We mentioned revocable trusts in a recent blog post, and also spotlight them on a relevant estate planning page of our website at Quinn Law Firm. We note therein their value as flexible legal instruments enabling a creator (sometimes called a trustor or settlor) to exercise broad powers of control, which can be key in the planning process.
One of the enduring myths attached to estate planning is that the creation of a sound legal strategy concerning the future is most relevant to well-heeled and comparatively older individuals and families.
Estate planning is a complicated process, and writing a last will and testament alone can create some tension and make people want to put the process off. But every day without a plan for passing on property and assets puts undue risk on family, friends and benevolent organizations that deserve our care.
Traditional estate planning has addressed how a person might leave their assets to their family and friends after their death. "My children are to receive my property but my best friend will get my dog, Daisy, and all things associated with her" a client might say. But with advancements in technology, who receives the right to access the pictures of Daisy which are stored online in the client's cloud? That result has not been are clear as advancements in technology have outpaced advancements in the law.
Raising children is said to be one of the greatest joys in life. You watch your child grow from a tiny little baby into a small person that walks and talks with opinions of his or her own. As a parent, you want to do everything you can to raise your children right. You make them eat healthy, send them to the right schools and teach them right from wrong.
If a loved one has recently passed away, you may be designated the logistical task of dealing with the probate process. Probate can take a lot of time, and some problems can arise depending on the complexity of the estate, as well as the terms of the will.
It's easy to think that estate planning is as simple as having a will and maybe putting a big asset into a trust for the future. Even this may seem complicated to some minimalist estate planners. But there are many considerations that people with the most modest of bequests should have in their minds while planning the fate of assets after death.
If you have already taken on the important tasks associated with estate planning, you deserve praise for your forward-thinking approach to life. You have now protected your assets and heirs, made important end-of-life decisions and assured that your health care and financial wishes will be honored. However, your job might not be completely finished.
Young couples tend to put estate planning conversations on the back burner. It is uncomfortable to contemplate our mortality. Additionally, because younger couples have fewer assets, they may believe that they do not even need an estate plan.
Estate planning with young children often revolves around trying to give them the support they need if you are not around to provide it yourself. For instance, you may pick a guardian to raise the kids and act essentially as a replacement parent.