Year: 2022

When Is the Right Time to Go Over Your Parents’ Will?

Posted by Ty Ketlinski on December 27, 2022

Estate planners often face a question that is hard to answer. Many people with elderly parents have no idea if their parents have a will and if they should ask about it. According to Legal Zoom, about 30% of people don’t know if their parents have a will. Estate planners recommend that you find the time to sit down with your parents and discuss it. Of course, the next question is, when is the right time to talk about it? Here are some suggestions.

When You Become More Responsible With Caring for Your Parents

Talking to your parents about their will is less about learning what they plan to leave you and more about their overall plans. Most estate planners that help people create a will also create other documents for them simultaneously. Documents like a health care power of attorney are often drawn up, which you need to be aware of.

During a Casual Conversation

There is never really a good time to blurt out questions about a will. It’s much better to bring it up during a conversation by using an example like, “I met with my estate planners, and they helped me to write my will. Is that something you’ve done?” By easing into the conversation, you won’t put your parents on the defense. Sharing a story about your own experience will open the door to asking questions.

Not After a Crisis Has Happened

The worst possible time to ask about a will is during a crisis. It’d be best if you had a conversation before something unexpected happened. Inquiring about a will after a medical emergency can be viewed as crass behavior by your parents and other family members.

Asking your parents about their will and other estate planning can be uncomfortable, but you should talk about it. You can take the stress out of the situation by being a good listener and doing your best to accept their plans. It’s far better to deal with the discomfort of having a conversation than to find out they didn’t plan their estate.

Learn more about estate planning and how to speak to your parents about planning their estate by connecting with professional estate planners. Get in touch with our team at Ketlinski Law Office to start planning your will now.

What’s the Difference Between Wills and Living Trusts?

Posted by Ty Ketlinski on October 25, 2022

There are key differences between wills and living trusts. For the 40% to 50% of people that don’t have wills, according to Legal Zoom, it can be difficult to understand the difference between living trusts and wills. Below are some differences that can help you decide which is best for you and your family.

Wills Are for After You Pass Away

With a will, your assets are distributed according to your wishes after you pass. With a living trust, your assets can be distributed while alive or after you die. Many wills are written with the help of family and a family lawyer and are important at any age, especially if you’re married with children.

A Living Trust May Avoid Probate

Probate is the legal process of distributing a person’s assets after they pass. If you have a will, your assets will go through probate, which can be costly and time-consuming. A living trust can help avoid probate because the assets in the trust bypass probate court. Unfortunately, many families that depend on inheritances are unaware of the probate process and how it can delay access to assets.

You May Need a Will if You Have Minor Children

If you have minor children, you’ll want to appoint a guardian in your will, which is the person who will care for your children if something happens to you. Without a will, the court will decide who will care for your children. Wills are important to prepare for an accident or other unexpected reasons for passing while your children are young. Many parents put off creating a will because they don’t want to think about passing, however, it’s one of the most important things you can do for your children.

A Living Trust May Help You Qualify for Medicaid

If you’re over the age of 65 or have a disability, you may need long-term care. This care can be expensive, so it’s helpful if you qualify for Medicaid. If you have a will, your assets may not be available to help you pay for long-term care. However, if you have a living trust, your assets can be used to help pay for long-term care without affecting your eligibility for Medicaid.

These are just some of the many differences between wills and living trusts. Speak to a family lawyer, like us at Ketlinski Law Office, for more information on which choice is best for you and how these legal documents can help you and your family prepare for end-of-life planning.

What Does an Estate Planner Do?

Posted by Ty Ketlinski on August 23, 2022

One of the most difficult realities of life is death. But it’s a topic we must confront. Preparation for passing not only gives folks peace of mind in the sunset years but also ensures that their legacy lives on after they’re gone. An estate planner is crucial in ensuring that there’s a proper transition of ownership of assets after you’re gone. According to LegalZoom, only 18% of Americans ages 55 and above have an exit plan such as a will, advance healthcare directive, or even durable power of attorney. Here’s why you should consider an estate planner to assist you with this process.

Distribution of Assets

One of the main duties of an estate planner is to determine how an individual’s assets will be preserved, managed, and distributed after their death or in the event they become incapacitated. Planning for this ensures that there’s a peaceful transition after their death. Failure to use an estate planner might lead to fights, misunderstandings, and even the failure of your estates. Instead of letting your offspring and interested parties fight for your estates, it’s wise to engage the services of an estate planner to ensure that there’s peace in the family after you’re gone.

Setting Up Trusts and Charitable Donations

Another duty of an estate planner is to set up trusts and charitable donations. You may want to put money into trusts or charitable organizations that benefit humanity. Charity donations also limit your taxes. You also should name executors and beneficiaries. An estate manager can also help you set up funeral arrangements if you don’t want to burden loved ones with funeral expenses.

Custody of Children

If you have children who are not of legal age to stay on their own, the estate manager can help you decide on who will be their guardian until they’re of legal age to move out. You can set up trust funds to ensure that your children are well taken care of in every stage of their lives. The estate planner can help guarantee that your children feel your warmth even after you’re gone.

From writing a will to finding proper ways of managing your property, an estate planner is important in ensuring that your family is comfortable after your passing. Death is a hard thing but a reality for everyone. It’s prudent for everyone to prepare for it by engaging an estate planner. Contact Ketlinksi Law Office to learn more today.

Why Do You Need a Will?

Posted by Ty Ketlinski on June 13, 2022

A will is a legally binding document that dictates who inherits your estate and how an estate planning lawyer divides it. It is a legal contract that ensures your loved ones are acting per your wishes regarding your property in the event of death. Thus, a will is a critical element of estate planning. According to Caring.com, many people between 18 to 34 years are more likely to have a will compared to people ranging from 35 to 54 years in 2021 for the first time. The following explains why you need to have a will.

A Will Speeds Up the Probate Process

When you die without a will, it can cause problems for the family members you leave behind. Without a will, your state presumes that you want to leave everything to your closest living relative, which means your spouse. If there is no surviving spouse or children, everything goes to the parents. If there is no one in your immediate family, then the next generation of children inherit everything. This process can take several months, if not years, and requires court appearances and formal paperwork. With the help of an estate planning lawyer, a will takes care of this problem.

A Will Provides Trustworthy Record Keeping

The will becomes a legal document when you work with an estate planning lawyer to write it. That means that your loved ones inherit less if they cannot prove that you did leave them everything. The probate process can be time-consuming and complicated when finding paperwork, even if the lawyer does not have any reason to suspect anything is wrong. Having a will prevents a long search for documents and allows your loved one to follow your wishes without trouble.

A Will Protects Your Loved Ones

There are several possible outcomes of dying without a will. One possibility is that your estate could be divided into smaller parts for your family. This means that each person could receive less than what they would have if you had left them money in your will. Protecting them from getting less than they deserve is another reason you need a will.

There are many reasons why you need a will. Primarily, making a will gives you peace of mind legally. It helps you split up your assets and gives your loved ones inheritances once you are gone. The document ensures that your property goes to the people or organizations of your choice when you can no longer make those decisions. If you are embarking on writing your will, contact us today. We can provide you with estate planning lawyer services to help you with this.

5 Important Reasons Why You Need Estate Planning Services

Posted by Ty Ketlinski on March 1, 2022

If you have any assets, you want to have control over what happens to them when you die. This is why estate planning is so important. By working with a lawyer and creating a plan ahead of time, you can do as much as possible to make sure your wishes are carried out. In fact, LegalZoom states that 77% of American adults believe estate planning is important, no matter how much money you have. Here are five reasons why you need estate planning services.

Protect Your Loved Ones

If you have family relying on you for financial support, you want to be sure they’ll be safe when you’re gone. Estate planning allows you to put a legal plan into action to ensure this happens. Your lawyer can help you decide on the best option.

Avoid Extra Taxes

There’s a chance that some of your assets will be taken as taxes. However, there are ways to make sure that you don’t pay more than you have to. Estate planning services can help you figure out your tax responsibilities. This will allow your loved ones to keep more of your assets, giving them more security.

Reduce Infighting

While there’s always a chance that family members will disagree on what to do, having a will should reduce the amount of infighting that happens. If you have wealth, make sure that your wishes are clear and legally validated. This will give family members clear instructions on how your assets should be divided.

Avoid Probate Court

Probate is the legal process of carrying out a will. If there are any problems with this process, the courts might have to get involved. This is a stressful situation in an already upsetting time for your loved ones. Estate planning can help them avoid this.

Peace of Mind

Estate planning is also a good way to take care of yourself. Once everything is legally settled, you’ll have peace of mind knowing that your wishes will be carried out. From there, you can relax and live the rest of your life without worrying about it too much.

If you haven’t planned out what will happen to your assets when you die, you need to do so. Estate planning services can help you through the legal process and guide you toward the best decisions for you and your loved ones. So make sure you hire someone and start the process.