Law Office of William W. Matz, Jr.

The best way to protect your estate if you are sued is to create an effective asset protection plan. Everyone needs some type of asset protection, but not all asset protection strategies are necessary or appropriate for everyone. However, having the right tools in place can drastically decrease the losses you will experience the event of a lawsuit. An estate planning professional can help you determine what is best for you and your loved ones.

There are many misconceptions about estate planning, but some of the most common are: -A will is sufficient for estate planning no matter a person’s situation -Estate planning is only for people who are retired or elderly -Estate planning is necessary if you do not have children -Estate planning will not stop probate or other government interference in the settlement of your estate -Estate planning is only for the rich

There are many estate planning tools you can use to ensure your wishes are honored after you die. At the very least, you should have the following three items: -A legally valid, up-to-date will -A durable power of attorney -Up-to-date beneficiary designation forms If you are a parent, it is important that your estate plan include designation of someone to assume guardianship of your minor children should something happen to you and your child’s other parent.

Yes, absolutely. Some would argue you need them more because in many cases, property in your estate automatically passes to your spouse without concern for interference from the state or other individuals. An estate plan allows you to specify how you want our property distributed when you die. As a single person, you also need to make sure that arrangements are in place for your own health, should something happen and you become incapacitated and unable to communicate your wishes.

It is important to have estate planning documents because otherwise you will have no say in what happens to your estate once you are gone. Estate planning documents are also effective for ensuring that your children are cared for if you die before they tur 18 and to ensure that your wishes are honored if you are living but unable to make decisions concerning your health or other issues. Legally valid estate planning documents enforce your wishes in court.

Minor children do not need their own estate plan. As adults, your children should create an estate plan once they have reached the age of consent so they can deal with issues related to their own health if they become capacitated. At the latest, they should create one as soon as they begin accumulating assets. This means if they are putting money into retirement savings, have accumulated significant personal savings, or own a home; it is a good idea to create a plan. If they do not own any assets but they are parents they should have an estate plan. There is no set age for an estate plan. Creating one should be based on your responsibilities and your assets.

They might be valid, but it is a good idea to conduct a review with an attorney familiar with estate planning in your new location. Chances are you will be able to keep everything the same regarding your wishes, but there might be things that need to be done to make your plans valid if you have moved to a different state. It is also a good idea to review your plans periodically even if you do not relocate.

There should be several copies of your estate planning documents. In addition to the originals which you will have possession of, it is a good idea to also have a digital copy. You can also store a set of documents at your attorney’s office, either hard copies or digital. You might also want to distribute copies to people with important roles in your estate plan, such as the personal representative, trustee, power of attorney, and the person who will assume guardianship of your minor children.

How often a person reviews his or her estate plan is based on the specific circumstances. It Is advisable to review your plans any time you experience a life change. So for instance, you would want to conduct a thorough review after marrying or divorcing, having children, losing a spouse to death, remarrying, retiring, or any other significant life change. If you experience no significant life events in a decade, it’s a good idea to conduct a review.

Per stirpes is a Latin term used in wills to describe the way in which property should be distributed if the will maker survives a beneficiary who has children. It actually translates to “by roots.” Per stirpes is used less frequently nowadays because it can raise legal questions and have unintended outcomes. The intention is to ensure children inherit in the place of a deceased parent, but it tends to trigger questions and disputes when settling an estate.