free.” 

In 2014, HUD developed new policies to better protect surviving spouses who were often being “left out in the cold” literally under the old rules. Now, if a married couple with one spouse under age 62 wants to take out a reverse mortgage, they may list the underage spouse as a “non-borrowing spouse” with rights to retain the home if the older spouse dies.

Despite these recent changes, however, the number of ads for reverse mortgages hasn’t declined and too many borrowers (and non-borrowing spouses) still end up going through foreclosure.  The industry continues to need to offer better protections for the elderly against unscrupulous reverse mortgage lending practices.

Dedicated to empowering your family, building your wealth and defining your legacy,

Marc

In the first part of this series, we discussed one of the most frequent causes for dispute over your estate plan. Here, we’ll look at another leading cause for dispute and offer strategies for its prevention.

Contesting the validity of wills and trusts
The validity of your will and/or trust can be contested in court for a few different reasons. If such a contest is successful, the court declares your will or trust invalid, which effectively means the document(s) never existed in the first place. Obviously, this would likely be disastrous for everyone involved, especially your intended beneficiaries.

However, just because someone disagrees with what he or she received in your will or trust doesn’t mean that person can contest it. Whether or not the individual agrees with the terms of your plan is irrelevant; it is your plan after all. Rather, he or she must prove that your plan is invalid (and should be thrown out) based on one or more of the following legal grounds:

  • The document was improperly executed (signed, witnessed, and/or notarized) as required by state law.
  • You did not have the necessary mental capacity at the time you created the document to understand what you were doing.
  • Someone unduly influenced or coerced you into creating or changing the document.
  • The document was procured by fraud.

Furthermore, only those individuals with “legal standing” can contest your will or trust. Just because someone was intimately involved in your life, even if they’re a blood relative, doesn’t automatically mean they can legally contest your plan.

Those with the potential for legal standing generally fall into two categories: 1) Family members who would inherit, or inherit more, under state law if you never created the document. 2) Beneficiaries (family, friends, and charities) named or given a larger bequest in a previous version of the document.

  Solution: There are times when family members might contest your will and/or trust over legitimate concerns, such as if they believe you were tricked or coerced into changing your plan by an unscrupulous caregiver. However, that’s not what I’m addressing here.

Here, we’re looking at—and seeking to prevent—contests which are attempts by disgruntled family members and/or would-be beneficiaries seeking to improve the benefit they received through your plan. We’re also seeking to prevent contests that are a result of disputes between members of blended families, particularly those that arise between spouses and children from a previous marriage. 

First off, working with an experienced lawyer is of paramount importance if you have one or more family members who are unhappy—or who may be unhappy—with how they are treated in your plan. This need is especially critical if you’re seeking to disinherit or favor one part of your family over another. 

Some of the leading reasons for such unhappiness include having a plan that benefits some children more than others, as well as when your plan benefits friends, unmarried domestic partners, and/or other individuals instead of, or in addition to, your family. Conflict is also likely when you name a third-party trustee to manage an adult beneficiary’s inheritance because he or she is likely to be negatively affected by the sudden windfall of money.

In these cases, it’s vital to make sure your plan is properly created and maintained to ensure these individuals will not have any legal ground to contest your will or trust. One way you can do this is to include clear language that you are making the choices laid out in your plan of your own free will, so no one will be able to challenge your wishes by claiming your incapacity or duress.

Beyond having a sound plan in place, it’s also crucial that you clearly communicate your intentions to everyone affected by your will or trust while you’re still alive, rather than having them learn about it when you’re no longer around. Indeed, we often recommend holding a family meeting (which we can help facilitate) to go over everything with all impacted parties.

Outside of contests originated by disgruntled loved ones, the potential for your will or trust to cause dispute is significantly increased if you have a blended family. If you are in a second (or more) marriage, with children from a prior marriage, there’s an inherent risk of dispute because your children and spouse often have conflicting interests. 

To reduce the likelihood of dispute, it’s crucial that your plan contain clear and unambiguous terms spelling out the beneficiaries’ exact rights, along with the rights and responsibilities of executors and/or trustees. Such precise terms help ensure all parties know exactly what you intended.

If you have a blended family, it’s also essential that you meet with all affected parties while you’re still alive (and of sound mind) to clearly explain your wishes in person. Sharing your intentions and hopes for the future with your spouse and children is key to avoiding disagreements over your true wishes for them.

Prevent disputes before they happen
The best way to deal with estate planning disputes is to do everything possible to make sure they never occur in the first place. This means working with a trusted attorney to put planning strategies in place aimed at anticipating and avoiding common sources of conflict. Moreover, it means constantly reviewing and updating your plan to keep pace with your changing circumstances and family dynamics.

Dedicated to empowering your family, building your wealth and defining your legacy,

Going on vacation entails lots of planning: packing luggage, making travel arrangements, holding mail, etc. But one thing many people forget to do is plan for the worst. Traveling, especially in foreign destinations, means you’ll likely be at greater risk than usual for illness, injury, and even death.

In light of this reality, you must have a legally sound and updated estate plan in place before taking your next trip. If not, your loved ones can face a legal nightmare if something should happen to you while you’re away. The following are 5 critical estate planning tasks to take care of before departing.

1. Make sure your beneficiary designations are up-to-date
Some of your most valuable assets, like life insurance policies and retirement accounts, do not transfer via a will or trust. Instead, they have beneficiary designations that allow you to name the person (or persons) you’d like to inherit the asset upon your death. It’s vital you name a primary beneficiary and at least one alternate beneficiary. Moreover, these designations must be regularly reviewed and updated, especially following major life events like marriage, divorce, and having children.

2. Create power of attorney documents
Unforeseen illness and injury can leave you incapacitated and unable to make critical decisions about your own well-being. Given this, you must grant someone the legal authority to make those decisions on your behalf through powers of attorney. You need two such documents: a medical power of attorney and a durable financial power of attorney. The medical power of attorney gives the person of your choice the authority to make your healthcare decisions for you, while the durable financial power of attorney gives someone the authority to manage your finances. As with beneficiary designations, these decision makers can change over time, so before you leave for vacation, be sure both documents are up to date.

3. Name guardians for your minor children
If you’re the parent of minor children, your most important planning task is to legally document guardians to care for your kids in the event of your death or incapacity. These are the people whom you trust to care for your children—and potentially raise them to adulthood—if something should happen to you. Given the monumental importance of this decision, we’ve created a comprehensive system called the Kids Protection Plan that guides you step-by-step through the process of creating the legal documents naming these guardians. You can get started with this process right now by calling us or attending one of our free Guardian Nomination Workshops (our next one is at the Sierra Madre Public Library on May 4, 2019).

4. Organize your digital assets
If you’re like most people, you probably have dozens of digital accounts like email, social media, cloud storage, and cryptocurrency. If these assets aren’t properly inventoried and accounted for, they’ll likely be lost forever if something happens to you. At minimum, you should write down the location and passwords for each account and ensure someone you trust knows what to do with these digital assets in the event of your death or incapacity. To make this process easier, consider using LastPass or a similar service that stores and organizes your passwords.

Complete your vacation planning now
If you have a vacation planned, be sure to add these 5 items to your to-do list before leaving. And if you need help completing any of these tasks—or would simply like us to double check the plan you have in place—call us and mention this article for a friendly, informative, no-pressure, complimentary consultation.

We recommend you complete these tasks at least 8 weeks before you depart. However, if your trip is sooner than that, call and let us know you need a rush Family Estate Planning Session, and we’ll do our best to fit you in as soon as possible.

Dedicated to empowering your family, building your wealth and defining your legacy,

In late February, Luke Perry, who became famous starring in the 1990s TV series Beverly Hills 90210, suffered a massive stroke at age 52. He was hospitalized under heavy sedation, and five days later, when it became clear he wouldn’t recover, his family decided to remove life support. Perry died on March 4th, 2019 surrounded by his children, fiancé, ex-wife, mother, siblings, and others.

Whether or not you were a Luke Perry fan, it’s hard not to be saddened when someone so young and seemingly healthy passes away suddenly. In these moments, the fragile impermanence of life becomes obvious. It’s life’s way of reminding us that incapacity and death can strike at any time, no matter who we are.

Reminders of the fleeting nature of life can motivate us to savor life now AND act to protect the ones we love through proper estate planning. And while we don’t yet know exactly what levels of planning Perry had in place, it appears he was thoughtful and responsible enough to have at least covered the basics.

Planning for incapacity and death
Perry was reportedly inspired to create his own estate plan following a health scare. In 2015, after discovering he had precancerous growths during a colonoscopy, Perry created a will, leaving everything to his two children. But since Perry was worth an estimated $10 million, divorced with kids from the first marriage, and about to be married again, creating a will was a start but not nearly enough.

Wills only apply to the distribution of assets following death, and even then, your will must go through the court process known as probate for your assets to be distributed. Because a will only comes into play upon your death, if you’re ever incapacitated by accident or illness as Perry was, it offers neither you nor your family any protections.

The power over medical decisions
During the time he was incapacitated, someone was called upon to make crucial medical decisions for Perry’s welfare, while his family was summoned to his side. To this end, it’s likely Perry designated someone to serve as his medical decision-maker by granting them medical power of attorney. He may have also created a living will, which would provide specific instructions to this individual regarding how to make these medical decisions.

Granting medical powers of attorney gives the person you name the authority to make healthcare decisions on your behalf in the event of your incapacity. The document that does this is known as an advance healthcare directive, and it’s an absolute must-have for every adult over age 18.

Without medical powers of attorney, if any of Perry’s family were in disagreement over how his medical care should be handled, the family may have needed a court order to terminate life support. This could have needlessly prolonged the family’s suffering and made his death even more public, costly, and traumatic for those he left behind. 

Learn from Perry’s example
Whether you already have a basic plan in place or nothing at all, you owe it to your loved ones to get educated about the specifics necessary to keep your family out of court and out conflict if something happens to you.

Dedicated to empowering your family, building your wealth and defining your legacy,

The recent death of the CEO of QuadrigaCX, a major cryptocurrency exchange in Canada, demonstrates a basic, yet often-overlooked, tenet of effective estate planning:

In the event of your incapacity or death, if your heirs don’t know how to find or access your assets, those assets are as good as gone.

In the case of QuadrigaCX’s owner Gerald Cotten, the lost assets were purportedly worth $145 million, representing the vast majority of the company’s crypto holdings.

The hefty sum effectively vanished after Cotten died without leaving instructions for how to access the digital currency’s security passcodes. The crypto holdings were owned by some 115,000 clients, who used the exchange to buy and store their digital coins.

An untimely death
According to an affidavit filed in a Canadian court, Cotten, age 30, died suddenly of complications related to Crohn’s disease while traveling in India during December 2018. In January 2019, QuardigaCX filed for bankruptcy to protect itself from creditors, including all the customers with crypto stored in the company’s electronic vault.

According to Cotten’s widow, Jennifer Roberston, following multiple searches, she has been unable to find the passwords that will provide access to the company’s crypto holdings. The lesson is clear:

From cryptocurrency to safety deposit boxes and everything in between, your family must know how to find and access every asset you own, otherwise it could be lost forever.

In fact, there’s a total of more than $58 billion of unclaimed assets across the country held by the State Departments of Unclaimed Property. Much of that massive sum got there because someone died and their family didn’t know they owned the asset.

Incomplete estate planning
Another puzzling fact is that upon first glance, Cotten was diligent in his estate planning. Indeed, Cotten named Roberston as his estate’s executor and left her instructions for the complete distribution of his assets, including a private jet and multiple properties in Canada.

He even left behind $100,000 for the care of his two dogs—yet he managed to forget to include the passcodes that would unlock his company’s vast crypto assets. I believe that most people holding crypto assets haven’t taken the proper steps to ensure their heirs will know how to access these assets upon their incapacity or death.

Easily avoidable
What makes this loss so tragic is that it could have been so easily avoided. Whether your estate is valued in millions or thousands, your plan must include a comprehensive inventory of all your assets. And as Cotten’s case shows, this inventory must also include detailed instructions for how your heirs can find and access every asset.

Dedicated to empowering your family, building your wealth and defining your legacy,

Retirement planning is one of life’s most important financial goals. Indeed, funding retirement is one of the primary reasons many people put money aside in the first place. Yet many of us put more effort into planning for our vacations than we do to prepare for a time when we may no longer earn an income.

Whether you’ve put off planning for retirement altogether or failed to create a truly comprehensive plan, you’re putting yourself at risk for a future of poverty, penny pinching, and dependence. The stakes could hardly be higher.

When preparing for your final years, it’s not enough to simply hope for the best. You should treat retirement planning as if your life depended on it—because it does. To this end, even well-thought-out plans can contain fatal flaws you might not be aware of until it’s too late.

Have you committed any of the following three deadly sins of retirement planning?

1. Not having an actual plan
Even if you’ve been diligent about saving for retirement, without a detailed, goal-oriented plan, you’ll have no clear idea whether your savings strategies are working adequately or not. And such plans aren’t just about calculating a retirement savings number, funding your 401(k), and then setting things on auto-pilot.

Once you know how much you’ll need for retirement, you must plan for exactly how you’ll accumulate that money and monitor your success. The plan should include clear-cut methods for increasing income, reducing spending, maximizing tax savings, and managing investments when and where needed.

What’s more, you should regularly review and update your asset allocation, investment performance, and savings goals to ensure you’re still on track to hit your target figure. With each new decade of your life (at least), you should adjust your savings strategies to match the specific needs of your new income level and age.

Failing to plan, as they say, is planning to fail.

2. Not maximizing the use of tax-saving retirement accounts
One way or another, the money you put aside for retirement is going to be taxed. However, by investing in tax-saving retirement accounts, you can significantly reduce the amount of taxes you’ll pay.

Depending on your employment and financial situation, there are numerous different plans available. From traditional IRAs and 401(k)s to Roth IRAs and SEP Plans, you should consider using one or more of these investment vehicles to ensure you achieve the most tax savings possible.

What’s more, many employers will match your contributions to these accounts, which is basically free money. If your employer offers matching funds, you should not only use these accounts, but contribute the maximum amount allowed—and begin doing so as early as possible.

Since figuring out which of these plans will offer the most tax savings can be tricky—and because tax laws are constantly changing—you should consult with a professional financial advisor to find the one(s) best suited for your particular situation. Paying taxes is unavoidable, but there’s no reason you should pay any more than you absolutely must.

3. Underestimating health-care costs
It’s an inescapable fact that our health naturally declines with age, so one of the riskiest things you can do is not plan for increased health-care expenses.

With many employers eliminating retiree health-care coverage, Medicare premiums rising, and the extremely volatile nature of health insurance law, planning for your future health-care expenses is critical. And it’s even more important seeing that we’re now living longer than ever before.

Plus, these considerations are assuming that you don’t fall victim to a catastrophic illness or accident. The natural aging process is expensive enough to manage, but a serious health-care emergency can wipe out even the most financially well off.

Start preparing for retirement now
The best way to maximize your retirement funding is to start planning (and saving) as soon as possible. In fact, your retirement savings can be exponentially increased simply by starting to plan at an early age.

Let us know if we can help. We’ll be glad to review what you have in place now, advise you about what you need, introduce you to advisors you can trust, and ensure you and your family are well-protected and planned for, no matter what.

Dedicated to empowering your family, building your wealth and defining your legacy,

Template wills and other cheap legal documents are among the most dangerous choices you can make for the people you love. These plans can fail to keep your family out of court and out of conflict, and can leave the people you love most of all—your children—at risk.

The people you love most
It’s probably distressing to think that by using a cut-rate estate plan you could force your loved ones into court or conflict in the event of your incapacity or death. And if you’re like most parents, it’s probably downright unimaginable to contemplate your children’s care falling into the wrong hands.

Yet that’s exactly what could happen if you rely on free or low-cost fill-in-the-blank wills found online, or even if you hire a lawyer who isn’t equipped or trained to plan for the needs of parents with minor children.

Naming and legally documenting guardians entails a number of complexities that most people aren’t aware of. Even lawyers with decades of experience frequently make at least one of six common errors when naming long-term legal guardians.

If wills drafted with the help of a professional are likely to leave your children at risk, the chances that you’ll get things right on your own are much worse.

What could go wrong?
If your DIY will names legal guardians for your kids in the event of your death, that’s great. But does it include back-ups? And if you named a couple to serve, how is that handled? Do you still want one of them if the other is unavailable due to illness, injury, death, or divorce?

And what happens if you become incapacitated and are unable to care for your children? You might assume the guardians named in the DIY will would automatically get custody, but your will isn’t even operative in the event of your incapacity.

Or perhaps the guardians you named in the will live far from your home, so it would take them a few days to get there. If you haven’t made legally-binding arrangements for the immediate care of your children, it’s possible they will be placed with child protective services until those guardians arrive.

Even if you name family who live nearby as guardians, your kids are still at risk if those guardians are not immediately available if and when needed.

And do they even know where your will is or how to access it? There are simply far too many potential pitfalls when you go it alone.

Kids Legal Planning
To ensure your children are never raised by someone you don’t trust or taken into the custody of strangers (even temporarily), consider creating a comprehensive Kids Protection Plan®.

Protecting your family and assets in the event of your death or incapacity is such a monumentally important task you should never consider winging it with a DIY plan. No matter how busy you are or how little wealth you own, the potentially disastrous consequences are simply too great—and often they’re not even worth the paper they’re printed on.

Plus, proper estate planning doesn’t have to be a depressing, stressful, or morbid event. In fact, we work hard to ensure our planning process is as stress-free as possible.

What’s more, many of our clients actually find the process highly rewarding. Our proprietary systems provide the type of peace of mind that comes from knowing that you’ve not only checked estate planning off your to-do list, but you’ve done it using the most forethought, experience, and knowledge available.

Act now
If you’ve yet to do any planning, contact us to schedule a Family Estate Planning Session. This evaluation will allow us to determine your best option.

If you’ve already created a plan—whether it’s a DIY job or one created with another lawyer’s help—contact us to schedule an Estate Plan Review and Check-Up. We’ll ensure your plan is not only properly drafted and updated, but that it has all of the protections in place to prevent your children from ever being placed in the care of strangers or anyone you’d never want to raise them.

Dedicated to empowering your family, building your wealth and defining your legacy,