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Important Estate Planning Considerations That Cannot Be Overlooked
In the September issue, I touched upon
the “Five Essential Legal Documents
for Seniors.” In this issue, we’ll go a
bit deeper and look at some of the very
important items to consider in your
estate plan, which fall outside of the basic
documents. It is not sufficient to simply
write a will or trust and leave the rest to
chance. Estate planning is a process in
which the attorney and financial advisor
reviews the client’s financial situation
and implements a plan to ensure the
proper management and distribution
of one’s assets upon incapacity and/or
death. Individuals who engage in Do-
It-Yourself estate planning often forget
important provisions in their estate
plans. The individual may also overlook
some very important elder care aspects
of estate planning, which we will discuss
in a later issue. The following are some
examples of the items many people,
unfortunately, tend to forget when
engaging in their own estate planning.
Alternate Beneficiaries: When drafting
a will, it is important to consider alternative
beneficiaries in the event of the prior death of
a primary beneficiary. If overlooked, a gift to
a primary beneficiary who is not able to take
possession of the gift may pass as though
the individual did not have a will at all. This
means that state law, and not the individual,
will determine who inherits the property.
By providing an alternative, or contingent,
beneficiary, you can ensure that the property
passes to the individual(s) of your choice.
Beneficiary Designations: The
simplest way to avoid probate is to
establish beneficiary designations on all
financial accounts (e.g. 401(K), IRA and
brokerage accounts). However, many
people forget to do so. As in wills, it
is important to designate a successor
beneficiary(ies), because failure to do so
may result in assets being passed through
probate or intestacy (dying without a will).
However, the best way to avoid probate
is typically through the use of properly
drafted living trusts.
Personal Possessions and Family
Heirlooms: Not all heirlooms are worth a
great deal of money, but they may contain
sentimental value. It is a good idea to be
clear about which family members you
want to inherit your personal property.
It is best to include specific bequests of
personal property directly in your will.
It may also be helpful to leave written
instructions for your heirs to avoid
confusion and bickering.
Digital Assets: As technology advances,
more and more business is conducted
online. What happens to these online assets
and accounts after you die? You should
make a list of all of your online accounts,
including e-mail, financial accounts,
Facebook, Mint, rewards points, and
any additional sites where you conduct
business online. You should include
your username and password for each
account, as well as access information for
your digital devices, such as smartphones
and computers. It is critical to make sure
the agent under your durable power of
attorney and the executor named in your
will have the specific authority to deal with
your digital assets.
Pets: The care of our pets as beloved
family members also should be addressed
in one’s estate plan. While you cannot
leave estate assets or money directly to a
pet, you can name a caretaker in your will
and leave that individual money to care
for the pet. Again, naming an alternative
caretaker is important. However, the best
and safest way to provide for a pet is to set
up a pet trust and name a trustee to oversee
the care and use of funds for your pet. With
a pet trust, the trustee makes payments
on a regular basis to your pet’s caregiver
and pays for your pet’s needs as they arise.
Of course, it is important that you contact
an experienced estate planning and elder
law attorney to help you finalize your plan
in a way that addresses all of these issues.
Ronald Fatoullah, Esq. is the principal
of Ronald Fatoullah & Associates, a
law firm that concentrates in elder law,
estate planning, Medicaid planning,
guardianships, estate administration, trusts,
wills, and real estate. The law firm can be
reached at 516-466-4422, or toll free at
1-877-ELDER-LAW or 1-877-ESTATES.
Mr. Fatoullah is also a partner with Advice
Period, a wealth management firm for high
net worth individuals, and he can be reached
at 424-256-7273.
By Ronald A. Fatoullah, Esq.
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