October is National Estate Planning Awareness month!
As the leaves begin to turn brilliant shades of red, yellow and orange before falling off the Autumn trees, I wonder if this month was chosen intentionally as a poetic analogy to the reason estate planning exists. While the trees cannot prepare the grass or pavement below them to better receive the leaves, the dying of the leaves nevertheless foster the growth of future life. Or perhaps October is estate planning month because of all the Halloween movies that start with the inheritance of a haunted house.
How do you want to plan your legacy? If you have no estate plan in place, be aware that the legislature has already decided what happens to all your probate property after you die and this may not be what you would have chosen. If you have a will, know that distribution of your probate property must still go through probate court which has some significant downsides.
Revocable living trusts are often chosen as the smoothest transition to children or other heirs, especially when real estate is involved. However, with careful analysis, a will combined with beneficiary transfers and a power of attorney may be able to accomplish your goals.
It is also crucial to remember those health care directives when completing your plan.
Whether you want to require your nephew to stay one night in your haunted house before he inherits the family fortune or you simply want to make things easy for your heirs, now is a great time to discuss your personal estate plan with an experienced professional. MGM Law Firm offers free consultations during which we can discuss what options work best for your situation. Click HERE for our law firm’s COVID-19 precautions.