Protecting Your Loved Ones Is The Main Reason Why You Should Have An Estate Plan

One of the primary reasons to have an estate plan is to protect your loved ones. Without a clear plan in place, your assets and belongings may be subject to lengthy and costly legal processes. Having a will or trust allows you to specify how your assets should be distributed, minimizing confusion and potential conflicts among family members.

Ensure The Distribution of Assets According to Your Wishes

Estate planning enables you to have control over the distribution of your assets after your passing. By clearly outlining your wishes in a will or trust, you can determine who receives what, ensuring that your assets go to the individuals or organizations that matter most to you.

Provide for Minor Children With An Estate Plan

For parents with minor children, an estate plan is especially crucial. Without a designated guardian in place, the court may decide who will take care of your children in the event of your untimely passing. By naming a guardian in your estate plan, you can make sure your children are placed in the care of someone you trust.

To Minimize Estate Taxes, You Should Have An Estate Plan

Estate taxes can significantly reduce the value of your estate, leaving less for your heirs. Through strategic estate planning, you can take advantage of various tools and strategies to minimize the impact of taxes on your estate. This can include setting up trusts, making lifetime gifts, or utilizing other tax-efficient planning techniques.

Plan for Incapacity Through Estate Planning

Estate planning is not just about what happens after your passing; it also involves preparing for potential incapacity during your lifetime. Through documents like a durable power of attorney and a healthcare directive, you can appoint individuals to make financial and healthcare decisions on your behalf if you become unable to do so.

Avoid Probate By Having An Estate Plan

Probate is the legal process through which a deceased person’s assets are distributed to heirs and beneficiaries. It can be time-consuming and expensive. By creating a comprehensive estate plan, you may be able to avoid or minimize the probate process, allowing for a faster and more cost-effective distribution of your assets.

Why You Should Have An Estate Plan Set Up By A Professional

Engaging the services of an estate planning lawyer is a wise decision for several reasons. Estate planning involves intricate legal processes and regulations that require specialized knowledge, and a lawyer brings invaluable expertise to navigate these complexities. Their understanding of state-specific laws ensures that your estate plan complies with all relevant regulations. Furthermore, estate planning lawyers can tailor strategies to your unique situation, providing personalized solutions that meet your specific needs and goals. With their guidance, you can address potential tax implications, protect your assets, and avoid common pitfalls. A lawyer’s assistance becomes particularly crucial in handling family dynamics, minimizing the risk of disputes, and ensuring that your wishes are accurately documented and legally sound. 

Conclusion

In conclusion, having an estate plan is a crucial component of responsible financial planning. It provides peace of mind, ensures your wishes are carried out, and protects your loved ones from unnecessary stress and complications. Regardless of your age or financial status, taking the time to create an estate plan is an investment in your family’s future. Consult with a qualified estate planning professional to tailor a plan that meets your unique needs and circumstances. Now that you know why you should have an estate plan, remember, it’s never too early to start planning for the security and well-being of your loved ones.

Related Questions

What is the ideal age to start estate planning?

Estate planning is not age-dependent; it’s about being prepared. Ideally, start as soon as you have assets and dependents.

Do I need a lawyer for estate planning?

While it’s possible to create basic plans independently, a lawyer ensures legal compliance and tailored solutions.

Can I change my estate plan?

Yes, and it’s recommended to review and update your plan regularly, especially after major life events.

What happens if I die without an estate plan?

Intestacy laws dictate asset distribution, often leading to outcomes you may not prefer. An estate plan ensures your wishes prevail.

The post Why You Should Have An Estate Plan first appeared on Jamie Miller Law | Tulsa Business Lawyer.

I expanded options for what is known as limited scope representation. Limited Scope services occur when a client hires a lawyer to complete specific tasks, or a portion of the legal representation. This may include a lawyer drafting documents to be used in court but the client represents himself or herself in court. The lawyer discloses such limited representation on court documents but typically does not appear at any court hearings. The client gets the benefit of legal advice from a licensed attorney at reduced costs from traditional full scope representation. You can read more about limited scope representation HERE.

Online scheduling is now an option for clients to schedule an appointment. The link to schedule that is HERE. Please note that I don’t always update it in real time, so if you are looking for an appointment time and can’t find one, please call me or send me an email and we’ll get you on the calendar.

I am very pleased to continue my involvement with the Bixby Metro Chamber of Commerce, and will continue on the Board of Directors in 2019. Also, I am excited to announce that I am again nominated for Woman-Owned Business of the Year, and also for Volunteer of the Year, with those winners to be announced at the end of January.

I continue to participate as a guest speaker on a regular basis on topics such as estate planning as well as business law, employment issues, and mediation. If you would like me to speak at an event or for a group, please feel free to reach out to me. I am also still a volunteer mediator for the Equal Employment Opportunity Commission. If you have a charge pending with the EEOC, you have probably noticed that it is affected by the current government shutdown. You can keep track of any updates with the EEOC on their website by clicking HERE.

I was also fortunate to continue to work with a number of wonderful clients this year, and was able to close several probates, worked with individuals and families to complete or update their estate planning needs, settled cases, got businesses formed, businesses bought and sold, and partnered with a number of businesses on an ongoing basis to address their everyday legal needs.

In 2019, I plan to continue all of the above, as well as increasing my work with business owners and how I can assist them in a variety of ways. I am also always looking at technology to work with clients and will be looking at expanding methods of providing virtual services where it makes sense.
As always, we are thankful for our clients, our partners, and our community. Thank you for your business, and if I can ever answer a question or assist you, I hope to hear from you.

The post Looking Ahead: Expanded Legal Services, Nominations and More first appeared on Jamie Miller Law | Tulsa Business Lawyer.

A belated Happy New Year!  I recently did a presentation on avoiding family disputes in estate planning and thought I would share an overview with some of the tips I discussed.

Tip #1:  Start with the Planning Process.  Any comprehensive planning process starts with identifying your goals.  What do you want to accomplish in your estate planning?  Are you concerned about family disputes?  Tax concerns?  Keeping property in the family?  Making gifts over time to children or grandchildren?  If you don’t identify your goals it is difficult to make a plan that will meet your needs.

Tip #2:  Don’t Delay.  Don’t wait for an emergency or an illness to create an estate plan.  The best time to create a plan is when you are healthy and in a good frame of mind to make decisions.  This also helps avoid a suggestion that you made a plan under duress or lacked capacity.

Tip #3:  Choose Representatives Wisely.  Choose personal representatives/administrators/trustees who are suited for the role.  This does not always mean choosing your oldest child or your nearest sibling.  Choose people who are willing to do the job, are organized, and generally geographically available.  If using two co-representatives, plan for how they should handle situations where they don’t agree.

Tip #4:  Be careful about joint wills.  I think joint wills (one will for a married couple) becomes a problem unless both people pass at the same time.  I will do mirror/reciprocal wills that allow each spouse to have their own will to be probated at the passing of each spouse.

Tip #5:  Address different treatment.  For example, if you have multiple children and are not making “equal” gifts, consider having a difficult conversation with those individuals and explain why there are differences.  It is your property to distribute how you choose, but some of the main reasons for disputes are when family members are surprised or hurt.  Try to avoid that by having the hard conversation now.

Tip #6:  Be specific about your personal effects.  Whether or not your personal property has a high monetary value, be specific about its distribution.  For example, don’t leave it up to your children to divide your jewelry after you are gone.  Choose the items you want each person to have, and identify those items in your will or trust.

Tip #7:   Be careful about joint ownership during your lifetime.  For example, adding a child to a bank account or a deed may create the presumption of a gift.  Make sure that is what you intended and also that it matches your estate planning documents.

Tip #8: Require receipts and releases for beneficiaries of trusts.  Trusts are generally not overseen by courts and are left to the trustee to distribute property.  Require beneficiaries to acknowledge the property they received (receipt) and releasing the trust from additional obligations for a smoother distribution process.

Tip #9:  No Contest Clauses.  Consider the use of “no contest” clauses and/or required alternative dispute resolution in your estate planning documents.  This may not eliminate all disputes but may make it more likely for your wishes to be carried out as you intended.

Tip #10:  Keep your documents updated.   Creating your estate plan is a major step.  As life circumstances change with births, deaths, marriages, divorces, and property changes, it is important to keep your documents updated.  I suggest reviewing your documents on an annual (or at least every few years) basis and address any needed changes.

Finally, make sure your documents are in a safe (but accessible) place.  If no one can find your will or trust, your thoughtful planning will have been wasted and your family will have to move forward using the state formula and procedures for people dying intestate (without a will).

If I can help you with your planning needs, please contact my office to schedule a consultation.  Best wishes for a healthy and happy 2018!

Contact us for your estate planning needs. Follow us on Facebook and Google+.

Blog Disclaimer:  This blog is made available for general information and educational purposes only and does not constitute specific legal advice.  By reading this blog you understand there is no attorney-client relationship created between you and J. Miller Law Firm, P.L.L.C.  This blog is not legal advice and you should not act upon this information without seeking advice from a lawyer licensed in your own state or jurisdiction.  Your use of the blog is at your own risk as the materials presented may not reflect the most current legal developments, and may be changed, improved or updated without notice.  J. Miller Law Firm, P.L.L.C. is not responsible for any errors or omissions in the content of this blog or for damages arising from the use or performance of this blog under any circumstances.

The post 10 Tips for Avoiding Family Disputes in Estate Planning first appeared on Jamie Miller Law | Tulsa Business Lawyer.

As part of that process, I encourage you to take time for review and reflection as well.  If you have estate planning documents – do you know where those documents are, and have you reviewed them in the last few years?   With life changes such as marriages, divorce, moves, additional or growing children, and unfortunately the passing of loved ones, it is important to review your existing plan documents.  This can be adding a codicil to a will, amending a revocable trust, revoking or changing a power of attorney, etc.  It is also an opportune time to review your accounts and insurance policies not only to make sure you have the coverage and policies in place that you want but also that your beneficiaries are correctly identified.

If you haven’t created any of these documents yet, please consider checking that off your list.

Below is a sample list of items to review or consider.

Estate Planning

• Know location of existing documents
• Review documents for changes
  • Personal Representatives/Trustees/Power of Attorney
  • Guardians for minor children
  • Property changes
  • Deed changes
  • If you have a revocable Trust, have you correctly transferred property and assets into the name of the Trust?
• Accounts and Insurance Policies
  • Review coverage and beneficiaries

If you have a business, have you met your business planning goals for the year, and what changes do you want to make?  What would happen to your business if something happened to you?  Have you reviewed your contracts with vendors and customers?  Do you have employee policies in place?  An ongoing relationship with an attorney can help you plan to meet your goals, make changes, review and update your documents or draft new ones, and plan for the future.  Below is a sample list of business planning items to review or consider.

Business Planning

• File annual paperwork for corporate structures
• Review or create corporate structure and keep records updated
• Revise or create contracts with vendors, customers, clients
• Revise or create employee handbooks and policies
• Review your insurance policies
• End of year bookkeeping and tax planning

Maybe you have a dream about starting a business or buying a business?  An attorney can help you work through those steps even when you are in the planning phase.  Some considerations are pros and cons to the distinct types of corporate entities, operating documents, and licenses that may be needed.

Planning Ahead for 2018

In 2018, I plan to expand my work with business owners and am able to offer affordable and flexible options for ongoing legal services.  I take a proactive approach with my clients to solve problems, minimize risks, and find the best method to resolve disputes for clients.  I also have a large network of other trusted professionals I can connect with clients to meet other needs, such as insurance, accountants, realtors, administrative support, and more.

I also plan to continue providing free speaking engagements on topics such as estate planning, business legal services, and mediation/alternative dispute resolution.

I am blessed with wonderful family, friends, and clients.   Wherever you are in life, I would encourage you to take some time to review your plans and goals.  I would love to help you in that process.

Contact us for your estate planning needs. Follow us on Facebook and Google+.

Blog Disclaimer:  This blog is made available for general information and educational purposes only and does not constitute specific legal advice.  By reading this blog you understand there is no attorney-client relationship created between you and J. Miller Law Firm, P.L.L.C.  This blog is not legal advice and you should not act upon this information without seeking advice from a lawyer licensed in your own state or jurisdiction.  Your use of the blog is at your own risk as the materials presented may not reflect the most current legal developments, and may be changed, improved or updated without notice.  J. Miller Law Firm, P.L.L.C. is not responsible for any errors or omissions in the content of this blog or for damages arising from the use or performance of this blog under any circumstances.

The post Review, Reflection and Business Planning first appeared on Jamie Miller Law | Tulsa Business Lawyer.