The Talk of the Town – Estate Buzz

Whether I’m at a networking event, meeting with clients, or forming a wonderful new business partnership, I’ve heard a theme recently. Estate planning is the buzzword. A few people I can understand, but so many in such a short period just has to be more than a coincidence.

I’m sure my attorney friends are tired of me bugging them asking them pesky little questions. Which to side track a bit, it is always an “it depends” kind of answer. Nothing is as straightforward as it should be when it comes to the law books.

Estate planning will mean different things to different people. It can mean a “simple” will that you print off the internet and fill in the blanks or it can be a complicated Trust situation. Every family is different. When it comes to estate planning, there is no simple answer and it, like the law, will have an “it depends” kind of answer.

Here is a short list of things to consider when planning how you want to leave your legacy behind.

1) Make sure you have an accurate, up to date inventory so there’s no grey zones. Check out Nino’s www.thestuffinmyhome.com to catalog your belongings. This list not only should include physical items, but money, investments, and insurance to name a few.

2) Hire an experienced estate planning lawyer. The reason I say this is because I can speak from personal experience here. My grandfather hired a lawyer to draft his will. He was a friend of the family that dealt more with oil & mining law than estates. He made a very large mistake and almost costs the family lots of money. It eventually worked out, but it could have ended very badly. If you need a list of suggestions, please let me know and I’ll send you some good names.

3) Be open and honest with your lawyer on who you do and don’t want in your will. This will more than likely include telling the lawyer your family drama and dirty secrets. This isn’t gossip, it will help the attorney figure out the best route to take your plan from a tactical point. They’re bound my attorney/client privilege and want to do what’s in YOUR best interest. Everyone has some kind of family drama and/or secrets, so it probably won’t shock the seasoned estate attorney.

4) Make sure your financial planner is in the loop with your estate attorney. They should go to the meetings and make sure everyone is on the same page. They can also help the attorney with the financial side so you don’t forget anything. Having them work together will not only save a lot of time, it can save a lot of money when you’re considering tax implications of your estate plan. If you don’t have a financial planner, or you don’t have one that will go with you to the estate attorney, give me a call and we can fix that.

5) Be involve and follow up. Make sure to ask lots of questions until you understand. Having a good financial planner with you can really help with the jargon gap between attorney & client sometimes. If there is something the attorney or the planner need you to do, make sure you do it! Once you have a plan in place, make sure you check on it every so often as laws will change and may effect your plan.

These are just some things to consider when developing your own plan of action around your legacy.

Estate planning can be very involved, so make sure you have the right team members to win.

Until next time wonderful readers!

-Financial Landscaper

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Lessons Learned: Use the Right Tool

When I worked at Best Buy, one of the 5 safety steps was “use the right tool.” Pretty harmless and common sense, but you’d be surprised the things that would be MacGyvered up to get something done. Well this same rule applies when you want to get things done, specifically your estate. I know I’m on shaky ground when I refer to a person as a tool (ok, go ahead and laugh now to get it out of your system) but hear me out.

I’m going to draw from my family’s experience with estate planning, more specifically creating a will. When my grandfather wanted to create a will, he went the “easy” route and used a lawyer that he used all the time for MDU in North Dakota. Now this lawyer did wonders with oil and gas law since MDU was a utilities company, so he can make an easy basic Will, right? I mean it should be pretty simple and straight forward. WRONG. Lawyers have specialties for a reason. When my grandfather passed away he left a Trust to his heirs; his children and their spouses. HOWEVER, his wife was not mentioned in the will. Not because of some dramatic reason, but because she had been in a coma for 20+ years. No one imagined that he would die before she did. When you’re an attorney, you should not take these assumptions when drafting a will and need to make sure it is drafted properly to account for whomever may die first. Luckily for our sanity my grandmother had no living relatives to claim the inheritance when she died 2 weeks later. So that was a happier ending to a case that could have easily turned rotten quick.

My grandfather did not have the right tool (still debating if the pun is intended here) to draft his will. Recently in the news Etta James hadn’t sought out the right tools to create a proper estate. Forbes has a great article that you should read here. Another one that comes to mind is the author of the Girl with the Dragon Tattoo. Have you heard of that book (now movie)? I hope so. Stieg Larsson’s last known updated Will was from 1977. He died in 2004. Why would does it matter now, 7 years later? Given the MASSIVE popularity of the books, his estate is in a position to make a LARGE sum of money, but who does it go to? Who owns the rights? His dedicated partner of 20+ years, Eva, or his father & brother? The last updated will is vague on this point. Blood gets the inheritance while the longtime partner gets his manuscripts. Since the manuscripts were published after death, that seems to be a clear cut case for Eva, but if things were simple we wouldn’t need lawyers and wills. It’s a very interesting case, probably worth writing a novel about, but currently there is no ending. It’s just another example of why you should hire the right person for the job.

If you’re in the market for a great lawyer that does estate planning I would strongly recommend Sarah Thacker of Thacker Law Firm. I can’t say enough good things about her and how she helps her clients. She makes sure that not only do you understand the will but anyone reading the will understands it. No “where to,” “here unto,” etc. A well written will that people without a law degree can understand. Imagine that!

Do you have a will? If you don’t, make sure not to post it here because that means you have a target on your back and I’ll bug you until you do. If you do, is it up to date and can anyone that picks it up understand it? Let me know your thoughts!

Until next time my wonderful readers!

– Financial Landscaper

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