Living Trust Planning | Estate Planning Attorney

Tag: protection

  • Think Your Kids Will Automatically Be Cared For In the Way You Want? They Might Not Be Unless You Do This

    Think Your Kids Will Automatically Be Cared For In the Way You Want? They Might Not Be Unless You Do This

    As parents, we’re hardwired to prioritize our children’s well-being above all else. We work tirelessly to provide for them, nurture them, and ensure they have every opportunity to thrive. Yet amidst the hustle and bustle of daily life, it’s easy to overlook a crucial aspect of their future: what happens to them if we’re no longer here to care for them?

    It’s a sobering thought, but one that deserves your attention. You may assume that in the event of your untimely passing, your children will automatically be cared for and inherit your assets. However, the reality is far more complex and potentially unsettling.

    Let’s unpack why relying on these assumptions could leave your children’s future in uncertain hands.

    The Myth of Automatic Care

    Yes, it’s true that your children will inherit your assets upon your passing. However, without advance planning, the management of those assets will fall into the hands of a court-appointed trustee. This is an expensive proposition for the people you love most, and worse, the trustee may not necessarily align with your values or financial philosophy, leaving your hard-earned assets vulnerable to mismanagement.

    On top of that, and maybe worst of all, under current laws, once your child reaches the age of 18, they gain unfettered access to their inheritance. While you may have envisioned these assets providing a foundation for their future endeavors, the reality is that many 18-year-olds lack the financial maturity to handle such responsibility. From impulsive spending to falling prey to financial scams, the risks are significant.

    The Importance of a Kids Protection Plan

    What’s the solution? Enter the Kids Protection Plan—a comprehensive legal planning system designed to safeguard your children’s well-being and financial future in the event of your incapacity or passing.

    A Kids Protection Plan empowers you to designate a trusted guardian who will step in to care for your children if you’re unable to do so. This ensures your children will be in the loving care of someone you know and trust, rather than leaving their fate to the discretion of a judge who may lack intimate knowledge of your family dynamics.

    Moreover, a complete Kids Protection Plan goes beyond long-term guardianship appointments. It includes a detailed roadmap for the management of your assets on behalf of your children, specifying how funds should be allocated for their upbringing, education, and other needs. By setting clear guidelines, you mitigate the risk of financial mismanagement and ensure that your children’s inheritance serves its intended purpose: supporting their growth and development.

    Leave Behind Detailed Instructions

    Naming legal guardians is just the first step. Your Kids Protection Plan won’t do much good if the people named in it aren’t aware of your plan or your wishes. You want to make sure your children’s guardians know your desires for their upbringing. Some things to include might be:

    • Faith and religious practices
    • Philosophy on education and where you’d want them to go to school
    • Activities you’d want your children involved in
    • Nutrition, medical care, or any other health considerations

    I make sure that everyone named in your plan is informed of what to do if the unthinkable happens to you. If you’re working with me, I’ll be there to guide them each step of the way. 

    Planning for the Future

    We understand the gravity of planning for your children’s future. That’s why we offer personalized Life & Legacy Planning Sessions designed to consider your family dynamics and assets, and then help you choose the right planning package and fees to safeguard and protect what matters to you most.

    Whether you’re a new parent or revisiting your estate plan, our team is here to provide the guidance and expertise you need to secure your family’s future for generations to come. Schedule a complimentary 15-minute call to learn more about our unique Life & Legacy Planning process. During your complimentary 15-minute call, we’ll explore your current arrangements and identify any gaps that may leave your children vulnerable.

    Don’t leave your children’s future to chance. Take the first step toward peace of mind and lasting security. After all, your children deserve nothing less than the assurance that they’ll be cared for and cherished, no matter what the future holds.

    Schedule a complimentary 15-minute call to get started.

    This article is a service of Jeannette Marsala, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life and Legacy Planning Session.

  • Want to Show Your Partner How Much You Love Them? Put Them In Your Will

    Want to Show Your Partner How Much You Love Them? Put Them In Your Will

    Love is undoubtedly the most profound and cherished thread that weaves us all together, and there are many different ways to express our love to the people who mean the most to us. Often when we think of showing our love, we think of bouquets of flowers, surprise gifts, and meaningful notes. But an often overlooked – and incredibly meaningful – way of showing your love is to put that love into a plan for the future. 

    While estate planning may seem like a realm of financial jargon and legalities, it is, at its core, a tangible expression of your care for those closest to you (that’s why I refer to estate planning as Life & Legacy Planning).

    In this blog, we’ll look at why adding your partner to your will and estate plan as a whole isn’t just a romantic gesture but the ultimate act of love.

    Providing Care and Protection

    Estate planning is typically associated with financial matters and legal technicalities, but at its core, it’s an expression of love for those we hold dear. It’s about not leaving a mess for the people you love. It’s about providing comfort and security to your loved ones long after you’re gone. And when you include your partner in your estate plan, you’re solidifying the foundation of your love and commitment, ensuring they’re cared for when you can no longer be there in person.

    One of the most tangible ways to demonstrate your love is by securing your partner’s legal and financial future through thoughtful estate planning, but not just any old estate planning — in our book, it needs to be “Life & Legacy Planning” so you know you have a “plan that works to keep your family out of court and out of conflict.”

    While a will, trust, and other estate planning documents are valuable, if they’re not properly counseled, regularly updated, and combined with additional planning tools such as a Kids Protection Plan, if you have minor children, and a Family Wealth Inventory plus Legacy Interviews to capture your tangible and non-tangible assets, your loved ones could be left with an expensive mess.

    If you’re married, your spouse already has some rights in the event of your incapacity or death, but that doesn’t mean they have automatic access to your accounts, or even to make your health care decisions for you the way you would want. If you’re not married, your unmarried partner or partners would have no rights to anything in the event of your death or incapacity. Truly the greatest gift you can give your beloved is a Life & Legacy Plan.

    Avoiding Legal Complications

    Love conquers many things, but we have to acknowledge that legal matters often require a bit more than just sentiment. Without a well-counseled, prepared, and updated Life & Legacy Plan, your partner might find themselves entangled in legal complications when it comes to inheriting assets if something happens to you. In fact, if you and your partner aren’t married, they won’t inherit anything at all!

    That’s because the law that controls what happens to your assets if you die without a plan is written with married couples in mind. That means that anyone you love who isn’t married to you or directly related to you through blood will be left with nothing when you die or if you become incapacitated, unless you plan in advance. 

    By including your partner in your will and overall Life & Legacy Plan, you get to ensure they’ll receive what you would want them to in the event of your loss and spare them the stress of navigating legal intricacies during an already emotionally trying time.

    Protecting The Life You Built Together

    Maybe the institution of marriage isn’t your thing or you and your partner are putting off marriage plans for the time being. Nonetheless, having a plan in place isn’t something you want to put off until you’re older. Chances are good that you’ve already begun to build a life together that’s worth protecting.

    Whether it’s the charming house you turned into a home or the vintage car you spent countless road trips in, shared assets are more than just possessions – they’re a part of your shared history. Including your partner in your estate plan ensures that these shared treasures are passed on smoothly, preserving the memories you built together.

    If you have children with your partner, Life & Legacy Planning takes on an even greater significance. If your partner isn’t biologically related to your children and hasn’t legally adopted them, there’s no legal guarantee that your partner would be able to care for your children or even visit them if something happens to you.

    Creating a Kids Protection Plan for your kids in your estate plan is an act of profound love and responsibility. By ensuring your partner has legal authority in matters of your children’s well-being, you’re displaying a commitment to everyone’s future happiness and security.

    Helping You Show The One You Love Just How Much You Care

    Love binds us together – but proper estate planning, and specifically Life & Legacy Planning, puts the love you have for your partner and your family into action. It’s not just about assets and legalities; it’s a declaration of your commitment and a promise to provide for your loved one even when you’re no longer physically present. 

    After all, in matters of the heart, there’s no gesture more profound than securing a future together.

    If you want to show your partner just how much you love them, contact us today to learn more about our Life & Legacy Planning process to get started. 

    Schedule a complimentary 15-minute call with us.

    This article is a service of Jeannette Marsala, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life and Legacy Planning Session and mention this article to find out how to get this $750 session at no charge.

  • Help Your Parents Avoid These New Financial Scams – Part 2

    Help Your Parents Avoid These New Financial Scams – Part 2

    In part one of this series, we explored two popular scams that are targeting older adults this year: the grandparent scam and cryptocurrency pickpocketing. In this week’s blog, I’m sharing two more scams that you and your parents need to be aware of, plus tips for staying protected.

    Let’s dive in.

    03 | PERSONALIZED PHISHING EMAILS

    Imagine opening your inbox to an urgent email from a seemingly legitimate source – perhaps your bank, a popular online retailer, or even a social media platform. The message claims there has been suspicious activity on your account and urges you to click a link or provide sensitive information to verify your identity. This is the classic phishing email – a crafty attempt to deceive you into revealing your personal data.

    Phishing has been around since email became mainstream, but what has changed is the depth to which scammers feign legitimacy. Even if you or your parents are familiar with phishing email schemes, new approaches and advances in technology are making it harder than ever to detect a phishing email.

    Same Scammers, New Tricks

    Phishers often pose as trusted entities such as banks, governments, or department stores. But in recent years, phishers have been sending their victims more personalized emails to trick them into thinking the message is from someone the victim personally knows or is personally connected with. The email will address the victim by name and may appear to come from a friend, co-worker, or supervisor. It may even contain a legitimate-looking email domain, signature, or logo.

    The email will usually claim that there is a time-sensitive matter that needs to be addressed, such as a gift that needs to be purchased for a co-worker’s birthday or important client, and asks the victim to purchase the gift via online gift cards, PayPal, or crypto.

    For example, you may see an email that reads:

    “Hi Jim, this is Mr. Boss. I’m going to be in meetings all day today but I need to send a gift to our new client right away. Please purchase a $200 gift card on Amazon and send it to this email address. I will then forward it to our client.” 

    Some phishers will pose as banks, lending agencies, or debt relief programs and claim that you have been approved for special credit or financial assistance. In the aftermath of the COVID-19 pandemic, student loan pause, and hurricane season, you may have seen an email like this:

    “Hi Aaron, it’s Gav with Hardship Relief Program. We tried reaching you at your home and did not hear back… I’m not sure if you’ve spoken to an assigned agent yet, but I do see that you’re pre-approved for our Hardship Program. So, what I’m going to do is keep this in a pending status. Please give me a call between the hours of 8 AM and 10 AM EST to go over the details. My number is 555-886-3424.” 

    Identifying Scams: It’s All In The Details

    Before you respond to any kind of email requesting a phone call, consider whether the sender’s request seems legitimate. Did you actually open an account or fill out an application? Is it normal for your boss to email you about important requests? 

    Always scrutinize the sender’s email address, even if it looks legitimate, by hovering your cursor over the email address to reveal its true origin. Avoid clicking on suspicious links, and never share personal information via email, no matter how professional the sender’s email appears. 

    Check the email and “from address” for typos, and verify the information provided by the sender, such as the company name and phone number, by searching for it online. When in doubt, contact the company directly through official channels to confirm the authenticity of the message.

    04 | THE ONLINE OVERPAYMENT SCAM

    In the world of online buying and selling sites like Etsy, Facebook Marketplace, Poshmark, and Craigslist, scammers are increasing their attacks and their success by preying on the good conscience of other people. 

    In the overpayment scam, the fraudster contacts the victim pretending to be interested in purchasing an item the victim has listed for sale online. The scammer offers to purchase your item, usually at an inflated price and appears to make a payment that’s higher than the agreed-upon amount.

    The scammer then requests that you refund the excess amount they “accidentally” sent, and will usually act panicked, upset, and harried. The scammer may even threaten to report the victim to the police for “stealing” the scammer’s money.

    But here’s where the twist comes in: the overpayment sent by the scammer was actually fake – a fraudulent check or a forged payment confirmation email that made it seem like you received funds when in fact the scammer didn’t send anything at all. When you refund the overpaid amount, you’re essentially giving away your legitimate money, and by the time the scam is realized, the scammer has disappeared into the digital abyss.

    To protect yourself and your parents from this sinister scam:

    • Always require online buyers to pay through traceable means, such as PayPal, Cash App, or Venmo. 
    • Avoid sending and receiving money from strangers through non-refundable money transfer services like Zelle.
    • Never accept more money than the purchase price.
    • If the buyer wants a refund, verify that you actually received the funds by logging into your payment servicer account and checking your balance there. Do not rely on a confirmation email which can be easily faked, especially if your payment account doesn’t show any payment received. 

    Preserving Your Assets and Protecting Your Loved Ones

    Staying on top of constantly changing financial scams can feel overwhelming, but with the right knowledge and tools, you can help keep yourself and your aging parents safe from the financial and emotional harm scams cause. 

    We’re available to help guide a discussion with you and your parents about your financial well-being as part of your estate plan, including how to catalog their assets and how to make it as easy as possible for you to help each other in the case of an emergency or scam attempt.

    If you want to know more about how we can help you and your family, call me today at (650) 600-1735. It would be my honor to look after your family’s plans now and for years to come. 

    This article is a service of Jeannette Marsala, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

  • Can You Rely on Legal Insurance for Your Estate Plan?

    Can You Rely on Legal Insurance for Your Estate Plan?

    As the need for affordable legal services becomes even more important in today’s world, it’s common to opt for group legal insurance offered through your workplace benefits. These group insurance plans provide free legal assistance for a variety of needs from law firms that have contracted with the insurance company to provide the legal work.

    While group legal insurance might seem like an easy option to save on your family’s legal needs, it’s often inadequate for creating the kind of estate plan you really need to protect your assets, your choices, and your loved ones. In fact – the type of estate plan, will, or trust created through legal insurance programs could leave your family with a big mess.

    Here are the reasons why estate planning for your family demands a heart-centered, counseling-oriented approach and guidance beyond the scope of your group legal insurance coverage. I’ll help you understand the potential pitfalls of using group legal insurance for estate planning and share suitable alternatives to ensure your assets are properly protected and that your loved ones are left with a legacy of love, and not a big mess.

    One Size Doesn’t Fit All

    When it comes to estate planning, if you have people you love and assets you care about, there is no such thing as a one-size-fits-all plan that works for you and your family. While there are almost always at least, and sometimes 4 key documents in a standard estate plan–a will, trust, health care directive, and power of attorney–there are additional pieces of planning that are quite important for your family, depending on the specifics of your family dynamics and the nature of your assets, to ensure that your plan actually will work when your family needs it. Not to mention the content of these 4 documents must be specifically tailored to meet the unique needs of your family.

    Each person and each family has unique circumstances that require custom planning to ensure their plan works the way you want it to. Your financial, medical, and personal needs must be taken into account to craft a comprehensive plan that will serve you now and pass on your assets in the best way after you’re gone, all while ensuring the best use of your resources during your life. 

    Your group legal insurance plan may have the 4 key documents of an estate plan, but a generic set of planning documents is unlikely to work for you the way you want, and will almost certainly guarantee your family will end up lost and confused when something actually happens to you, and your family needs the support of the plan you created to guide them. 

    To create a plan that will truly work for you and your family, your planning process needs to begin with an evaluation of your assets and family dynamics and needs to educate you about the application of the law to your specific situation. This is why we don’t have a one-size-fits-all solution, but instead begin our planning with you looking holistically at everything you have, everyone you love, and what you desire for the people you love.  

    The type of cookie-cutter estate plan you’re likely to receive through your group legal insurance simply won’t include the kind of comprehensive considerations and counseling necessary to deliver a plan that will serve you and your loved ones in the way you would want while keeping your family out of court and conflict.

    Legal Insurance Nickel and Dimes

    Many group legal insurance plans boast free legal services after your deductible is paid, but what isn’t revealed is the limit of the coverage that’s covered for free.

    Only certain types of legal services are covered under group legal insurance plans. Estate planning is frequently covered, but the kind of plan you will receive is a mere set of documents, similar to what you could create yourself online, and not a customized, well-counseled plan that will be sure to work when your family needs it.

    Plus, some items that are essential to the creation of your plan, like notary stamps or fees to file documents with the state, aren’t included in the covered service and are instead charged to you as an extra expense.

    More importantly, most legal insurance plans have limits to the amount of claims you can file for each type of service each year. For example, you may only be covered to create a will once a year, but won’t be covered if you need to update your estate plan mid-year if circumstances change or someone dies. Estate planning isn’t something you do once, as your life will change, your assets will change, and the law will change. A legal insurance covered plan won’t keep up with those changes, so you may receive documents, but those documents aren’t likely to be what your family needs when something happens to you.

    You Need a Heart-Centered, Counseling-Based Planning Approach

    Creating an estate plan isn’t just about a will or a trust or passing on your money after you’ve died. It’s about making wise decisions about the use of your resources throughout your life, leaving your assets in a way that creates a legacy, not a mess, and creating the best reality possible for yourself and your loved ones. 

    I take a holistic approach to serving you by working closely with you and your family to understand what matters to you, your family’s dynamics and values, and the aspirations you have for your family as a whole. Then I review and consider all of your assets, including the intangible assets often left out of planning. Then together we create a truly personalized plan that takes into account every aspect of your family’s well-being for the near and long-term

    What’s more, your needs and your family’s needs will change over time. You’ll buy new assets and sell others. You may have another child, or become a grandparent. Your son may start a business or your sister may develop a disability.

    That’s why it’s crucial to coordinate your estate plan with the circumstances of your loved ones so that your wishes are honored and your assets are protected no matter how their situation changes over time.

    To do this, I look at how your wishes and the circumstances of your loved ones intersect and can provide you with personalized guidance at any stage in life’s journey.

    In addition, our planning process includes creating an inventory of all of your assets and we review your entire plan, including all of your decisions and your asset inventory for free every three years to make sure the plan we created for you will continue to serve you and your family in the way you intended. By doing this, we can identify any areas of your plan that need to be changed and any new assets that need to be coordinated into your plan.

    Legal Insurance Plans Lack Long-Term Considerations

    Estate planning is a journey that spans a lifetime. As your finances, needs, and wishes evolve over time, your estate plan must adapt accordingly. Relying solely on group legal insurance won’t provide the ongoing support and guidance needed to address changing circumstances over the years. 

    Under group legal insurance, your choice of attorneys is limited to the firms that have contracts with the insurance company, and there is no guarantee that the attorney you worked with this year will be available to help with changes to your plan next year.

    Your children will grow into adults. That means you’ll lose your ability to make decisions for them unless you update your estate plan to nominate a permanent guardian or power of attorney for them. We can help with that.

    You may wish to leave your house to your daughter but you worry about the longevity of her marriage. We’ll help you look at all of these considerations as part of our planning with you now and as they come up in the years that follow.

    Time-sensitive changes to your plan that are needed as a result of a sudden emergency or death in the family may be impossible to carry out when using an attorney through group legal insurance. Instead, you want to work with an attorney who knows your family’s story and can pick up right where you left off, allowing them to quickly and effectively address any needed changes to your plan with just a phone call.

    Trusted Expertise in Estate Planning

    While group legal insurance may seem like the ultimate way to protect your loved one’s future legal needs and your family’s wallet, sadly, the services available through these group insurance plans simply aren’t comprehensive enough to ensure you and your family get the support and guidance they need and deserve.

    Instead, it’s crucial to work with an experienced estate planning attorney who gets to know your family on a personal level and can guide you every step of the way.

    Your estate planning journey deserves personalized attention, compassionate understanding, and unwavering dedication. That’s why I have dedicated my practice to using a form of estate planning we call Life & Legacy Planning, allowing me to guide you skillfully through the decision-making process while looking ahead to proactively avoid issues in the future. 

    If you want to make sure your loved ones are always cared for no matter what the future holds, call me at (650) 600-1735 and I’ll share all the details of our Family Wealth Planning Session, which kicks off our Life & Legacy Planning process. 

    This article is a service of Jeannette Marsala, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

  • Don’t Send Your Kids Back to School Without These Documents

    Don’t Send Your Kids Back to School Without These Documents

    As summer comes to a close and back-to-school excitement fills the air, there’s one crucial task that’s often overlooked: designating legal guardians for your minor children. Legal guardians are the individuals you entrust with the care of your children if, for any reason, you’re unable to do so yourself. 

    In the hustle of back-to-school shopping and end-of-season summer fun, it might seem like naming legal guardians for your kids is a low priority, but nothing could be farther from the truth. 

    As kids return to school, they’ll spend most of their day in the care of other people – their teachers, coaches, and babysitters. That means that your children will spend most of their time with people who don’t have any legal authority to take care of them for more than a brief time in the event you’re in an accident or can’t be reached for any reason. 

    And, if your kids are going off to college, you’ll no longer be able to make decisions for them or have access to their medical records in an emergency unless your adult kids create powers of attorney and health care directives.

    Don’t Rely on Informal Agreements

    They say it takes a village to raise a child, and as parents, you usually have a network of friends or family you feel you can rely on to step in and care for your child if needed. But it’s essential not to rely solely on informal arrangements with relatives or friends to care for your kids if you can’t. 

    Whether you’re unconscious in the hospital or have passed away, there’s a chance your child could be taken into protective custody by social services until you recover or until a permanent arrangement can be made. 

    But here’s the thing, the person who ends up taking your child may not be someone your child knows or loves, but a complete stranger in the foster care system. Or, maybe even worse, that person could be someone you never want to raise your kids but who is appointed anyway by a well-meaning court system that doesn’t know what you would want or how you would want your children to be raised.

    In addition, if you don’t name legal guardians for your kids, you risk creating conflict among family members who want to care for your children and may subject your loved ones to a lengthy and costly court process—an unnecessary burden that can easily be avoided. In fact, not naming more than one guardian is one of the most common mistakes people make when choosing a guardian for their kids.

    You know your child and your family better than anyone else, and you know who would be the best fit for raising your child if something happened to you. But unfortunately, unless you document your choice of guardian in advance, the decision of who would raise your child if you can’t is ultimately left to a judge who doesn’t know you or your family dynamics.

    Instead, naming short-term and long-term guardians for your kids ensures they’re always cared for by people you know and trust. 

    And, if your kids are off at college, you cannot rely on the fact that you know they’d want you to have access to their medical records and financial accounts if something happened to them. The hospital or banks need official legal documents for you to get access if needed. That’s why we provide all of our client families with young adult planning documents for kids away at college.

    Comprehensive Protection for Your Child

    To make sure your kids are always protected and cared for by people you trust, it’s essential to create a comprehensive Kids Protection Plan. Every Kids Protection Plan enables you to name short-term temporary guardians who have immediate authority to care for your children in an emergency and long-term permanent guardians who can raise your children if you’re no longer able.  

    My Kids Protection Plan also equips you with emergency ID cards that contain instructions for first responders to contact your child’s guardian if you’re in an accident so they can travel to be with your child right away. Plus, all caregivers, like babysitters and nannies, are provided with precise instructions on how to reach your short and long-term guardians, and that everyone involved in your plan has the necessary legal documents on hand to ensure a smooth process if the need for a guardian arises. 

    In this way, not only have you legally named guardians for your kids, but you’ve created an entire safety plan to ensure they’re always cared for in the way you’d want in any situation.

    And for your college-bound kids, it means having young adult planning documents in place like powers of attorney and health care directives that allow you to access your kids’ accounts or make medical decisions for them if they become incapacitated by an illness or injury. 

    A Thoughtful Approach for Your Peace of Mind

    We’re dedicated to securing the well-being of your children under all circumstances. As the back-to-school season approaches, don’t overlook this essential homework for parents – naming legal guardians and creating your own Kids Protection Plan. 

    The first step is to go through our unique planning process to choose the right plan for you, your kids, and everyone you love. We begin with a Family Wealth Planning Session. During the session, I get to know your family on a personal level to understand your family dynamics and your assets. I’ll share the law with you, and together we’ll look at exactly what would happen to your assets and your loved ones if something happened to you right now.

    From there, we choose the right plan for you – at the right budget and that achieves your personal objectives – based on the specifics of your family situation. This ensures your kids and family are cared for and protected no matter what happens, so you can embrace the excitement of this new academic year with peace of mind.

    To learn more and get started with your own Family Wealth Planning Session, get in touch with me at (650) 600-1735. I can’t wait to serve you.

    This article is a service of Jeannette Marsala, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

  • Why “Just a Will” Is Never Enough

    Why “Just a Will” Is Never Enough

    When you think of estate planning, a will is usually the first thing that comes to mind. In fact, most people who contact me tell me they don’t need anything complicated for their estate- just a will. Indeed, wills have a reputation as the number one estate planning tool and can be seen all over TV shows and movies, from the dramatic “reading of the will” (which rarely happens in real life) to characters plotting how best to defraud their billionaire uncle’s will in order to inherit his lavish estate.

    But although wills are a key part of your estate plan – and a big part of the movies – relying on a will alone won’t solve your estate planning needs – no matter what Hollywood says. Instead, using just a will to plan your final wishes is likely to leave your loved ones with an expensive mess that won’t distribute your assets in the way you intended.  

    What’s more, a will alone won’t ensure that you’re taken care of in the event of incapacity, and contrary to what you might think, relying on only a will actually guarantees that your family will need to go to court when you die.

    If you don’t want to leave your family with a mess if something happens to you, it’s important to know how a will works and when it can be used to benefit you and your family. 

    What Exactly Is a Will and How Does it Work?

    A will is a written document that directs how the creator of the will wants their possessions disposed of after their death. The creator of the will is called the testator or testatrix. In your will you can name someone you trust to manage the distribution of your assets, called your personal representative or executor. You can also write out what you want to have happen to your property, what charitable gifts you want to make, and who will receive them.

    A will can be a complex document or a very simple document. You can even write your will on a napkin if you really want to!

    With that said, a will isn’t a legally binding document unless it’s executed according to the laws of the state where you reside. In general, you need to sign your will in front of a witness, and sometimes a notary. 

    Some states have laws that allow you to create a will that isn’t witnessed at all so long as it is handwritten by the testator themselves. But because every state has different laws for the creation of a will, it’s important to consult with an experienced estate planning attorney (like me) to create your will rather than trying to write your own.

    A Will Requires Probate Court

    One of the biggest estate planning myths I hear from clients is the belief that by having a will, their loved ones won’t need to go to court after they die.

    This is sadly the opposite of the truth.

    If you use only a will as your main method of estate planning, you are actually guaranteeing that your loved ones will go to court after you die because a will is required by law to go through the court system called probate before any of your assets can be distributed. In fact, a will is only effective within the probate court.

    Once your will is admitted to the court after your death, your personal representative or executor will be given official authority to move your assets under the court’s supervision. This ensures your property is distributed according to your wishes and that the court can intervene if there are any disputes over who gets what.

    While court oversight can be helpful if there is any confusion or disagreement about your estate, the probate process is long and expensive. For very small estates, the process may take about 6 months, but for most estates, the process can take 12 – 18 months or sometimes even more. 

    Due to the length and complexity of the process, going through probate can easily cost your family tens of thousands of dollars. Some states even require that probate cost a certain percentage of your estate’s value.

    In addition, because probate is a public court proceeding, your will becomes part of the public record upon your death, allowing everyone to see the contents of your estate, who your beneficiaries are, and what they’ll receive. Unfortunately, it’s not uncommon for scammers to use this information to try to take advantage of young or vulnerable beneficiaries who just inherited money from you.

    A Will Does Not Apply to All of Your Assets or All of Your Needs

    Although movies make it seem like you can and should leave all your property to your loved ones through your will, a will actually only covers certain items of your property, including any property owned solely in your name and any property that doesn’t have a beneficiary designation.

    A will doesn’t cover property co-owned by you with others listed as joint tenants or owned as marital property, meaning you can only give away your share of any property you own with others, not the entire property.

    Any assets that have a beneficiary designation, like retirement accounts or life insurance, aren’t controlled by your will at all but will instead be paid out to the person listed as your beneficiary on each account. Because of this, it’s especially important to make sure your account beneficiaries are up to date.

    In addition, a will has no power until you die, so you can’t use it to give someone you trust the power to make decisions for you if you’re incapacitated due to illness or injury. Even if you named someone in your will to manage your estate or watch over your children, that person will have no authority to do so while you’re alive. 

    Don’t Just Get a Will, Get an Estate Plan

    With all the issues that using a will for estate planning can create, you might be wondering why a will is even used at all. The thing is, a will isn’t the one-and-done solution that most people are led to believe by TV shows and even some lawyers.

    Instead, a will should be used as a piece of your overall estate plan, not as the entire plan itself.  And ideally, your will shouldn’t even need to be used at all. 

    How can that be? Well, an estate plan isn’t just one or two documents – it’s a range of tools and coordinated planning that makes sure everything and everyone you love is taken care of.

    And by using better tools like a trust instead of a will as your main tool for estate planning, you can direct what happens to your property while avoiding probate court entirely and ensuring the people you trust can step in and manage your assets immediately if you become incapacitated because of an illness or injury. 

    In addition, any assets you put in the name of your trust are entirely private, meaning the court and the public will never know what you own or who will inherit it after you’re gone. 

    When using a trust-based estate plan, you’ll still have a will, but your will should only need to serve as a backup and safety net to make sure that any assets that are accidentally left out of your trust at your death are added back into your trust.

    And, even more important than both a will and a trust, is an inventory of your assets so your family knows what you have, where it is, and how to find it when you become incapacitated or die. Without an inventory of your assets, your family will be literally lost when something happens to you. A comprehensive inventory updated throughout your lifetime is a critical, and often overlooked, piece of an estate plan that is not “just a will.”

    If you’re ready to see how having an estate plan for your family is different than having “just a will,” schedule your Family Wealth Planning Session today. During the session, we’ll review an inventory of everything you have and everyone you love, and together look at what would happen to your possessions and loved ones when something does happen. Then I’ll help you develop a plan to make sure your loved ones are taken care of when you can’t be there and that your plan works for you, and for them, exactly as you want it – at your budget and within your desires. 

    Most importantly, I don’t just create documents. I guide you and your family through every step of the process, now and at the time of your passing. I even help all of my clients pass on something more valuable than their money – their values, stories, and wisdom – through a Family Legacy Interview.

    To get clear on what you really do need for yourself and the people you love, call (650) 600-1735 so you can get on the road to your Family Wealth Planning Session today.

    This article is a service of Jeannette Marsala, Personal Family Lawyer. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session, during which you’ll get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

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