We’re going to start seeing the television commercials with the desperate anxiety ridden parents singing, “It’s the most wonderful time, of the year.”  Yes, it’s back to school time; so, along with collecting all those notebooks, glue sticks, and pencils on the school supply list, you just have a few other estate planning tasks on that list as well.

• Before your 18, 19, 20, or 21 year old goes back to college, get him (or her) into an estate planning office to get a simple estate plan in place.  Your college student needs a simple will, powers of attorney for health care, powers of attorney for finances, and a living will, at the least.  You no longer have authority, without written documentation, to make any legal decisions for your child.

• Call now for an appointment to meet with your estate planning attorney to either have your current plan updated or create a plan.  Schedule the meeting for when the kids are in school.  Make sure that you have guardians (and contingent guardians) named in your will for your minor children.

• When the kiddos hop on the school bus, take just 15 minutes a day to get your paperwork organized.  Place all of these items in a safe place:  estate planning documents, important certificates, updated asset lists, most recent bank and investment statements, deeds, titles, list of people to be contacted if a death occurs, contact information for your professional advisors, and an updated list of all account numbers with passwords, usernames, and PINs.

• While the kids are at school, have a conversation with the adults in your family, explaining that you’ve done your estate planning and the decisions you’ve made and why.  This may be the key to keeping your family together when things get difficult during disability or death.

Be sure to let your family know where you’ve stored your estate planning documents and that they have access to all that is needed in an emergency.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

Strong communication, including a discussion of your estate plan and related choices, goes a long way in avoiding family conflict.  Often, too often, families are torn apart when a loved one becomes incapacitated or dies.  You can avoid this tragedy by sitting your loved ones down and talking through your estate plan.  If you need help, your estate planning attorney can provide a list of discussion points or he can even host the family meeting.  This is quite common.

Important topics of discussion that often lead to family conflict if not understood in advance

• Funeral plans and burial arrangements
• Unequal inheritances
• Inheritances in trust, as opposed to outright
• Gifts to charity instead of to family
• Lifetime gifts to family members or friends
• Distribution of sentimental personal property including family jewelry, photos, and heirlooms
• Your plans to provide for a second spouse as well as children from a first marriage
• Your pet planning and who gets custody of Fluffy
• Planning that disallows direct gifts to a beneficiary who suffers from an alcohol, drug, or gambling addiction
• Planning that doesn’t include in-laws
• Your choice of trusted helpers and contingent trusted helpers such as trustees, guardians, executors, and power of attorney agents
• An adult child, boy/girlfriend, or second (or third) spouse living with you

Your plan is your own, but it is wise to share your estate plan provisions with your loved ones, especially if you have any of the above issues.  Remember that money and power equal love so feelings may be hurt if you don’t explain your choices.

If there is anger, it is best addressed while you are here to address it.  Otherwise, hurt feelings, resentment, and anger could tear your family apart for generations.  If you have questions or concerns out talking to your family about your estate plan, consult with a qualified estate planning attorney.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.

The parents of young children have unique estate planning considerations.  They have a lot to protect and to provide for.  Below, we discuss 10 estate planning considerations for these special clients.

• Execute a will and name guardians and back-up guardians.  If you don’t, the court will decide who raises your children.
• Use a child care power of attorney or a stand by guardianship document to authorize temporary guardians to care for your children if you are alive but incapacitated.  If you don’t, your children may be taken into foster care until the court can determine who’s qualified to serve as guardian.
• Carefully analyze your financial situation including your insurance coverage to make sure there are adequate resources to raise your children to adulthood.  If you don’t, your named guardians may not be able to take on the responsibility of raising your children.
• Name first responders who are authorized to stay with your children until named guardians arrive to take custody.
• Create a revocable living trust with lifetime trust shares for your children.  Minors can’t legally inherit and lifetimes trusts have benefits including asset protection so your assets can’t be taken from your children in a lawsuit.
• Select trustees to serve as trustee of your children’s assets.  Be sure to name successor trustees as well.
• Update your estate plan if you have another child or every three to five years to make sure your plan meets your current intent and life changes.
• Write your children love letters telling them how and why you love them, include advice, wisdom you’ve gained over the years, and messages.
• If your children ask questions about death or estate planning issues, answer the questions in simple form matching their question in complexity.
• If a grandparent, pet, or friend’s parent dies and your child is upset, the library likely has books on death that will help the transition.

When parents of young children do estate planning and keep these tips in mind, they sleep better at night.

Co-Executor, PLLC is a member of the American Academy of Estate Planning Attorneys.