Reasons To Have An Estate Plan | Estate Plan Pros

Holding Successor Trustees Accountable, or Contesting a No Contest Clause

When beneficiaries and the successor trustees reach different conclusions about what should happen with the property, litigation is often the result.  While one of the main goals in estate planning is to avoid litigation, its helpful to look at the complete picture. The Good: Holding Successor Trustees Accountable Litigation is a good thing when it allows beneficiaries to hold successor trustees...

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When Should I Prepare My Estate Plan?

It’s a fact, plans change over time as life situations change.  So when is the best time to prepare an estate plan?  A similar question is, when should you put on your seatbelt?  Just before the accident, or when you get in the car?  It doesn’t really matter if you’re driving a ten year old sedan or the just released Italian sports car, basic safety always applies. Basic Safety: Incapacity...

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A Life Insurance Disaster That Could Have Been Avoided

Angelo Popovsky was the beneficiary of a $150,000 life insurance policy at age 16 when his father died three years ago.  Because he was a minor, the life insurance company set up a fund until he turned 18.  Police allege that his step mother then deposited the funds into a joint checking account and proceeded to gamble more than $100,000 of the funds away.  While the law has caught...

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Protecting Your Children

As parents, we try to make sure our children are safe – wear helmets when riding your bike, don’t talk to strangers, etc., etc.  We also try to protect their financial future with life insurance, and hopefully savings for college.  But when tragedy strikes, are your minor children legally protected? Who will be their guardian?  Will the guardian have access to life insurance proceeds?  Will all...

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Seven Compelling Reasons to Complete an Estate Plan

Having an estate plan is like wearing your seatbelt or having life insurance – it provides safety and protects what is important. As a parent, you want to pass on the best things. There are seven compelling reasons to complete an estate plan: five risks your family faces without an estate plan, and three positive benefits with an estate plan. 1. PROMOTING FAMILY HARMONY Without an effective...

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Why go with a pro when creating an estate plan?

We’re American’s and we like to think we can do it all ourselves.  We’re self sufficient and self reliant, and we don’t need experts.  Places like Home Depot and Lowes, Kragen and AutoZone are proof that we are ready to tackle any project with a hammer and a wrench.  Why should estate planning be any different?  Here are three things to consider when you’re tempted to pick up that discount...

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Does your estate plan cover the three essential “c”s of estate planning? Clear Communication

A good estate plan covers contingencies, takes control of the future, and involves clear communication.  This post is the final in a three-part series that discusses these three “c”s of estate planning. Recently there was a report about a father who had a one million dollar life insurance policy.  When he had a massive stroke, his children made arrangements for his care.  Because they had no...

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Does your estate plan cover the three essential “c”s of estate planning? Taking Control

A good estate plan covers contingencies, takes control of the future, and involves clear communication.  This post is the second in a three-part series that will discuss these three “c”s of estate planning. Taking Control Estate planning is really recognizing that things will happen when you are gone, and decisions will have to be made.  If you don’t make those decisions, your children, other...

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An estate plan is not for…

We spend a lot of time here discussing what an estate plan is, and who needs one.  Not everyone needs an estate plan though.  If you are curious about whether you need an estate plan or not, read on… The young Minors don’t typically have estate’s that they can control.  Their parents have the ability to direct their assets and health care until they become adults.  Once your child reaches...

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The Top 3 Reasons People Don’t Have an Estate Plan

1. They’re going to live forever Not that people expect a medical miracle, but it is often very difficult to consider the world without ourselves in it. Often, when people having to handle someone else’s estate they see the consequences of not having a plan, and immediately go prepare an estate plan. 2. If they’re lucky, it will all work out Some people expect that their estate will go the way...

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