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When it comes to planning for your family's future, the options can feel overwhelming. Should you get a will? Create a trust? And what happens if you do nothing at all? These aren't just academic questions - your choices today will impact your loved ones tomorrow. In this second installment of a two-part Q & A series , I’ll break down the key differences between your primary estate planning options and explore practical ways to ensure your family is protected, no matter what the future holds. So, let’s dive in, beginning with a question about the basic estate planning documents. Q: What is the difference between a will, living trust, and dying intestate? And what does that mean, practically speaking? A: If you die without an estate plan, you do have a plan - it’s just the plan chosen for you by the state, and you may not like it. Almost certainly, your loved ones won’t like it because it means they’ll likely need to deal with a court process called “probate.” When you die without a will, it’s called dying “ intestate,” and it means that your assets are distributed according to state law after a process in which a judge decides who gets what. This could mean your assets would not go to the people you choose in the way you choose, and your family could face a lengthy, expensive, and public court process during an already difficult time. A will is your basic instruction manual for what happens to your assets after you die, but it usually still requires your family to go through the probate process. While a will allows you to name guardians for your minor children and specify who gets what, your “executor” or “personal representative” must file the will with the court and potentially wait months or even years before receiving your assets. Plus, everything becomes public record - so anyone can look up what you owned and who got what, leaving the inheritors open to predators.  If you create a trust, your assets can be passed to the people you choose without a court process and completely privately. Think of a trust like a container that holds your assets during your lifetime and then, upon your incapacity or death, a successor trustee you’ve named can step in to handle your assets, manage your affairs, and pass your assets to your chosen beneficiaries. With a properly funded trust, your beneficiaries could receive their inheritance within weeks or months instead of months or years.  Q: Is probate always required when someone dies? A: The necessity of probate depends largely on how your assets are titled when you die and the total value of assets that are in your personal name at the time of your death. Assets that are solely in your name with no beneficiary designation must go through probate, and the distribution must be ordered by a Judge. There are some exceptions: jointly owned property automatically passes to the surviving owner, assets with named beneficiaries (like life insurance policies and retirement accounts) go directly to those beneficiaries, and assets held in a properly funded living trust transfer according to the trust's instructions, without court involvement. However, it's important to remember that if minor children are named as beneficiaries, those assets get pulled into the court process known as guardianship. These issues can be complicated and have a huge impact on your loved ones, so it’s important to work with a trusted advisor who can help you understand your goals, and then properly structure your assets to accomplish your goals, especially if you want to keep your family out of court and out of conflict. Keep reading to find out how I can help. Q: What if I’m uncomfortable talking about death and money? A: While it's completely natural to want to avoid thinking about death and avoid talking about money, not planning for the reality of death or a possible incapacity before death can leave your loved ones with an expensive, time-consuming mess to clean up during what will already be an emotionally difficult time. Here's what you absolutely must know: First, if you become incapacitated or die without a plan, the court will make all the decisions about your care and your assets according to state law, not according to what you would have chosen.  Second, if you have minor children and no estate plan, the court will decide who raises your children and who takes care of the assets you leave behind, all without your input. Think about that for a moment. A judge is a complete stranger to you and your kids, yet that’s who will decide your children’s future - who makes decisions about their education, their health matters, and their financial affairs. And, then, whatever you leave behind and whatever is left after the court process goes to your children when they turn 18, without protection (i.e., they’ll be free to spend it all as quickly as they want). If that concerns you, you need a plan of your own. Third, your family will likely have to spend significantly more time and money dealing with your affairs if you don't have a plan in place than if you had taken the time to create one. The good news is that creating a plan doesn't have to be overwhelming or uncomfortable—working with a trusted advisor who can guide you through the process step by step can actually bring you peace of mind, knowing you've taken care of the people you love.  Q: How can you minimize the stress to your family by handling these matters in the simplest way possible? A: The best way to minimize stress for your family is to create a clear, comprehensive Life & Legacy Plan before anything happens to you. Many people think creating an estate plan will be stressful, but it's actually the lack of planning that creates the most stress for families.  When you work with me, I make the process as simple as possible. First, I help you get clear about what you own and what would happen to everything you own and everyone you love (including yourself) when something happens to you. Then, I support you to make informed, empowered choices about who should receive your assets, who should be in charge of carrying out your wishes, and how you want it all handled. Finally, I help ensure your plan will actually work when your family needs it by supporting you to review your plan regularly as your life changes and ensuring we maintain an updated inventory of your assets to ensure none of your assets are lost to the state due to oversight, after your death. How We Help You Create Peace of Mind We understand that thinking about death and money can feel overwhelming. That's why we've created a simple, step-by-step process to help you get your affairs in order and ensure your family is protected. Our Life & Legacy Planning process goes beyond just creating legal documents - we help you make informed decisions about your family's future, keep your plan updated as your life changes, and ensure your wishes will be carried out properly when the time comes. Most importantly, we'll be there for your family when you can't be, providing the guidance and support they'll need during a difficult time. You'll gain peace of mind knowing you've done everything possible to make things easier for the people you love. Click here to schedule a complimentary 15-minute consultation to learn more, or email us at lauren@kaplanestatelaw.com .

When it comes to estate planning, I get many questions about many topics. One of the most common questions I hear concerns account ownership and asset management. Understanding how accounts are titled and who has access to them isn't just about convenience—it's about ensuring your assets transfer smoothly to your loved ones while protecting them from potential risks.  In this first installment of a two-part series, I’ll answer the most common questions about asset ownership and management. I’ll also outline ways in which you can make things as easy for your family after your death. So let’s dive in, beginning with a question about joint assets. Q: What's the difference between joint ownership and transfer-on-death designation? A: Joint ownership means both parties have full access to and ownership of a specific  account or piece of real estate, while living. When one owner dies, the surviving owner automatically receives full ownership. This can be convenient but comes with risks - a joint owner can withdraw all the money at any time, and the account could be vulnerable to either joint owner’s creditors or legal judgments. On the other hand, transfer-on-death (TOD) or payable-on-death (POD) beneficiary designations give you sole control during your lifetime. Your designated beneficiary has no access or rights to the account while you're alive but receives the assets automatically upon your death. This arrangement prevents another person from accessing your assets while you’re alive and also avoids the court process (called probate) after you die.  One important note: When you have a joint owner on your account, or a designated beneficiary, that person will receive all the funds after you die, no matter how old they are or what your family dynamics are. This can create conflict in your family or can cause someone who’s fiscally irresponsible to potentially inherit a windfall with no safeguards. Lawsuits are filed all the time by disgruntled siblings who find out that the caretaker sibling receives all the money in a parent’s account (or sole title to real estate) rather than being distributed equally among all siblings. If this is a concern to you, read on to find out how you can book a call with me to learn about your options.  Q: If I hold my property jointly, or use a TOD or POD, do I need to have a Trust? If you use joint ownership or TOD/POD instead of a Trust, you need to consider some traps for the unwary. First, as indicated above, jointly owned property could be at risk from creditors of either party. Consider a granddaughter, who was titled on grandma’s bank account. When granddaughter didn’t pay a bill for her business, she was sued and had a judgment held against her. Next thing you know, grandma’s account gets garnished because it was held jointly with granddaughter. Suppose you use a TOD or POD to avoid a scenario like that. In that case, the problem is that the TOD/POD only operates in the event of death, not incapacity, and TOD/POD could result in the wrong person ending up getting the assets or the assets ending up in probate if there is an unexpected “order of death” issue. Imagine, grandma leaves house to grandson using TOD, but grandma and grandson are in the car together when there’s an accident, and grandson dies first, with grandma dying shortly thereafter, and before she could change the TOD/POD. Who gets the property, and how? In this case, the property would have to go through probate and pass to grandma’s “next of kin” according to the state intestacy statutes. Given that grandma was leaving her property to grandson, it’s likely she didn’t want the “state’s plan” for her assets. But, that’s what she’ll end up with. The solution is not to use joint ownership or a TOD/POD to pass title to assets at your death. Instead, set up a trust and retitle the property, and everything can be handled with ease, privately, and in our office, for the people you love. Q: What happens to retirement accounts and life insurance policies after death? A: These accounts pass directly to your named beneficiaries, bypassing probate and any instructions in your will, as long as you have named beneficiaries, and if you haven’t named a minor as a beneficiary This is why keeping your beneficiary designations up to date is crucial. If your beneficiary designations are outdated – listing an ex-spouse or deceased person, for example – your assets might not go where you want them to. Even worse, if you have no beneficiary listed, these accounts would go through probate, costing your loved ones unnecessary time and money. If you’ve named a minor as a beneficiary, the assets will be subject to a court process to hold the assets under court order until your minor beneficiary is “of age” - 18 in Illinois. Q: Do I need an inventory of my assets? A: Yes, and it’s critically important that you create an inventory and keep it up to date. We include this in all of our planning options because it’s one of the most important parts of the planning process. Our process, called Life & Legacy Planning, includes an asset inventory because if you don’t inventory your assets, your family will not know what you have, how to find it, and how to get access to it as easily and affordably as possible.  Lost assets end up in your state’s treasury as unclaimed property. In fact, the Illinois State Treasurer is holding 2.5 billion (!) in unclaimed funds for Illinoisians. If you want to ensure that your assets go to the people or charities you want rather than to your state government’s unclaimed property fund, you need an asset inventory. And it must stay up to date. Q: How often should I review my asset inventory and account designations? A: Your inventory and beneficiary designations need to be kept up to date over time so they reflect your current circumstances when you die. My Life & Legacy Planning process includes regular, ongoing reviews of your asset inventory so no asset ever gets lost.  It’s also important to update your asset inventory and account designations whenever you experience a major life event such as: Marriage or divorce Birth or adoption of a child Death of a beneficiary Purchase or sale of significant assets Moving to a new state Starting a business Retirement When you work with me, you won’t have to remember this on your own. I’ll proactively remind you to update your inventory and beneficiary designations and help make it as easy as possible for you to take action.  Q: What's the best way to organize and store my asset information? A: Create a clear, organized system that your loved ones can easily access if something happens to you. However, be careful about including sensitive information like passwords in your will, as it becomes public record after death. Instead, consider keeping this information in a secure location and telling your trusted family members, executor, or trust administrator how to access it. I will help you explore options for the best way to do this when we work together. How We Help You Get Organized and Protected At Kaplan Estate Law, we help you create a comprehensive Life & Legacy Plan that includes a complete asset inventory, proper account titling, and coordinated beneficiary designations. We'll help you understand the implications of different ownership structures and guide you in making the best choices for your family's unique situation. Plus, we'll help you keep everything updated through regular reviews, ensuring your plan continues to work as intended. You’ll gain peace of mind knowing that your assets will go to the people you want in the way you want. Click here to schedule a complimentary 15-minute consultation to learn more, or email us at lauren@kaplanestatelaw.com .

With Thanksgiving approaching, many families are busy planning menus, coordinating travel, and preparing for the big feast. While the turkey, stuffing, and pumpkin pie are important (and delicious) traditions, this holiday offers something even more valuable—a perfect opportunity to think about, discuss, and preserve your family's legacy.  In this article, you'll discover practical ways to capture family stories during your holiday gathering, learn how to start meaningful legacy conversations without awkwardness and understand how to transform these precious moments into a comprehensive Life & Legacy Plan that protects your family's values and assets for generations to come. This year, consider using your Thanksgiving gathering as a springboard for the meaningful conversations that can shape your family's future. The Heart of Legacy Planning: More Than Just Money When most people think about legacy planning, they often focus solely on financial assets. But true legacy planning encompasses much more. It's about preserving your family's stories, values, traditions, and the wisdom gained through generations. After working with families to support them with their estate planning and being there at the end of life, I’ve learned that these are the things that matter most. Values, insights, stories, and experiences, plus sentimental items, are almost always more important to families than financial assets, though, of course, money matters as well.  Those moments around the Thanksgiving table, sharing old family recipes, telling stories about ancestors, or discussing what matters most to your family, are the building blocks of a meaningful legacy. The Thanksgiving holiday, with its focus on gratitude and family togetherness, provides an ideal setting to explore these deeper aspects of your legacy.  Using Holiday Gatherings to Plan for the Future With a little planning, Thanksgiving can be a great time to discuss the future. These conversations don't have to be formal or heavy—they can emerge naturally from your holiday interactions: Talk About Family Values: When expressing gratitude (a Thanksgiving tradition), encourage family members to share what they value most about being part of the family. These discussions can help inform how you structure your estate plan to reflect and perpetuate these values. Discuss Family Philanthropy: If giving back is important to your family, use this time to talk about causes that matter to everyone. This can lead to meaningful discussions about charitable giving and how to incorporate it into your legacy plan. Address Family Dynamics: Holiday gatherings often reveal family dynamics that should be considered in your estate planning. Who are the peacemakers? Who might need additional support? Understanding these dynamics can help you create a plan that promotes family harmony rather than conflict. Bring Up Your Own Planning: If you’ve recently completed your own estate planning process, or plan to before the end of the year, or early next year, this is a great time to bring up your plans. Understanding your family's values, philanthropic interests, and dynamics isn't just about having nice conversations—it's about gathering crucial information that will help you create a Life & Legacy Plan that truly serves your family and preserves harmony for generations to come. For more information about Life & Legacy Planning, book a call with u s . Capturing Your Family's Story Thanksgiving can encourage storytelling. As families gather and reminisce, precious memories and important family history often emerge. But without intentional effort to preserve these stories, they can be lost to time. Here are some ways to capture these valuable moments: Record Your Family's Food Heritage: That special stuffing recipe from your grandmother isn't just about ingredients—it's about family history. Document not just the recipe but the story behind it. Why is it important? How has it been adapted over generations? Who taught it to whom? If your relative is still alive, consider asking them to write out the recipe with important notes. Having something in their handwriting can be very special for the younger generations. Create a Family Interview Tradition:  Designate time after dinner for family interviews. Have younger family members ask older ones about their childhood, important life lessons, or family history. Record these conversations (with permission) using your phone or video camera. It doesn’t have to be complicated. Share Family Artifacts: Bring out old family photos, letters, or heirlooms. These physical items often spark stories and discussions about family history and values. Use these moments to explain why certain items are meaningful and what they represent in your family's journey. My Life & Legacy Planning process includes a legacy interview, so your family’s traditions are captured. How We Help You Create a Lasting Legacy While Thanksgiving conversations are valuable for legacy planning, they're just the beginning. To truly protect your family's legacy and ensure your wishes are carried out, you need professional guidance and support to create a comprehensive Life & Legacy Plan. Our Life & Legacy Planning process goes beyond traditional estate planning to capture not just your assets, but your values, wisdom, and family story. Take the first step toward preserving your family's legacy. Click here to schedule a complimentary 15-minute consultation and learn how we can help.

Wills and trusts are two of the most commonly used estate planning documents, and they form the foundation of most estate plans. While both documents are legal vehicles designed to distribute your assets to your loved ones upon your death, the way in which they work is quite different. From when they take effect and the property they cover to how they are administered, wills and trusts have some key differences that you need to consider when creating your estate plan. That said, when comparing the two documents, you won’t necessarily be choosing between one or the other—most plans include both . In fact, a will is a foundational part of nearly every person’s estate plan. Yet, you may want to combine your will with a living trust to avoid the blind spots inherent in plans that rely solely on a will. As you’ll learn below, the biggest of these blind spots is the fact that if your estate plan only consists of a will, you are guaranteeing your family has to go to court if you become incapacitated or when you die. To determine the right solution for your family, you should meet with us for a Life & Legacy Planning Session. We offer a comprehensive process for helping you feel confident that you’ve chosen the right planning tools at the right fees for yourself and the people you love. In the meantime, here are some of the key differences between wills and trusts that you should be aware of. WHEN THEY TAKE EFFECT A will only will go into effect when you die, while a trust takes effect as soon as it’s signed and your assets are transferred into the name of the trust, known as “funding” the trust. To this end, a will directs who will receive your assets upon your death, while a trust specifies how your assets will be distributed before your death, at your death, or at a specified time after death. This is what keeps your family out of court in the event of your incapacity or death. Furthermore, because a will only goes into effect when you die, it offers no protection if you become incapacitated and are no longer able to make decisions about your financial, legal, and healthcare needs. If you do become incapacitated, your family will have to petition the court to appoint a conservator or guardian to handle your affairs, which can be costly, time-consuming, and stressful. And there’s always the possibility that the court could appoint a family member as a guardian that you’d never want making such critical decisions on your behalf. Or the court might select a professional guardian, putting a total stranger in control of just about every aspect of your life. With a trust, however, you can include provisions that appoint someone of your choosing—not the court’s—to handle your assets if you’re unable to do so. When combined with a well-drafted medical power of attorney and living will, a trust can keep your family out of court and out of conflict in the event of your incapacity, while ensuring your wishes regarding your medical treatment and end-of-life care are carried out exactly as you intended. THE ASSETS THEY COVER A will covers any asset solely owned in your name. A will does not cover property co-owned by you with others listed as joint tenants, nor does your will cover assets that pass directly to your loved ones via a beneficiary designation, such as life insurance, IRAs, 401(k)s, and payable-on-death bank accounts. Trusts, on the other hand, cover any asset that has been transferred, or “funded,” to the trust or where the trust is the named beneficiary of an account or policy. That said, if an asset hasn’t been properly funded to the trust, it won’t be covered, so it’s critical to work with your attorney to ensure your trust works as intended. Most lawyers will set up a trust for you, but few will ensure your assets are properly inventoried or funded, and we believe this is the single most important aspect of estate planning—and it’s one that is almost always overlooked. As your attorney, we will not only make sure your assets are properly inventoried and titled when you initially set up your trust, we'll also ensure that any new assets you acquire over the course of your life are inventoried and properly funded to your trust on an ongoing basis, with various maintenance plans to ensure your plan works when your family needs it. This keeps your assets from being lost and prevents your family from being inadvertently forced into court because your plan was never fully completed. Finally, even with the support of a lawyer like us, it can sometimes be difficult to transfer every single one of your assets into a trust before your death. Given this, consider combining your trust with what’s known as a “pour-over” will. With a pour-over will in place, all assets not held by the trust upon your death are transferred, or “poured,” into your trust through the probate process. HOW THEY ARE ADMINISTERED In order for assets in a will to be transferred to a beneficiary, the will must pass through the court process known as probate. During probate, the court oversees the will’s administration, ensuring your assets are distributed according to your wishes, with automatic supervision to handle any disputes. However, probate proceedings can drag out for months or even years, and your family will likely have to hire an attorney to represent them, which can result in costly legal fees that can drain your estate. During probate, there’s also the chance that one of your family members might contest your will, especially if you have disinherited someone or plan to leave significantly more money to one relative than the others. Bottom line: If your estate plan consists of a will alone, you are guaranteeing your family will have to go to court if you become incapacitated or when you die. Furthermore, since probate is a public proceeding, your will becomes part of the public record upon your death. This means everyone will be able to learn the contents of your estate, who your beneficiaries are, and what they inherit, setting them up as potential targets for scam artists and frauds. Unlike wills, trusts don’t require your family to go through probate, which can save them time, money, and the potential for conflict. Plus, when you have a trust set up, the distribution of your assets happens in the privacy of our office—not the courtroom—so the contents and terms of your trust will remain completely private. HOW MUCH THEY COST Wills and trusts do differ in cost—not only when they’re created, but also when they’re used. The average will-based estate plan can run between $1500 to $2,500, depending on the options selected. An average trust-based plan can be set up for $3,000 to $5,000, again depending on the options chosen. So at least on the front end, wills are less expensive than trusts. However, wills must go through probate, where attorney fees and court costs can be quite pricey, especially if the will is contested. So even though a trust may cost more upfront to create than a will, the total costs once probate is factored in can actually make a trust the less expensive option in the long run. That said, each family’s circumstances are different, and this is why as your attorney, we do not create any documents until we know what you actually need, and what will be the most affordable solution for you and your family, both now and in the future, based on your family dynamics, your assets, and your desires. With this in mind, our Life & Legacy Planning process is designed to compare the costs of will-based planning and trust-based planning with you, so you know exactly what you want and why, as well as the total costs and benefits over the long term. FIND THE OPTION THAT’S RIGHT FOR YOUR FAMILY The best way for you to determine whether or not your estate plan should include a will, a living trust, or some combination of the two is to meet with us as your attorney for a Life & Legacy Planning Session . During this process, we’ll take you through an analysis of your assets, what’s most important to you, and what will happen to your loved ones when you become incapacitated or die. Sitting down with us will empower you to feel 100% confident that you have the right combination of estate planning solutions to fit with your unique asset profile, family dynamics, and budget. Schedule your appointment today to get started or e-mail lauren@kaplanestatelaw.com with questions.

When someone names you as their executor, it might feel like an honor – a sign that they trust you to handle their final affairs. However, what many people don't realize is that being an executor can turn into a demanding part-time (or full-time) job that lasts months or even years, often during a time when you're also grieving the loss of a loved one. The responsibilities can be overwhelming, from tracking down assets to dealing with creditors to managing family dynamics. Then, there are legal obligations and potential personal liability if things aren't handled correctly. Making complex decisions while processing grief often proves more challenging than most people anticipate. Let's explore what's really involved in administering someone's estate and how proper planning can make this process easier for the people you love. The Unexpected Time Commitment Most people don't realize that administering an estate isn't just a matter of reading a will and distributing assets. The process typically begins with locating and gathering all estate planning documents, which can be challenging if they aren't stored in an easily accessible place. The executor must then notify numerous institutions of the death, often requiring multiple copies of death certificates and extensive documentation. This notification process alone can take weeks or even months, as each institution has its own requirements and timeline for processing. The time commitment becomes even more substantial when dealing with financial institutions. Each bank, investment firm, and insurance company has its own procedures for handling a deceased person's accounts. Many require original documents rather than copies, meaning executors spend countless hours making phone calls, writing letters, and visiting institutions in person. The process often involves repeated follow-ups and submission of additional documentation as requested by various institutions. Property management, another time-consuming process, also falls to the executor. Whether it's maintaining a house until it can be sold, managing investment accounts, or dealing with personal property, these responsibilities continue throughout the entire administration process. Real estate can be particularly demanding, requiring regular maintenance, payment of utilities and property taxes, and coordination with realtors if the property needs to be sold. Add to this the requirement to file court documents, appear at hearings, and prepare final tax returns, and it becomes clear why estate administration often takes far longer than expected. What makes this incredibly challenging is that most executors also work full-time jobs and manage their own families while trying to handle these responsibilities. Without proper guidance, the process can quickly become overwhelming, taking over evenings and weekends for months. The stress of juggling these responsibilities often leads to burnout and can affect both personal and professional life. The Financial and Emotional Costs Beyond the time commitment, serving as an executor often comes with unexpected financial and emotional burdens. Many executors don't realize they may need to pay for expenses out of pocket before being reimbursed by the estate. Court filing fees, property maintenance costs, professional service fees – these expenses can add up quickly, sometimes reaching thousands of dollars before any reimbursement is possible. In some cases, executors may need to hire attorneys, accountants, or other professionals to handle complex aspects of the estate, further increasing the financial burden. The emotional toll of serving as executor often proves even more challenging than the financial aspects. Family dynamics frequently become strained during estate administration, as grief and stress can amplify existing tensions. Long-buried conflicts may resurface when it comes time to distribute personal property or interpret ambiguous instructions in estate documents. The executor often finds themselves in the difficult position of trying to maintain family harmony while fulfilling their legal obligations to the estate. The pressure increases when executors discover complications like missing documents, incorrectly titled assets or outdated beneficiary designations. These issues often require lengthy court proceedings, during which family members may grow increasingly impatient or suspicious. Without clear documentation and proper planning, even simple estates can become sources of lasting family conflict. Managing these interpersonal dynamics while handling technical legal requirements can be extraordinarily taxing. Digital assets also present another layer of complexity that few executors anticipate. In our increasingly online world, accessing and managing everything from email accounts to cryptocurrency can become nearly impossible without proper password documentation and legal authority. Many digital platforms have complex policies regarding account access after death, and navigating these policies without adequate preparation can lead to lost or inaccessible assets. How a Life & Legacy Plan Makes a Difference This is where working with an attorney makes all the difference. My Life & Legacy Planning process is explicitly designed to prevent these common challenges and make estate administration as smooth as possible for your loved ones. Rather than simply creating documents, this comprehensive approach ensures that everything your executor or trust administrator needs will be organized and accessible when the time comes. The process includes detailed documentation of your wishes, clear instructions for asset management, and specific guidance for handling digital assets. When you create a Life & Legacy Plan with me, it will include a complete inventory of assets that's regularly updated, ensuring nothing gets overlooked or forgotten. Your plan will also provide clear instructions about how to access both physical and digital assets, eliminating the need for extensive searches or court intervention. You’ll also be supported in creating specific provisions for personal property distribution, helping prevent family conflicts before they arise. By addressing these details in advance, you significantly reduce the burden on your executor or trust administrator and minimize the potential for family disagreements. How We Help You Create a Plan That Works We understand that estate planning isn't just about creating documents – it's about making things easier for the people you love. Our Life & Legacy Planning process ensures your chosen executor or trust administrator will have the support and resources they need to handle your affairs efficiently and keep your family out of court and conflict. We'll help you create a plan that works when your family needs it most, and we'll be there to guide them through the process. Don't leave your loved ones to navigate the complexities of estate administration alone. Book a call with us today to learn how we can help you create a plan that makes things easier for everyone involved.

Wedding season is winding down, and if you are a newlywed or are planning to tie the knot soon, it’s time to make your first legal move as a married couple – creating an estate plan. With all the joy and happiness a new marriage brings, planning for your potential incapacity and future death may feel out of place, but creating your estate plan as part of your post-nuptial to-do list is the greatest gift you can give your new spouse. A lot changes once your marriage is official, but how you and your spouse want your finances to be managed or how you would want medical decisions to be made for each other are not automatically documented when you say “I do.” If you become incapacitated for any reason before your estate plan is complete, your spouse would not have the legal authority to make medical decisions for you even though you’re married. Your loved one would also have no access to your bank accounts, and in the event of your death, could even be put into a position of losing the home and possessions that you owned together. Instead, your choices for yourself, each other, and your life together need to be properly documented to ensure your wishes are respected and honored no matter what the future holds. Here are 6 essential estate planning tools you need to put in place right now. 01 | Updated Beneficiary Designations One of the easiest estate planning tasks that newlyweds often overlook is updating their beneficiary designations. Some of your most valuable assets, such as life insurance policies, 401(k)s, and IRAs, do not transfer via a will or trust. Instead, they have beneficiary designations that allow you to name the person (or persons) you’d like to inherit the asset upon your death. While every couple should consider creating and using a Trust to transfer retirement (only with the guidance of a lawyer, as this can be complex) or life insurance distributions, you shouldn’t wait until your Trust is created or your estate plan is complete to update your beneficiary designations. Until your estate plan is finished, if you would want your spouse to receive your retirement account benefits or life insurance at your death, you need to proactively name your spouse as your primary beneficiary, and then name at least one contingent, or alternate, beneficiary in case your spouse dies with or before you. If you have minor children at home, remember to never name a minor child as a beneficiary of your life insurance or retirement accounts, even as a contingent beneficiary. If a minor is listed as the beneficiary, the assets would be distributed to a court-appointed guardian, who will be in charge of managing the funds until the child reaches the age of eighteen, at which point the funds would be distributed to them outright, to do with what they want. Instead, you can set up a Trust and name the Trust to receive your life insurance or retirement account benefits. If you have children or you plan to have children in the future, you should set up a Trust to receive those assets instead so they can be properly managed for your child’s well-being while keeping the funds safe from any future overspending, debt, or legal trouble your child may have. Creating a Trust to hold and distribute assets to your children is even more important if your marriage creates a blended family, as it will ensure your children inherit from you in the way you want and avoid conflict between step-siblings. If you aren’t sure how to update your beneficiary designations in the best way, contact my office today for a Family Wealth Planning Session. During the Session, I’ll look at exactly what you own and guide you on exactly how your beneficiary designations should be filled out now and after your other estate planning tools like a Will or Trust are created. 02 | A Durable Financial Power of Attorney Estate planning is not just about planning for what happens when you die. It’s equally about planning for your life and the unexpected events life throws your way like a serious illness or accident that may leave you incapacitated. If you become incapacitated and have not added your spouse as an owner on your bank accounts or legally granted them permission to manage your financial and legal interests, they may have to petition the court to be appointed as your guardian or conservator to handle these affairs for you. This is surprising to many newlyweds and long-time married couples who assume their spouse has automatic access to all of their assets at any time. Sadly, this isn’t the case, and without giving written permission to your spouse through a Durable Financial Power of Attorney, that authority could be given to someone else by the court, even a stranger or a family member you would never want to have control over your financial life. A Durable Financial Power of Attorney would grant your spouse the immediate authority to manage your financial, legal, and business affairs in the event of your incapacity, and give them a broad range of powers to handle things like paying your bills and taxes, collecting government benefits for your care, selling your home or car, and managing your banking and investing. 03 | A Power of Attorney for Health Care and Living Will Where a Durable Financial Power of Attorney gives your spouse the authority to manage your financial and legal matters, a Power of Attorney for Health Care lets them make medical decisions for you if you can’t communicate them for yourself. For example, a Power of Attorney for Health Care would let your spouse make decisions about your medical treatment if you are in a serious car accident or hospitalized with a debilitating illness. If you don’t name your spouse as your Power of Attorney for Health Care and you do become incapacitated, your spouse would have to petition the court to become your legal guardian before they can make any major medical decisions on your behalf. Even though your spouse is generally the court’s first choice for your legal guardian, relatives may also petition the court to be appointed as your guardian, which can create severe conflict and financial strain in your family. Creating a Power of Attorney for Health Care that names your spouse as your decision-maker far in advance will spare your spouse the time, money, and stress involved with a court guardianship process. In addition to a Power of Attorney for Health Care, you should also create a Living Will . A Living Will explains to medical providers and to your decision-maker how you would want your medical care handled, particularly at the end of life. Because a Power of Attorney for Health Care and a Living Will go hand-in-hand, they are often combined into a single document. In your Living Will, you can explain your wishes for life support, whether you would want hydration and nutrition supplied intravenously, and even what kind of food you want and who can visit you in the hospital. It is always a relief to your spouse to have instructions and wishes written out by you in advance that they can lean on, rather than having the added stress and trauma of trying to guess what your wishes would be in these situations. Through Sickness and Health, We Can Help Between moving in together, establishing a new routine, and combining your finances, estate planning can seem like a low priority for newlyweds. But in reality, estate planning shortly after getting married is one of the smartest decisions you can make for your marriage. Creating your plan shortly after your wedding is also the most convenient time to plan since you will inevitably be going to the bank and contacting your financial institutions to update your new marital status. To make sure your new spouse has immediate access to your assets and that you can always care for them in the way they would want, give me a call. It would be my honor to help you and your spouse plan for your new life and your future through my unique, heart-centered process. If talking about finances and death shortly after your wedding feels heavy, don’t worry. I’ll guide the discussion in a way that feels casual, natural, and helps facilitate open communication between you and your new spouse. Click here to schedule an initial consult or e-mail lauren@kaplanestatelaw.com. Don’t forget to check back next week for part two of this series!

Last week was National Estate Planning Awareness Week, which means it's time to shed light on this often misunderstood and frequently avoided topic. You might think estate planning is only for the wealthy or too complicated and expensive. These are just a few myths surrounding estate planning that I hear often. In reality, estate planning is critical for everyone, including you, regardless of age or financial status.  Many people don’t really understand what estate planning is - even attorneys sometimes don’t really understand it. So, I’ll take this opportunity to set the record straight and debunk some common myths, then explore why you need an estate plan, and how to get the right one, at the right price. Myth 1: Estate Planning is Only for the Wealthy One of the most persistent myths about estate planning is that it's only necessary if you have significant wealth or valuable assets. This couldn't be further from the truth. Estate planning isn't about the size of your estate; it's about making sure that when something happens to you - as it will - the people you love aren’t left with a big mess to deal with. Consider this: Do you have a bank account? A car? Personal belongings with sentimental value? A life insurance policy? If you answered yes to any of these, you have an estate. But even more importantly, do you have people you care about? Family members who depend on you? Or people you love who are going to be stuck dealing with your mess, if you don’t take care of these things while you can. If so, you need an estate plan. Estate planning isn't just about distributing assets. It's about making important decisions that will affect your loved ones. For instance: Who will take care of your minor children if something happens to you? And, how will they take care of them?  Who will make medical decisions on your behalf if you're incapacitated? And, how will they make those decisions? Who will manage your digital assets, like email, social media accounts or cryptocurrency? Who will make sure your bills get paid? These questions apply to everyone, regardless of their net worth. By creating an estate plan, you're not flaunting wealth; you're taking responsibility for your life and the people you care about. After all, someone  will have to deal with these things. It’s unavoidable. You can do it now and make it easy on your loved ones (and have more control over outcomes), or you can procrastinate it or avoid it altogether, and leave the people you love with a complicated and expensive mess to clean up, if you become incapacitated or after you die. Myth 2: Estate Planning is Complicated and Expensive Another common misconception is that estate planning is an overly complex and costly process. While it's true that estate planning involves legal documents and careful consideration, it doesn't have to be overwhelming or break the bank. In fact, we promise to make it as easy as possible for you, at the right budget based on your family dynamics, assets, and needs.  The complexity and cost of your estate plan will depend on your specific situation and goals. Our Life & Legacy Planning process is specifically designed to start with getting you educated and organized, so we can support you to choose the right plan for you and your loved ones.  You can either start with one of our educational presentations or a 15-minute call with our office. From there, we guide you through a Planning Session that will have you relieved at how educated you are. We often hear afterwards, “wow, if I knew I would feel this great after our Session, I would have done this much sooner. I didn’t know working with a lawyer could feel like this.” One of the main purposes of the Planning Session is to look at the cost of the “state’s plan” or your current plan (if you created a will or a trust in the past), and to ensure you are 100% clear about what would happen, if you become incapacitated or when you die. And, then, we look at exactly what you would want, and the cost to create a plan that meets your wishes. You are then able to make an informed, educated decision about what you want to do for yourself, and the people you love. When you consider the peace of mind and potential savings in time, stress, and money for your loved ones down the line, Life & Legacy Planning is often the best way to save your loved ones time and money, while also creating optimal value and use of your resources, during your own lifetime. Think of it as insurance for your legacy – a small cost now can save your loved ones significant trouble and expense later. Myth 3: I'm Too Young to Need an Estate Plan You might think estate planning is something you can put off until you're older, but this is a dangerous assumption. Life is unpredictable, and having an estate plan in place is crucial regardless of your age. If you're a young adult, you might not have accumulated much wealth yet, but you still have important decisions to make. For instance: Who will manage your social media accounts if something happens to you? Who will take care of your pets? If you have a small business or side hustle, what will happen to it? Who will be responsible for paying off your student loans or other debts? Moreover, estate planning becomes even more critical if you're a young parent. Your estate plan can designate guardians for your children and set up trusts to manage any assets they might inherit. Without these provisions, the court may have to decide who raises your children, leading to family disputes and potentially placing your children with someone you wouldn't have chosen. Even if you're single with no dependents, an estate plan is critical, maybe even more so because it’s up to you to determine who will care for you, if you cannot care for yourself. You really don’t want to leave that to a judge to decide. Your plan will ensure your wishes are respected if you become incapacitated, designate who will make medical decisions for you, and specify how you want your assets distributed. This can prevent potential conflicts among family members and ensure your hard-earned assets go to the people or causes you care about most. Remember, estate planning isn't about planning for your death; it's about planning for life, and the uncertainties sure to come. It's about taking control of your future and caring for the people and things you love, no matter your age. Myth 4: Once I Create an Estate Plan, I'm Done Another common misconception is that estate planning is a one-time event. In reality, your estate plan should evolve as your life changes. Major life events that might necessitate updates to your estate plan include: Marriage or divorce Birth or adoption of children Death of a beneficiary or executor Significant changes in your financial situation Purchase of a home or other major asset Starting a business Moving to a different state Even if you haven't experienced any major life changes, it's important to review your estate plan at least every three years, though we recommend you review your assets and how they are titled, annually. Laws change, and what was optimal a few years ago might not be the best strategy now. For example, the Tax Cuts and Jobs Act of 2017 significantly increased the federal estate tax exemption. If your estate plan was created before this change, it might need adjusting to take advantage of the new tax laws. Regular reviews also give you a chance to reconsider your choices. Maybe the person you initially chose as your children's guardian is no longer the best fit. Or perhaps your financial situation has improved, and you'd like to include charitable giving in your estate plan. Keeping your estate plan up-to-date ensures it continues to reflect your wishes and provides the best possible protection for your loved ones. Think of it as a living document that grows and changes with you, rather than a static set of instructions. It’s so important that we include regular reviews at least every three years in all our Life & Legacy Plans, and have systems to keep your plan up to date.  It's time to move past these myths and recognize the true value of estate planning. It's not a luxury for the wealthy, a complex process beyond your reach, or something you can put off until later in life. It's a fundamental aspect of responsible financial planning that everyone should consider. By creating and maintaining an estate plan, you're taking control of your legacy, ensuring your wishes are respected, and providing invaluable peace of mind for yourself and your loved ones. Don't let misconceptions hold you back – consult with a qualified estate planning attorney today and take the first step towards securing your future. How We Help You Take Action Today Don't let common estate planning myths prevent you from securing your future. At Kaplan Estate Law LLC, we help you create a comprehensive Life & Legacy Plan that goes beyond basic estate planning. We'll outline strategies for your assets, prepare for potential incapacity, and ensure your family is cared for, even if the unexpected happens. Our approach includes regular reviews to keep your plan current with life changes, and we even help capture family memories and traditions. With our guidance, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected.  Take the first step towards peace of mind - click here to schedule a complimentary 15-minute consultation and learn how we can help you create your personalized Life & Legacy Plan, or e-mail us with questions!

As a parent, your top priority is the well-being and future of your children. You plan for their education, health, and happiness, and often this planning includes the tradition of choosing godparents to guide and mentor your children if something happens to you. While selecting godparents is a meaningful tradition in many cultures, it's important to understand that naming a godparent is not the same thing as naming a legal guardian for your children. To put it bluntly, even if you have named godparents, if something happens to you, your children could end up in the care of strangers, child protective services or in the long-term care of someone you would never want raising your children. In this blog, we’ll explain the roles of a godparent and legal guardian and how to ensure your kids are always cared for by the people you choose - no matter what. Godparents A godparent is traditionally someone you name to watch over your child and help them live according to your morals and values. Godparents are meant to be mentors and role models, guiding your child in matters of faith, morality, and character. The role of a godparent is deeply rooted in religious and cultural traditions, and they often participate in religious ceremonies such as baptisms or confirmations. Whether your family is religious or not, godparents may also play a supportive role in your child's life by offering emotional support, advice, and friendship. They can be someone your child can turn to for guidance and a listening ear, but their responsibilities are largely informal and non-legal. Legal Guardians In contrast, naming a legal guardian for your child is a formal, legal process. A legal guardian is someone who has the legal authority to make decisions on behalf of your child, especially if you, as the parent, are unable to do so. This could occur due to your passing, incapacity, or any situation in which you cannot provide care or make important legal, financial, healthcare or education decisions for your child. The responsibilities of a legal guardian encompass every area of your child's life that you would normally manage as a parent. This includes everything from feeding and clothing your child to deciding where they go to school, attending parent-teacher meetings and which extracurricular activities they participate in. Legal guardianship also includes the decisions about where your child lives and what medical treatment they should or should not receive. A legal guardian may also help manage your child's financial assets and resources, ensuring their financial well-being. In some cases, if you’ve planned ahead, you may choose to have a different person act as a financial Trustee of the assets you leave for your child, and your chosen Trustee will work alongside the legal guardian to ensure your child is financially supported. In some cases, your guardian and Trustee may be the same person. This is a decision we can help you make during a Life & Legacy Planning Session, based on the specifics of your family dynamics. Why Naming Godparents Isn’t Enough While godparents may be deeply caring and involved in your child's life, they have no legal authority to make decisions for your child unless they are officially appointed as a legal guardian by the court. That means that until that happens, (if it happens) your child’s godparents are not legally able to make any decisions for your children, including their basic care needs, education, and medical care. If you become incapacitated or die, and have not legally nominated a guardian (and, ideally, more than one), there could be a complex and expensive custody dispute among your family members. Grandparents, aunts, and uncles may assume you would want your children to live under their care rather than the people you named as godparents. This is especially likely if the people you’ve named as godparents are not related to you by blood or marriage. Without a legal guardian designation in writing and signed with the formalities of a Will, godparents may find themselves in an expensive court battle over custody rights, and they may not even be named as the legal guardians of your children at all. In fact, the court could name someone you would never want raising your kids as their legal guardian. Life-long Legal Protection for Kids While godparents hold a significant place in your child's life as mentors and role models, they don’t possess the legal authority to make critical decisions for your child or provide for your child's physical and financial well-being on their own. Instead, consider combining the roles of godparents and legal guardians into one. If you’ve already chosen people you trust to serve as lifelong role models and spiritual guardians for your children as their godparents, why not give those people the legal authority to truly perform those duties if something happens to you? If you aren’t sure who the best guardian or godparent is for your children, we can help. We’ll walk you through a heart-centered process for choosing guardians who genuinely care for your child's well-being and share your values. Plus, we’ll ensure they have the financial and legal tools needed to give your child the best life possible if you can’t be there. The best way to keep your children safe and secure is to create a comprehensive Kids Protection Plan that keeps your children in the care of the people you choose in any situation, out of the care of anyone you wouldn’t want, ensures your children can receive prompt medical care, and that the authorities know who to contact in an emergency so your children are never placed in protective custody - even for a minute. To learn more and to get started today, schedule a complimentary call with my office or e-mail me at lauren@kaplanestatelaw.com.

If you’re tempted to use a DIY estate planning service or have already created a plan you aren’t 100% confident in, be sure to read how these three simple mistakes can derail your estate plan and leave your family with an expensive mess. While it might seem simple enough to put together a trust online, it can be very difficult to create an estate plan that works without the proper training and experience. What might seem like minor details to the inexperienced eye can often have major effects on your plan’s final outcome. More often than not, clients who meet with us to review a DIY plan find out that instead of saving money on their estate plan, they’ve actually cost themselves much more by buying a plan that has mistakes . And if these mistakes aren’t caught by you while you’re alive and well, your loved ones will be the ones paying the price to resolve them after you’re gone. Here are the three biggest mistakes I see when reviewing DIY and low-cost estate plans: Leaving Assets Outright to Loved Ones One of the simplest mistakes you can make in estate planning is distributing your assets directly to your beneficiaries upon your death. This is a bad idea for several reasons: The assets have no protection from your beneficiaries’ creditors once they leave your estate The money can be squandered and used however the beneficiary wants If the beneficiary is a minor, a court will decide who manages the assets and how they’ll be used Instead of gifting your assets directly to your beneficiaries, distribute your assets into a trust for the beneficiaries' benefit. When creating a trust, you can choose who will manage your assets for your beneficiaries while also sheltering those assets from your beneficiaries’ creditors or their own poor money-management skills. Setting up a trust to hold your assets is especially important if you have minor children. Minors cannot own money on their own, which means they can’t receive any assets from you directly on your death. Instead, a court will need to appoint a trustee or guardian to manage the assets you leave for your children. There’s a high chance that the person the court appoints will not be the person you would have chosen yourself. And if the court appoints a professional trustee, your assets will be reduced by expensive trust administration fees. A court-appointed trustee will distribute the assets to your children outright when they reach the age of 18, but this only puts the assets at risk. Few young adults have the maturity or knowledge to manage a large sum of money responsibly so that it can grow and support them over time. Even if your adult child is responsible or has guidance from someone you trust, those assets are still susceptible to any lawsuits, divorces, and unforeseen financial troubles your child may experience in the future. Instead of leaving assets outright to a minor or young adult, leaving your assets in a trust, established for the child’s benefit, allows you to choose the person who will manage the assets you leave for them, helps the assets grow through careful financial management, and protects the assets from your child’s lack of experience and future risk. Not Creating a Lifetime Asset Protection Trust Creating a trust to hold your assets can provide years of asset protection for your loved ones, but that protection only exists so long as the assets are held in the name of the trust. The second big mistake I see are trusts that direct the assets to be taken out of the trust’s protection and given to your child or beneficiary at a specific age. You might not see the problem with this scenario at first, but even if your child or beneficiary is mature enough to manage a sum of money, doing this still leaves those assets susceptible to future legal and financial risks. Instead, everyone should consider creating a Lifetime Asset Protection Trust to hold their beneficiaries’ assets indefinitely. This gives the assets lifelong protection while still providing financial support to your beneficiaries. Even if you are leaving behind a small number of assets, protecting those assets and helping them grow can make a huge difference in the future well-being of your loved ones. Forgetting to Update Beneficiary Designations This final mistake is so simple yet so easily forgotten when creating a DIY plan or using an inexperienced estate planner: forgetting to update your insurance policies and retirement beneficiary designations so they match your estate plan. While your will and trust are important parts of your estate plan, it’s vital to update your insurance policies and retirement accounts to match your estate plan pay out to your trust instead of directly to your beneficiaries, after discussing your options with your attorney. Leaving the names of your beneficiaries on your insurance and retirement accounts instead of the name of your trust ensures the largest assets you own won’t be a part of the plan you just created. Instead, the assets will be distributed directly to the beneficiaries listed on the account, to do with however they want, even if you had other plans for protecting the funds under your trust. We’ve even seen cases where the beneficiaries named on a life insurance or retirement account are so outdated that the person named on the account isn’t even a part of the client’s life anymore! Estate Planning That Works In order to make sure your estate plan truly works the way you intend it to, it’s essential that all of your assets are reviewed and accounted for to make sure that any accounts you have reflect the name of your trust or other estate plan method. That’s why at Kaplan Estate Law LLC, we always create an inventory of your assets and follow up with you to make sure your assets are updated into the name of your trust. We can even update your assets for you, so you can rest assured that every piece of your plan works together. If you're thinking about using a DIY estate planning service or had an estate plan created by an attorney in a different practice area, it's crucial to check your plan for these three simple but major mistakes. Otherwise, your estate plan might end up causing more problems than it solves, leaving your family in court and conflict. During a Life & Legacy Planning Session, we offer to review your current estate plan. During this session, you'll have the opportunity to discuss your concerns, learn how your current plan will (or won’t) work for you, and if you don’t feel confident in your current estate plan, we’ll create a new comprehensive plan for you that will provide the protection and support your family needs for years to come. Don’t let a simple estate planning mistake derail your plans for your family. Click here to schedule your complimentary Initial Consult. Your loved ones will thank you for it!

The passing of a loved one is a heartbreaking event, filled with grief and sorrow. But the aftermath can become even more painful if disagreements over their personal belongings tear your family apart. These disputes, especially when centered around meaningful objects, can leave lasting wounds that may never fully heal. But it doesn't have to be this way. By understanding the emotional weight of possessions, the power of perception, and taking proactive steps, you can prevent such heartache and foster a more harmonious grieving process for your family. In this article, we'll explore practical strategies to ensure your final wishes are honored and your loved ones stay united, even in the midst of loss. Perception Is the Basis for Conflict  Your personal belongings are so much more than just material objects. They are tangible reminders of your life, personality, and connection to the people you hold dear. When you're gone, these items can provide immense comfort and solace for your grieving family members. However, the emotional ties to your possessions can also set the stage for conflict.  The basis for conflict over your belongings is usually rooted in perception, meaning your family members have very different ideas about the value and significance of your possessions. What one person deems a priceless keepsake, another might dismiss as mere clutter. These differences in perspective can create tension, resentment, and even damage relationships that have lasted a lifetime. Adding to the complexity is that certain items are inextricably linked to specific memories and experiences. That piece of jewelry may remind one of your children of the love and care you showered upon them. However, to others, it may represent an inheritance they feel entitled to. The emotional attachments to your personal property often run deeper than anyone realizes, reflecting unresolved feelings of love, guilt, or regret. Your family members' perceptions of your belongings are also profoundly shaped by their own experiences, values, and cultural backgrounds. These differences in worldview can make it incredibly challenging for them to reach a consensus when it comes time to divide their inheritance. For instance, in some cultures, family heirlooms are passed down through generations with reverence and care. These objects are seen as symbols of shared history and identity. However, in other traditions, material possessions hold far less significance, with the focus placed squarely on intangible connections. When relatives from diverse backgrounds attempt to navigate the division of your estate, these clashing perspectives can lead to misunderstandings and conflict. Perception also influences how your loved ones view the concept of fairness. One child may feel entitled to certain items due to their role as a primary caregiver or because they lived closer to you. Another may believe everything should be distributed equally, regardless of individual circumstances. These divergent notions of justice can further fuel disputes, especially if you don't leave behind clear instructions. The Value of Open Communication and Thoughtful Planning To minimize the risk of family feuds over your personal property, one of the most effective things you can do is have open and honest conversations about expectations and preferences long before you're gone. Here are some strategies to consider: Start the Conversation Early. While it may feel awkward to discuss such sensitive topics, it's far better to address them proactively. This allows for a more thoughtful and deliberate discussion of everyone's wishes. Ideally, these conversations should occur when all parties are calm and emotionally prepared rather than in the midst of grief. Record Yourself. Don’t underestimate the value of getting on video. Recording yourself explaining your wishes and why can be very powerful, as well as provide clarity and decrease conflict for your loved ones. When you create your estate plan with my firm, we include a Life & Legacy Interview with every plan so that your decisions and the reasons for them are clear to your family members. When there’s no ambiguity, the possibility of conflict lessens. Make an Inventory.  Make a comprehensive list of all your personal belongings, including their sentimental value and any specific requests or wishes you have associated with them. This inventory can be a crucial reference point for your family members after you’re gone. If possible, involve your loved ones in this process so that they understand your wishes and can ensure your voice is heard. Create a Life and Legacy Plan. A Life and Legacy Plan can minimize disputes by clearly outlining your wishes regarding distributing your personal property. In addition to the Life & Legacy Interview, every plan includes a document called a “personal property memorandum,” which provides additional clarity, specifying which items should go to which beneficiaries. We even help you keep your plan updated over time to reflect changing circumstances or preferences and prevent family conflict. Focus on Your Family’s Needs. Ultimately, the goal of your planning should be to honor your memory and support the well-being of your loved ones. Prioritize the needs of those who are grieving and try to find solutions that minimize conflict and pain. Sometimes, creating a process where each family member can express their attachment to specific items and why they matter can help others understand their emotional value rather than just their monetary worth. Helping Your Family Sell Your Belongings with Care and Intention Sometimes, your loved ones may need to sell your personal property, which may be necessary to settle your estate, pay debts, or ensure that your items are put to good use. Whether the items sold hold sentimental value or not, this can be another task ripe with conflict. Further, many family members don’t know what the process entails. But you can help make it easier for them by doing a lot of legwork now. You can specify in your Life & Legacy Plan how you want your items to be sold and outline the process for your loved ones. Here are the steps your family will need to take: Assess the True Value of Your Items. Start by evaluating the worth of the items to be sold. This may involve hiring an appraiser, especially for valuable items such as antiques, artwork, or jewelry. An appraiser can provide an objective assessment of an item's value, which can help prevent disputes over perceived worth and ensure a fair sale. Choose the Right Selling Method.  Depending on the type and value of your belongings, your loved ones will need to choose a selling method. For everyday household items, a yard sale or estate sale might be appropriate. For more valuable items, an auction house, consignment shop, or online marketplace may be the way to go. Your family should be mindful of any fees or commissions associated with these approaches, too.  Enlist the Help of an Estate Sale Company.  If your estate contains a large number of items or your family is overwhelmed by the process, hiring a professional estate sales company can be a game-changer. These companies handle everything from pricing items to advertising the sale, managing the event, and disposing of any unsold items. They typically charge a percentage of the sales, but their expertise can make the process smoother and less stressful. Understand the Legal Requirements. Depending on your jurisdiction, there may be specific legal requirements for selling estate property. For example, an executor may need court approval to sell certain assets or follow particular procedures for notifying beneficiaries. When you create your Life & Legacy Plan with us, we will be there for your family when you no longer can be, and we can advise them on all the necessary legal requirements.  Plan for the Proceeds. Decide in advance how the proceeds from the sale will be used and document your wishes in your Life & Legacy Plan. We can help you specify whether they will be distributed among your heirs, used to pay off estate debts, or donated to charity. This precise planning that’s part of our Life & Legacy Planning process helps avoid disputes and ensures that the funds are used in a way that honors your wishes. Leave a Legacy of Harmony, Not Conflict Family disputes over your personal belongings can add immense pain to an already difficult time. But by understanding the emotional significance of your possessions, the role of perception, and taking proactive steps by creating a Life & Legacy Plan, you can minimize conflicts and preserve familial relationships. Your loved ones deserve to grieve with dignity and respect, not embroiled in bitter disputes. Take the time now to put the proper measures in place, and you can rest assured that your final wishes will be honored and your family will stay out of court and conflict after you're gone. This is the lasting legacy you can leave behind - not just the material objects you've accumulated over a lifetime, but the gift of harmony, understanding, and compassion for those you hold most dear.  How We Help You Prevent Family Feuds Over Personal Belongings Family disputes over personal property can cause significant pain and tension at a time when loved ones should come together. As your attorney, we help you create a Life & Legacy Plan that ensures your belongings are distributed according to your wishes, without conflict or confusion. With careful thought, clear communication, and the right tools, your Life & Legacy Plan will keep your family united, even in the midst of grief. And you’ll gain the peace of mind knowing that your wishes will be honored and your loved ones will be supported long after you’re gone. Click here to schedule a complimentary 15-minute consultation to learn more.

When Matthew Perry, the beloved star of Friends , passed away last year, the world mourned the loss of a comedic icon. However, as details of his estate began to emerge, a curious puzzle presented itself: despite his reported net worth of $120 million, his bank account held (only) $1.5 million. Admittedly, this seems like a whopping sum to most of us, but for a man who earned millions of dollars for just one episode of the show, this amount appears…off somehow. Shouldn’t he have had much more money than that? The answer lies in the details of estate planning and using trusts as part of your plan. In this article, we’ll look at Perry’s estate plan and pull out some valuable lessons. These lessons pertain to all of us, not just the rich and famous. To find out how trusts can benefit you, read on. What is a Trust? A trust is simply a legal arrangement where a person (sometimes called a “settlor”) transfers assets to someone ( a “trustee”) who manages those assets for the benefit of someone else (the “beneficiaries”). Many types of trusts can be used for many different purposes, including estate planning, asset protection, and providing for loved ones. The trustees appointed to manage a trust play a crucial role in fulfilling the settlor's wishes. Choosing the right trustees is essential for the effective management of a trust. Trustees should be trustworthy, financially responsible, and knowledgeable about estate planning. They should also be willing to devote the time and effort required to manage the trust's assets.  In Perry's case, it appears he had established a trust during his lifetime. This trust, which seems to be named the Alvy Singer Living Trust - Woody Allen's character in Annie Hall - presumably holds a significant portion of his wealth. In Perry's case, the trustees were likely responsible for managing his investments, paying bills, and distributing money to the beneficiaries.  Why would Perry have chosen to establish a trust? There are many benefits, which I’ll break down in greater detail now. The Power and Benefits of Trusts There are many advantages to using a trust for estate planning. Here are some of the most common. Protection from creditors and lawsuits.  If a beneficiary faced financial difficulties, their creditors would generally not have access to assets held in a trust.  Ongoing support during life, incapacity, and after death.  Trusts can provide for loved ones in a more flexible way than a will. A will is a legal document that outlines how your assets will be distributed after your death. However, a trust can be structured to provide support during your life and for your beneficiaries over time, ensuring that their needs are met throughout their lives. If you have a will, usually your assets will be transferred to your beneficiaries all at once - even if they are young or financially irresponsible.  Minimization of estate taxes. Depending on the size of an estate, there may be significant federal and state estate taxes. By using a trust, it can be possible to reduce or eliminate these taxes. Court avoidance.  There’s a court process called probate that takes place after someone dies, and it can be expensive, lengthy, and conflict-laden. If you have a will or no estate plan, court is mandatory. If you have a trust, however, the court process may be avoided. This results in less expense, less time, and a decreased probability of conflict. It’s also a public proceeding, and court filings contain personal and financial information you may not want others to see.  Conflict avoidance. The court process is set up to give all heirs and creditors a claim to your assets. They are invited to file a claim, and they get to see information about your assets.  Greater control over what happens to your assets and your family. When you have to go to court, it means that someone other than you - a judge, who’s a complete stranger to you and your family - will make all final decisions about your money, property, and family. But with a trust, you get to make those decisions and exercise control over the outcomes. Preserving assets when there’s a substance abuse issue.  It’s no secret that Perry struggled with substance abuse for much of his life, and it’s possible that because of that, he was advised to create a trust to hold his assets. This was a wise decision. Substance abuse can have a significant impact on financial stability, and it is possible that Perry sought to protect his assets from loss, either by his own actions or potential creditors and legal issues related to his addiction. You can do the same for a friend or relative if you want to support them and also know they struggle to manage their finances responsibly. These advantages apply to you, too! You do not need to be wealthy to want a trust. You do not have to be charitable or famous to take advantage of the benefits. You simply need to be educated about the benefits and how they apply to you. Read on and I’ll show you how to book a call with me to get the education you need. I’ve alluded to one more advantage that warrants a full section of discussion: privacy. The Appeal of Privacy Remember when I mentioned above that the court process is public? And I also mentioned that a trust can help you and your family avoid court, and the very public process that it is? If you were wondering, “If it’s true Matthew Perry had a trust, then how come it’s public knowledge that he had $1.5 million in his bank account?”  then kudos! You caught on to something important. Matthew Perry also had a will, and wills go through probate. Any assets that are not placed into a trust must be dealt with via your will and thus, are subject to the court process. Remember how I also said above that court filings must contain your personal and financial information? That’s how we know about Matthew Perry’s bank account. The funds in his bank account were ostensibly not placed into his trust, and so, are subject to the public probate process. If you want, you can go look up the court records and read his will - or any will - for yourself.  His will mentioned that he had a trust, which is also common. What it doesn’t mention is the terms of the trust, who the beneficiaries are, what his other assets are, and who gets what. Our public knowledge is limited to what’s in his will. And if his bank account had been placed into his trust, it would have been kept private, too. In short, assets placed into a trust are kept private, as is your personal and financial information. Assets left out of a trust are public knowledge. So, when you create a trust, it’s crucial that you don’t just draft and sign the document and call it a day. You must take the next step and correctly place your assets into the trust. If you don’t do that, you lose all the benefits the trust offers.  How We Help You Protect What Matters Most As more details about Perry's estate (and sadly, his death) emerge, we may gain a better understanding of his intentions and the legacy he will leave behind. While his untimely passing is a tragic loss, his estate planning offers a fascinating look at the advantages of trusts and how you can also take advantage of them.  At Kaplan Estate Law LLC, we help you create a comprehensive Life & Legacy Plan that may include tools like trusts to protect your assets, maintain your privacy, and ensure your loved ones are cared for—without the headaches of court or the increased chances of conflict. By planning today, you can have peace of mind knowing your wishes will be honored, your family’s future will be safeguarded, and your legacy will be kept private. Click here to schedule a complimentary 15-minute consultation to learn more, or e-mail me with questions!

Unless you’ve created a proper estate plan, when you die many of your assets must first pass through the court process known as probate before those assets can be distributed to your heirs. Like most court proceedings, probate can be time-consuming, costly, and open to the public, and because of this, avoiding probate—and keeping your family out of court—is a central goal of most estate plans. During probate, the court supervises a number of different legal actions, all of which are aimed at finalizing your affairs and settling your estate. Although we’ll discuss them more in-depth below, probate typically consists of the following processes: ● Determining the validity of your will (if you have one). ● Appointing an executor or administrator to manage the probate process and settle your estate. ● Locating and valuing all of your assets. ● Notifying & paying your creditors. ● Filing & paying your taxes. ● Distributing your assets to the appropriate beneficiaries. In most cases, going through all of these steps is a real pain for the people you love. It’s expensive, can take a long time, and be highly inconvenient, and sometimes, even downright messy. By implementing the right estate planning strategies, however, you can help your loved ones avoid probate all together—or at least make the process extremely simple for them. To spare your family from the time, cost, and stress inherent to probate, here in this two-part series, we’ll first explain how the probate process works and what it would entail for your loved ones, and then we’ll outline the different ways you can avoid probate with wise planning. When Probate is Required As mentioned previously, if you fail to put in place a proper estate plan, your assets must go through probate before they can be distributed to your heirs. In general, this includes those individuals who have no estate plan at all, those whose estate plan consists of a will alone, and those who have a will that’s deemed invalid by the court. It’s important to point out that even if you have a will in place, your loved ones will still be required to go through probate upon your death. Therefore, if you want to keep your family out of court and out of conflict when you die, you cannot rely solely on a will, and you’ll need to put in place additional estate planning vehicles, which we will cover in further detail later. If you die without a will, it’s known as dying intestate, and in such cases, probate is still required to pay your debts and distribute your assets. However, since you haven’t expressed how you wish your estate to be divided among your heirs, your assets will be distributed to your closest living relatives based on our state’s intestate succession laws. These laws typically give priority to spouses, children, and parents, followed by siblings and grandparents, and then more distant relatives. If no living heirs can be found, then your assets go to the state. Some states allow estates with a relatively low value to bypass probate and use an abbreviated process to settle the estate. Illinois law allows estates with a total value of less than $100,000 to skip probate. In those cases, beneficiaries can claim the estate’s assets using simpler legal actions, such as by filing an affidavit or other form. Additionally, when an individual’s debts exceed the value of their assets, or a person has no assets at all, probate is often not initiated, and the estate is settled using alternative legal processes. How Probate Works How probate plays out is largely determined by whether or not you had a valid will in place at the time of death. However, even in cases where no will exists, or the will is deemed invalid, the probate process is quite similar. Indeed, once the court appoints someone to oversee the probate process on your behalf, the process unfolds in a nearly identical manner, regardless if you had a will or not. 01 | AUTHENTICATING THE VALIDITY OF YOUR WILL: Following your death, your executor is responsible for filing your will and a Petition with the court, and this initiates the probate process. From there, the court must authenticate your will to ensure it was properly created and executed in accordance with state law, and this usually involves a court hearing. Notice of the hearing must be given to all of the beneficiaries named in your will, along with all potential heirs who would stand to inherit under state law in the absence of a will. This hearing gives these individuals the opportunity to contest the validity of your will in order to prevent the document from being admitted to probate. For example, someone might contest your will on the grounds that it was improperly executed (signed, witnessed, and/or notarized) as required by state law, or someone might claim that you were unduly influenced or coerced to change your will. If such a contest is successful, the court declares your will invalid, which effectively means the document never existed in the first place. 02 | APPOINTING THE EXECUTOR OR ADMINISTRATOR: If you created a will, the court must formally appoint the person you named in your will as your executor before they can legally act on your behalf. If you died without a will, the court will appoint someone—typically your closest living relative—to serve in this role, known as your personal representative or administrator. In some cases, the court might require your executor to post a bond before they can serve. The bond functions as an insurance policy to reimburse the estate in the event the executor makes a serious error during probate that financially damages the estate. 03 | LOCATING & VALUING YOUR ASSETS: Once probate begins, the executor must identify, locate, and take possession of all of your assets, so they can be appraised to determine the total value of your estate. This includes not only those assets listed in your will and other estate planning documents, but also those you may have not included in your estate plan. This is why keeping a regularly updated inventory of your assets is so important. Any assets the executor is unable to locate will end up in our state’s Department of Unclaimed Property. Across the U.S., there is more than $58 billion (yes, that’s billion with a ‘b’) of assets stuck in state Departments of Unclaimed Property. Fortunately, this is easy to prevent when you work with us. We will not only help you create a comprehensive asset inventory, we will make sure this inventory stays updated throughout your lifetime In the case of real estate, although the executor is not expected to actually move into your home or other residence, he or she is required to ensure that your mortgage, homeowners insurance, and property taxes are paid while probate is ongoing. These and all other debts can be paid from your estate. Once all of your assets have been located, the executor must determine their value, which is typically done using financial statements and/or appraisals. From there, the combined value of all of your assets is used to estimate the total value of your estate. 04 | NOTIFYING & PAYING YOUR CREDITORS: To ensure all of your outstanding debts are paid before your assets are distributed, the executor must notify all of your creditors of your death. In most states, any unknown creditors can be notified by publishing a death notice with your local newspaper. Creditors typically have a limited period of time—six months in Illinois—after being notified to make claims against your estate. The executor can challenge any creditor claims he or she considers invalid, and in turn, the creditor can petition the court to rule on whether the claim must be paid. From there, valid creditor claims are then paid. The executor will use your estate funds to pay all of your final bills, including any outstanding medical and funeral expenses. 05 | FILING & PAYING YOUR TAXES: In addition to paying all of your outstanding private debts, the executor is also responsible for filing and paying any outstanding taxes you owe to the government at the time of death. This includes personal income and capital-gains taxes, as well as state and federal estate taxes, if your estate is valuable enough to qualify. In Illinois, the estate tax exemption is currently set at $4 million. For those who exceed that threshold, there are several strategies you can use to reduce the size of your estate to avoid these taxes, if you plan ahead of time. Any taxes due are paid from estate funds. In some cases, this may require liquidating assets to raise the needed cash. At Kaplan Estate Law LLC, we will not only support you during your lifetime to implement tax-saving strategies to minimize your tax bill, but we will also work with your loved ones following your death in the same capacity to ensure the wealth and legacy you’ve built provides the maximum benefit to those you leave behind. 06 | DISTRIBUTION OF YOUR REMAINING ASSETS: Once the court confirms all of your debts and taxes have been paid—which typically requires the executor to file an accounting of all transactions he or she engaged in during the probate process—the executor can petition the court for authorization to distribute the remaining assets in your estate to the beneficiaries named in your will, or according to state intestate succession laws, if you didn’t have a will. Once all assets have been distributed, the executor must file a petition with the court to close probate. If all creditors and taxes have been paid, your assets have been distributed, and there are no other outstanding issues to be addressed, the court will issue an order formally closing the estate and terminating the executor’s appointment. Keep Your Family Out of Court and Out of Conflict As your attorney, one of our primary goals when creating your estate plan is to keep your family out of court and out of conflict no matter what happens to you. Yet, as you can see, if your family has to go through probate, your estate plan falls woefully short of that goal, leaving those you love most stuck in an unnecessary, expensive, time-consuming, and public court process. Fortunately, it’s easy for you to spare your family the burden of probate with proactive planning. Next week, we’ll look at the ways you can do just that in the second part of this series. Until then, if you haven’t put an estate plan in place or have one that would force your family to go through probate, contact us to schedule an initial consult. Next week, in part two, we’ll discuss the estate planning strategies that you can use to avoid the need for your loved ones to go through probate.