Moynihan Lyons PC

When Did You Last Review Your Estate Plan?

Estate planning should not be a one-time occurrence. Here’s a handy tip:  Do it.  Review it.

You’ve gathered all the financial information needed and your taxes are filed. What’s next? Since you have the financials gathered it might be the very best time to create an estate plan or, if you already have one, a real good time to review the aging document, according to The Pathway in “Giving your estate plans a check-up.”  

If you are among those Americans who actually has an estate plan in place, consider this: when was the last time you reviewed or updated the plan? A person’s estate plan is a living document that needs attention on a regular basis, once it is done. Life changes, tax laws change and estate plans need to reflect those changes. Here are some key reasons to update your estate plan:

People in your life. The relationships you have with the people named in your will, or in your trusts, or as your trustees, may have changed. There may have been happy changes, like birth and marriage, or sad changes, like divorce and death. You might not be close with your colleagues at work because of a job transfer, or your college friends have moved far away and would not be able to serve as your agents. Life changes, and so does your estate plan.

Assets undergo changes as well. If your estate has changed for better or worse since the last time your estate plan was executed, there may be provisions that no longer make sense. If life has been good to you, you may decide to expand an initial donation to a charity that would welcome your generous gift. If you’ve added life insurance coverage, you may want to change how other assets are distributed.

Locations change. Have you moved? If you have changed your state of residence, you must have your estate plan reviewed with an attorney as quickly as possible. Estate law is governed by each state, and what worked well in New Jersey, may not work in Arizona.

Changes in tax laws. After the latest large federal tax law, estate tax exemptions changed dramatically. Plans that you made prior to the tax change may no longer be necessary or may fail to accomplish your goals. There may be advantages that you are missing.

The passage of time. If it’s been more than three years since you’ve reviewed your estate plan and will, it’s time to do so. Locate your original will, review it with an attorney and see if any changes are needed. In a perfect world, you would do this every year after completing your taxes.

People who reach age 70½ years, are required by law to start taking Required Minimum Distributions (RMDs) from their IRAs, 401(k)s, SEPs or other qualified plans. As you review your estate plans and retirement accounts, this is a good time to also review your beneficiary designations.

An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances or review the old one.

Reference: The Pathway (April 1, 2019) “Giving your estate plans a check-up”

Beneficiary Designations Should Be Current

  A will is crucial to asset distribution. However, so is a beneficiary designation.

A will is a key tool for distributing your assets. However, it doesn’t always have the final word. Why? Because beneficiary designations trump a will, according to Kiplinger in “Beneficiary Designations: 5 Critical Mistakes to Avoid.”

The beneficiary designation is the form that you fill out, when opening many different types of financial accounts. You select a primary beneficiary and, in most cases, a contingency beneficiary, who will inherit the asset when you die.

Typical accounts with beneficiary designations are retirement accounts, including 401(k)s, 403(b)s, IRAs, SEPs, life insurance, annuities and investment accounts. Many financial institutions allow beneficiaries to be named on non-retirement accounts, which are most commonly set up as Transfer on Death (TOD) or Pay on Death (POD) accounts.

It’s easy to name a beneficiary and be confident that your loved one will receive the asset, without having to wait for probate or estate administration to be completed. However, there are some problems that occur, and mistakes get expensive.

Here are mistakes you don’t want to make:

Failing to name a beneficiary. It’s hard to say whether people just forget to fill out the forms or they don’t know that they have the option to name a beneficiary. However, either way, not naming a beneficiary becomes a problem for your survivors. Each company will have its own rules about what happens to the assets when you die. Life insurance proceeds are typically paid to your probate estate, if there is no named beneficiary. Your family will need to go to court and probate your estate.

When it comes to retirement benefits, your spouse will most likely receive the assets. However, if you are not married, the retirement account will be paid to your probate estate. Not only does that mean your family will need to go to court to probate your estate, but taxes will be levied on the asset. When an estate is the beneficiary of a retirement account, all the assets must be paid out of the account within five years from the date of death. This acceleration of what would otherwise be a deferred income tax, must be paid much sooner.

Neglecting special family considerations. There may be members of your family who are not well-equipped to receive or manage an inheritance. A family member with special needs who receives an inheritance, is likely to lose government benefits. Therefore, your planning needs to include a SNT — Special Needs Trust. Minors may not legally claim an inheritance, so a court-appointed person will claim and manage their money until they turn 18. This is known as a conservatorship. Conservatorships are costly to set up. They must also make an annual accounting to the court. Conservators may need to file a bond with the court, which is usually bought from an insurance company. This is another expensive cost.

If you follow this course of action, at age 18, your heir may have access to a large sum of money. That may not be a good idea, regardless of how responsible they might be. A better way to prepare for this situation is to have a trust created. The trustee would be in charge of the money for a period of time, that is determined by the personality and situation of your heirs.

Using an incorrect beneficiary name. This happens quite frequently. There may be several people in a family with the same name. However, one is Senior, and another is Junior. The person might also change their name through marriage, divorce, etc. Not only can using the wrong name cause delays, but it could lead to litigation, especially if both people believe they were the intended recipient.

Failing to update beneficiaries. Just as your will must change when life changes occur, so must your beneficiaries. It’s that simple, unless you really wanted to give your ex a windfall.

Failing to review beneficiaries with your estate planning attorney. Beneficiary designations are part of your overall estate plan and financial plan. For instance, if you are leaving a large insurance policy to one family member, it may impact how the rest of your assets are distributed.

An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances.

Reference: Kiplinger (April 5, 2019) “Beneficiary Designations: 5 Critical Mistakes to Avoid”

Don’t Let POA Age, until It Is Too Late to Use It

It is best to keep your POA up to date, so it can be used when it is needed.

While California Powers of Attorney do not expire, they can be rejected more frequently due to the passage of time. It is often useful to execute a form power of attorney provided by your bank in addition to your more general power of attorney if it appears they may be reluctant to honor the one you present.  Because you are granting someone else significant authority over your property, financial institutions are very concerned about liability issues should they honor an invalid power of attorney.  There are lessons to learn from this story out of Pennsylvania.

Does your Power of Attorney read “and”? Does it read “or”? Better be sure and better be up to date, so it does not face rejection, according to The Mercury in “Planning Ahead: Will your bank honor your power of attorney?”

In Pennsylvania, major changes were made to the POA law in 2014 that addressed wording, witnessing and other requirements and protections for the party accepting the POA. The “Vine fix” law describes what a bank, financial institution or other party who is presented with a POA can and cannot do. The “Vine fix” provides immunity to anyone who accepts a POA in good faith, without actual knowledge that the POA is invalid.

This law came about as a result of a case, Vine v. Commonwealth of PA State Employees’ Retirement Board. A Pennsylvania State employee, who was incapacitated following a car accident and a stroke was given a POA to sign by the man who was then her husband. He changed her retirement options and later filed for divorce. At issue was the question of whether Mrs. Vine could invalidate his option and file for disability benefits. She did not have legal capacity, when she signed the document.

This was a case of hard facts making bad law. The State Supreme Court found that a third party (the Pennsylvania State Employees Retirement Board) could not rely on a void power of attorney, even where it did not know it was void when it was accepted. Banks saw the decision and were concerned that they could be sued for damages in similar cases.

The new law offers some immunity and additional protections for banks. However, as a result, there’s a little more push back with banks recognizing agents under power of attorney. The bank can request an agent’s certification or affidavit or opinion of counsel, as to whether the agent is acting within the scope of his legal authority. There is still a civil liability for refusing to accept a power of attorney that meets all the requirements.

Some estate planning attorneys have their clients obtain Power of Attorney forms directly from the institutions. This decreases the chances of any problems, when POAs are presented. It’s also a good idea to update the POA when you update your estate plan, which should be every three or four years. Regardless of your state of residence, a POA dated 10 or 15 years ago is likely to meet with some scrutiny.

An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances and advise you on keeping it up to date.

Reference: The Mercury (April 2, 2019) “Planning Ahead: Will your bank honor your power of attorney?”

Why Not Hold a Celebration of Life?

Perhaps it is best to celebrate life, rather than the death.

I attended one of the most poignant Celebrations of Life six years ago. Our friend, Anna, was only 49 years old.  Her cancer had advanced to the point where she knew that she wasn’t going live much longer. On a beautiful July afternoon, she invited her friends to join her at a winery in Malibu to celebrate her and with her reminisce about  her life. It was a wonderful celebration – filled with love, hugs, stories and even a putting contest!  She was so happy. Anna passed away a few months later.  Many of us who attended the memorial service agreed that participating in the Celebration didn’t just help Anna; it also comforted those of us feeling her absence. - Maureen

Rather than focus on the end for the terminal ill, celebrations of life are becoming more popular in the U.S., according to Next Avenue in “’Living Memorials’ Allow Tributes Before Loved Ones Die.”

An example of this kind of event: a woman diagnosed with ovarian cancer nine years ago chose to create a celebration of her life now that her health has taken a turn for the worse. More than a hundred of her friends came from around the country to share anecdotes and remembrances while she was still alive to see them. A friend planned the entire event, so that a room filled with people who loved their friend were able to celebrate her, while she was still living.

These “living funerals” have become more popular lately. This may be a result of the baby boomers once again reinventing their own way to mark a stage of life. A survey by the National Funeral Directors Association found that more than half of 1,000 people polled, said they had attended a non-traditional gathering during the past year.

More people are looking for a shared experience before death. This has resulted in the creation of a new event that blends commemoration and celebration. Some have other agendas, wanting to give their loved ones their worldly goods with warm hands, or letting loved ones honor them with a song, video or another gesture with deep meaning.

This kind of farewell ceremony may be new to our times. However, there are many cultures that have similar rituals. In the 1990s, the Japanese began holding similar rites, called “seizenso.”

Timing is a key factor. If the event is not planned to take place before the person is able to enjoy it, there is no do-over. The event needs to take place while the person is still mobile, cognizant and able to recognize loved ones and enjoy their company.

For those who time it right, a life celebration can bring solace in the face of fear, joy and closure for a life well-lived.

One of the best-known living funerals to date was held for Morrie Schwartz, documented in the film and book “Tuesdays with Morrie.”

The personalized nature of living funerals, where there are no rules, can be held in a formal setting, like a church, synagogue or mosque, or outdoors, if the person was connected to the natural world.

For those who are considering holding a life celebration, discuss wishes with loved ones, in much the same way that an estate plan needs to be done, in advance. Planning for an estate plan requires the help of an estate planning attorney and the creation of documents that express the individuals wishes but the celebration of life is generally created by family and friends.

Reference: Next Avenue (March 25, 2019) “’Living Memorials’ Allow Tributes Before Loved Ones Die”

Estate Taxes Depend on Where You Die

18 of the states in the U.S. subject residents to estate taxes or inheritance taxes.

During your later years in life, you may be concerned with protecting your heirs from the amount of taxes they will have to pay. If that is the case, then you’ll want to explore the estate tax laws around the country because they vary by state, according to moneytips in “Best States to Die In… For Taxes.”

The difference between federal estate taxes and state inheritance taxes, is that estate taxes are subtracted from the estate before it’s dispersed to heirs. However, the inheritance tax applies to heirs. It doesn’t matter if they live in another state, they still have to pay the inheritance tax.

There are only six states that still maintain an inheritance tax: Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania. Your surviving spouse won’t have to pay inheritance taxes, and New Jersey exempts a domestic partner. Children and siblings are sometimes exempt from paying inheritance taxes, in some of these states.

Nebraska and Pennsylvania are the only states where children and grandchildren are not exempt. In Nebraska, if you’re an immediate relative, you get hit with a 1% inheritance tax on anything above $40,000. In the Keystone State (Pennsylvania), inheritance tax rates start at 4.5% for children and lineal heirs.

Nebraska has the highest top inheritance tax rate of all the states, at a whopping 18%, while the others generally range from 10% to 16%.

Each state has its own exemptions, based on the amount of the inheritance and the relationship of the heir to the deceased. Therefore, you’ll need to check with a local estate planning attorney to learn what your obligations will be (or your heir’s obligations). States categorize heirs into different types for assigning both exemptions and tax rates. Maryland keeps it simple, with only two categories, while Iowa has seven.

That leaves 32 other states to consider dying in, because of the lack of applicable state taxes. Maryland imposes a 16% tax on estates above $4 million for decedents dying in calendar year 2018. New Jersey no longer imposes an estate tax on the estates of decedents, who died on or after Jan. 1, 2018.

As stated previously, tax rates vary by state, and they do change, so speak with an experienced estate planning attorney in your state or the state of your loved ones to find out what the tax rates are and any exemptions available.

Since inheritances usually pass to spouses and children, and the exemption rates are fairly high in most states, many people won’t have to pay large sums or any estate taxes. However, prior planning is always appreciated by your heirs. If they don’t have the cash on hand to pay the taxes, they may end up with little or no inheritance.

An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances and meets your goals.

Reference: moneytips (March 26, 2019) “Best States to Die In… For Taxes”

Inheritance War? Perhaps a Widowed Stepmother Is Behind the Scenes

Estate battles left behind by celebrities, can often teach a lesson or two.

Among the many issue that spark inheritance battles are Alzheimer’s disease, widowed stepmothers and estate crimes, such as questionable asset transfers and changes in investment risks, according to Think Advisor in “What the Nastiest Celebrity Estate Battles Can Teach Advisors.”

If regular family fights feel like civil wars, then celebrity battles elevate the conflicts into global meltdowns. Showbiz legends like Tony Curtis, Mickey Rooney and Jerry Lee Lewis serve as perfect examples.

Rock and roll legend Jerry Lee Lewis’s seventh wife (yes, seventh) and his third wife’s daughter have been in court for nearly two years. The wife has charged her stepdaughter with financial and physically abusing the singer, who is now 83. The daughter countersued, alleging that her stepmother was drugging her father into an incoherent state. Lewis recently had a stroke, and he was admitted to a rehab facility.

What can families do about elder abuse, which the American Bar Association has called the “crime of the 21^st century?”

Pay attention. Over the next 30 years, as much as $30 trillion in Baby Boomer assets will be transferred to the next generation. The number of people getting older is taking a huge leap and so will the number of people who suffer from cognitive-related diseases.

Know what an “estate crime” is. This is the term to describe the unauthorized, unlawful taking of someone’s assets, while they are alive. It’s what happens when a personal representative, such as a trustee, suppresses assets and takes them. It’s more likely to occur when an entrepreneur or business owner keeps a lot of cash in the safe. That money mysteriously vanishes at their death. Therefore, if anyone has a lot of cash around, they need to be able to prove it and give that documentation to someone they trust.

What happens when a person’s family is involved in litigation and they are incapacitated? Attorneys will look for transfers that occurred just prior to the time the person became incapacitated. Would they be the result of undue influence or pressure? What about their estate documents — were they changed near the time the person became seriously ill or when they were near to death? Medical records and doctors’ reports become important in these cases.

What happened to Tony Curtis, romantic and comic leading man? A year before he died, Tony Curtis wrote a new will and revised his trust. He disinherited his five surviving children and left his entire estate worth $46 million to his sixth wife. The children, who include actress Jamie Lee Curtis, filed a suit claiming that their father was mentally impaired, but the case was dropped. It’s possible that the suit was settled confidentially. Any time there’s such a big change before death, expect litigation.

Why do so many famous people seem to die without a will? People don’t like to think about death, so they procrastinate. It’s that way for celebrities and for regular people. However, we read more about celebrities. Estate planning attorneys are the ones who see what happens, every day, when people don’t have wills and the family is faced with estate battles.

What’s the solution? It’s not that complicated. Find an estate planning attorney that you are comfortable with and draw up an estate plan. Make sure you have a will, power of attorney and health care power of attorney. Talk with your family about your intentions for distribution of your property and make sure that every few years, when events occur in your life or when laws change, you update your estate plan.

Reference: Think Advisor (March 27, 2019) “What the Nastiest Celebrity Estate Battles Can Teach Advisors”

No-Contest Clause Can Solve Issue and/or Create One

Will a no-contest clause prevent a challenge? That’s the big question.

The last will and testament is the key to the final wishes of the loved one. However, when charges of undue influence occur, problems can also arise that stall the end results, according to the Santa Cruz Sentinel in “No-contest clause throws kink into trust plan.”

The example given in the article is of a woman whose mother was in the care of her niece, who was also the trustee of her mother’s trust. The mother modified the trust to give the niece her home, which is estimated to be worth about a fifth of the total estate value. The daughter notes that at the time these changes were made to the will, her mother was in hospice care and being given morphine. It does sound as if it could be influence, because changes made to a will during a critical illness, especially in the presence of strong pain medication, are questionable.

Since the trust included a no-contest clause, the daughter wonders if it’s worth challenging the will for one-fifth of the estate to charge the niece with undue influence?

An undue influence claim needs to have three points:

• A confidential relationship — that between the grandmother and the grandchild;
• Active procurement — the granddaughter got her grandmother to amend the trust;
• Unjust enrichment — the granddaughter’s inheritance was increased to more than she would have otherwise received.

If all three elements are met, then the burden of proof shifts to the niece to show that she was not doing anything wrong.

There may also be a lack of capacity claim, based on the medication. It may be that the grandmother was too medicated to understand what she was doing.

The no-contest clause does present a problem. If the will is challenged, the daughter is disinherited — but only if she loses. If she wins, that no-contest amendment is invalid, and the trust returns to what it was before the changes were made.

At one point, no contest clauses were so powerful that there was consideration given to not allowing them to be used in wills. In California, as of Jan. 1, 2010, a person may file a contest and if the judge determines that they had probable cause, they are not automatically disinherited.

In this case, if the facts would lead a reasonable person to conclude that there was undue influence, it’s likely that the daughter in this example would win. It would be up to the court to determine whether she should be disinherited. No-contest clauses are strictly construed by the courts, so unless the no-contest clause says that it applies to amendments, she may be okay.

There is one fact that she needs to ascertain, before moving forward. If the estate planning attorney met with the mother and prepared the amendment, then the attorney will be a neutral witness who will be able to testify to her mother’s mental capacity and her wishes.

It is not uncommon for people to change their wills to favor the person who spends their last weeks or days with them, as they prepare to die.

An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances.

Reference: Santa Cruz Sentinel (March 3, 2019) “No-contest clause throws kink into trust plan”

No-Contest Clause Can Solve Issue and/or Create One

Will a no-contest clause prevent a challenge? That’s the big question.

The last will and testament is the key to the final wishes of the loved one. However, when charges of undue influence occur, problems can also arise that stall the end results, according to the Santa Cruz Sentinel in “No-contest clause throws kink into trust plan.”

The example given in the article is of a woman whose mother was in the care of her niece, who was also the trustee of her mother’s trust. The mother modified the trust to give the niece her home, which is estimated to be worth about a fifth of the total estate value. The daughter notes that at the time these changes were made to the will, her mother was in hospice care and being given morphine. It does sound as if it could be influence, because changes made to a will during a critical illness, especially in the presence of strong pain medication, are questionable.

Since the trust included a no-contest clause, the daughter wonders if it’s worth challenging the will for one-fifth of the estate to charge the niece with undue influence?

An undue influence claim needs to have three points:

• A confidential relationship — that between the grandmother and the grandchild;
• Active procurement — the granddaughter got her grandmother to amend the trust;
• Unjust enrichment — the granddaughter’s inheritance was increased to more than she would have otherwise received.

If all three elements are met, then the burden of proof shifts to the niece to show that she was not doing anything wrong.

There may also be a lack of capacity claim, based on the medication. It may be that the grandmother was too medicated to understand what she was doing.

The no-contest clause does present a problem. If the will is challenged, the daughter is disinherited — but only if she loses. If she wins, that no-contest amendment is invalid, and the trust returns to what it was before the changes were made.

At one point, no contest clauses were so powerful that there was consideration given to not allowing them to be used in wills. In California, as of Jan. 1, 2010, a person may file a contest and if the judge determines that they had probable cause, they are not automatically disinherited.

In this case, if the facts would lead a reasonable person to conclude that there was undue influence, it’s likely that the daughter in this example would win. It would be up to the court to determine whether she should be disinherited. No-contest clauses are strictly construed by the courts, so unless the no-contest clause says that it applies to amendments, she may be okay.

There is one fact that she needs to ascertain, before moving forward. If the estate planning attorney met with the mother and prepared the amendment, then the attorney will be a neutral witness who will be able to testify to her mother’s mental capacity and her wishes.

It is not uncommon for people to change their wills to favor the person who spends their last weeks or days with them, as they prepare to die.

An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances.

Reference: Santa Cruz Sentinel (March 3, 2019) “No-contest clause throws kink into trust plan”

A Will Is Important with or without Assets

Helping the family to move forward during difficult times.

Estate planning basics such as a will, power of attorney, health care power of attorney and a plan to pass on assets to heirs, are beneficial to the family and set a plan to follow, according to WKBN 27 in “Attorney recommends everyone have a will in place to prevent avoidable issues.”

Think of the will as a way to speak for yourself, when you have passed away. It’s the instructions for what you want to happen to your property, when you die. If there’s a will, the executor is responsible for carrying out your requests. With no will, a court will have to make these decisions.

Many people believe that if they don’t have a will, their spouse will simply inherit everything, automatically. This is not true. There are some states where the surviving spouse receives 50% of a decedent’s assets and the children receive the rest. However, the children could be offspring from outside the marriage. Not having a will, makes your estate and your family vulnerable to unexpected claims.

A will must contain certain elements, which are determined by your state’s laws and must be signed in the presence of two witnesses. Without the correct formalities, the will could be deemed invalid.

Lawyers recommend that everyone have a will and an estate plan, regardless of the size of your estate.

Young parents, in particular, need to have a will, so they can name a person to be guardian of their child or children, if they should both die.

Details matter. In some states, if you make a list and neglect to name specifically who gets what, using the term “children” instead of someone’s name, your stepchildren may not be included. State laws vary, so a local estate planning attorney is your best resource.

You should also be sure to talk with your spouse and your children about what your intentions are, before putting your wishes in writing. You may not feel totally comfortable having the discussion. However, if your intention is to preserve the family, especially if it is a blended family, then everyone should have a chance to learn what to expect.

Wills do become binding, but they are not a one-time event. Just as your life changes, your estate plan and your will should change.

Don’t neglect to update your beneficiary designations. Those are the people you named to receive retirement accounts, bank accounts or other assets that can be transferred by beneficiary designations. The instructions in your will do not control the beneficiary designation. This is a big mistake that many people make. If your will says your current spouse should receive the balance of your IRA when you die but your IRA lists your first wife, your ex will receive everything.

Here are the four estate planning documents needed:

• A will;
• A living will, if you need to be placed on life support and decisions need to be made;
• A healthcare power of attorney if you cannot speak for yourself, when it comes to medical decisions;
• A durable power of attorney to make financial decisions, if you are incapacitated.

An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances.

Reference: WKBN 27 (March 14, 2019) “Attorney recommends everyone have a will in place to prevent avoidable issues.”

Just a Few Assets? You Still Need a Will and Estate Plan

Your family has a better chance of a strong future, if you leave behind a plan.

Without a will, the distribution of someone’s assets gets pretty difficult, pretty quickly, according to The Advertiser in “Where there’s a will, there is a plan in place.” Without one, the settling of an estate can be delayed for quite a long time.

Here are certain things that need to be included:

Identification of the person making the will, also known as the testator. The will must contain the person’s name, address, state their intention to create a distribution process for assets and the statement that this will is intended to be their last will and testament and all other wills are revoked. The will must also be dated to be sure to know hold old it is, with regard to other wills.

Outstanding debt payment. The will needs to explain how any outstanding bills will be paid, including funeral costs, medical costs, taxes owed, and any other expenses that a person may have at the time of their death. This may vary by state, so speak with a local estate planning attorney to find out what your state’s laws are.

Name any heirs and what they are being given. You may give your property to whomever you want, or to a charity. The bequest needs to be carefully written, so it is very specific and there are no misunderstandings. Since it may be hard to know what will be left after final expenses are paid, it may be wise to give percentages of assets, rather than specific figures. An estate planning attorney will know how to best handle this aspect of a will.

Chose an executor and name them in the will. The executor is responsible for carrying out the wishes of the testator and is in charge of paying debts, taxes, distributing assets and any tasks assigned in the will. Choosing the right person for this task is very important. They need to be able to handle the responsibility and be able to execute your wishes without being bullied by family members or friends.

Name a guardian for minor children. This is why parents of young children must have a will. If there is no will, the court will determine who should raise the children, following the laws of kinship of your state. You may not agree with the court’s decision. Select a person (or couple) you believe will raise the children, as close as possible to how you would raise the children.

Plan for your funeral. This is a kindness to your loved ones. If you don’t plan in advance, your loved ones may spend more than you would wish on an elaborate funeral. The opposite may also happen. A simple paragraph may do the job, or you could visit the local funeral home and prepay, selecting everything so that it will be done according to your own wishes.

In addition to a will, you’ll want a power of attorney and health care power of attorney in place to protect you, in case of incapacity. This way, someone will be able to take care of your finances and someone else will be able to make health care decisions, if you can’t.

Reference: The Advertiser (March 10, 2019) “Where there’s a will, there is a plan in place”