How to Avoid Estate Planning Mistakes

You’ve sat down with an attorney, thought through any important decisions and created estate planning documents. You think you’re set for life, but you’re not. While creating estate planning documents is a great first step to financial and legacy planning, your plan is only as secure as it’s written. Avoid common estate planning mistakes by checking all the boxes beyond simply creating documents.

1. Update your documents

Not updating documents is one common estate planning mistake. You should update your estate plan every few years, especially if you’ve experienced any big life changes, such as:

• Marriage or divorce
• Having a child
• Gaining or losing a significant amount of funds

 

Updating your documents accordingly enables you to accurately reflect your wishes and take care of what matters most to you.

2. Double check beneficiaries

Beneficiary designations trip people up often. A beneficiary is a person who you list to receive an asset when you die. You designate a beneficiary on many documents, including life insurance forms and retirement accounts. Using beneficiary designations is important, but make sure you don’t designate a beneficiary on an asset, then list the asset in your will as going to someone else. The person who you listed as a beneficiary will receive the asset. However, the person you listed in your will won’t because beneficiary designations always take priority. Double check your designations to correctly reflect your wishes.

3. Don’t assume the best of people

While you like to think the best of your family and friends, sometimes they fall short of expectations. That’s especially true if you’re asking a lot of someone. Relying on another person to carry out tasks when you are unable to do them yourself is a key estate planning component. Many documents, including your powers of attorney, require you to name someone to help you if needed. It’s important to talk to each candidate you have in mind for roles in your estate plan. That way, you can see if your people are willing to take on a specific role. If they say no, you then have time to find another willing individual.

It seems as though everyone should say yes at first glance. However, asking someone to potentially be a legal guardian to your minor children or to make financial decisions on your behalf is a big ask. You want to ensure your candidates are up to the challenge.

How can Boyum Law Firm help you?

Boyum Law Firm can help with your estate planning, Medicaid planning and probate law needs. To contact Boyum Law Firm, click here.

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Estate Planning 101: Document Definitions

Estate planning can be a confusing, harrowing process, but having access to the right resources makes it easier. Boyum Law Firm and our blog posts are here to help with quick facts and easy to understand information. In this blog post, we’ll catch you up on the basics by running through estate planning document definitions. Read on to learn more about last wills, living wills, and powers of attorney documents.

Last will and testament

Simply put, you use your last will and testament to state your final wishes, including:

• Naming a legal guardian for any minor children
• Distributing assets
• Naming a personal representative to shepherd your estate through the probate process

 

Everyone should create a last will and testament. Your estate planning attorney can help you decide if supplementing your last will with additional documents, such as a trust, is right for you. Even without extra protection provided by a trust, your last will ultimately helps you convey your last wishes after you die.

Living Will

Unlike your last will and testament, your living will comes into play while you’re alive. You use this document to state your wishes in terms of medical care before an emergency happens. Normally when you go to the doctor, you make health care decisions for yourself. If something happens and you’re no longer able to express your decisions or desires for care, your living will does so for you. Overall, creating a living will enables you to make health care decisions in advance. Hopefully you’ll never need to use your living will, but if you do someday, you can rest assured your wishes are honored.

Powers of Attorney

Similar to a living will, your powers of attorney documents are only used if you’re incapacitated or unable to make decisions for yourself. People create two powers of attorney documents:

1. A medical power of attorney to make medical decisions on your behalf
2. A durable power of attorney to make financial decisions on your behalf

 

You can name the same person to serve in both roles are a separate person for each role. The decision is entirely yours, though you want to ensure you have the right person for both jobs. Someone who you trust, is willing to take on the responsibility, and knows you well is a good candidate for your powers of attorney.

How can Boyum Law Firm help you?

Boyum Law Firm can help with your estate planning, Medicaid planning and probate law needs. To contact Boyum Law Firm, click here.

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Teeing Off – From Golf to Law

Like many people, my first encounter with probate law didn’t come in a law class but with the loss of a loved one. I was a senior in high school when my grandfather passed away — old enough to grasp the pain and confusion the ensuing legal process caused. I remember going to many meetings to sort out his last will and testament. It took a toll on my already mourning family.

Eventually, the experience factored into my founding of Boyum Law Firm. To this day,my favorite part of my job is helping families comprehend and navigate a highly complex and emotionally charged area of the law. Best of all, I help them avoid situations like the one my own family faced. I did not, however, follow a straight path from high school to becoming an attorney. In fact, it wasn’t the law but golf that brought me to Nebraska.

While I had lawyers in the family, including my father, I was taken with golf as a young man. It helped I was good at the sport. After playing throughout high school and college, I toured as a coaching professional. During my time on tour, I saw many great things around the country. At the Nike Tour, Jim Hackenberg, inventor of the Orange Whip, advised me to stop in Omaha.

I did, took a coaching job at a country club, and have been here ever since. I eventually followed my father’s footsteps and became an attorney. Yet, I like to think the years spent coaching helped prepare me for representing folks in a way law school couldn’t. Much like golf, estate planning and elder law issues take patience and a steady hand. Plenty of pitfalls abound, and it’s easy to go astray if you aren’t careful.

These days, I don’t have much time to golf. Between helping my clients and being a new father, I’m busy in and out of the office. I may not tee off as often anymore, but I get to raise a family while doing work I’m passionate about in a great town. That’s plenty to be grateful for.

How can Boyum Law Firm help you?

Boyum Law Firm can help with your estate planning, Medicaid planning and probate law needs. To contact Boyum Law Firm, click here.

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Why Everyone Can Benefit from Creating a Trust

Often times, people think trusts are only for the wealthy. In reality, creating a trust benefits anyone who plans to pass assets down to their heirs. Here’s what you need to know about creating a trust and how a trust can benefit you.

Why create a trust?

Creating a trust provides a variety of benefits. First, having a trust enables your assets to avoid probate. Probate is the process the courts use to settle an individual’s estate when they die. The courts tax assets passing through probate. Since assets placed in a trust don’t pass through probate, they aren’t taxed, meaning your heirs keep more. Additionally, assets passed through probate are kept private. If you don’t want anyone to know what you’re leaving your heirs, a trust is the best route for maintaining privacy.

Who should create a trust?

Anyone who wants to use a trust for the reasons listed above should create one. Additionally, if you plan to pass down assets with any contingencies, consider using a trust. Examples of contingencies include heirs only receiving access to a trust at a certain age or after paying for their education. Addressing concerns and laying out line items are made possible through a trust.

How to create a trust

Creating a trust is as simple as contacting an estate planning attorney, setting up a meeting and making decisions. The making decisions step is typically where things become complicated. Trusts come in many shapes and sizes. From an irrevocable trust where your assets sit until you die to a special needs trust where you can place assets for a special needs child, trust choices are abundant. Your estate planning attorney can advise you on what type of trust is best for you. Where the real decision making comes in is who you’d like to leave what. This step, is of course, entirely up to you. You also have to choose a trustee when creating a trust. A trustee protects and distributes the assets in a trust when the the time comes.

How can Boyum Law Firm help you?

Boyum Law Firm can help with your estate planning, Medicaid planning and probate law needs. To contact Boyum Law Firm, click here.

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The Inter-Generational History of Our Conference Table

At Boyum Law Firm, we strive to help our clients smoothly transition their assets, big and small, to their heirs. After all, we know how valuable family momentous and heirlooms can be.

Take the conference table in our office, for example. The seemingly unimportant table has a long, storied history dating back from generation to generation of Boyum relatives.

The table first belonged to Lowell E. Boyum, my great-uncle. Lowell was born in Harvey, North Dakota on February 28, 1921. He was the second son of Peter A. Boyum and Manda Martinson Boyum. My grandfather, Arne S. Boyum, was the oldest son.

Lowell practiced medicine in Harvey first with his father and then with a medical group in the Harvey Clinic, which began in the 1950s.

The conference table that now resides in our office originally sat in the clinic’s library and conference room. The table remained in Harvey until Lowell delivered it to his nephew, Arne F. Boyum Jr., who is my father.

My father went on to use the conference table in his law office in Rolla, North Dakota. In October of 2018, he and my mother, Janie Theel Boyum, delivered the table to me for use in my law office.

Now, the clients I work with every day take a seat at my family’s table. They sign estate planning documents enabling them to transfer assets and momentous of their own to their heirs.

Seeing a little piece of my family’s history in my office every day reminds me of the importance of creating tailor-made estate planning documents for my clients. It reminds me of the “why” in my work and to make every day count so my clients and their heirs can build a legacy of their own.

Someday, I hope to pass the conference table down to my children so they, too, can take a seat at my family’s table and remember their grandparents and all who have come before.

How can Boyum Law Firm help you?

Boyum Law Firm can help with your estate planning, Medicaid planning and probate law needs. To contact Boyum Law Firm, click here.

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The Power of Having Powers of Attorney

You’re a responsible adult who pays the bills and makes decisions about your health care as needed. You run your own life, but what if someday, something happens and you’re unable to make important decisions? Who will step in and make them on your behalf? That’s where your powers of attorney come in.

What is a power of attorney?

A power of attorney is someone who steps in and makes decisions for you in the event you’re unable to make them on your own. People have two types of powers of attorney: a medical power of attorney and a durable power of attorney. A medical power of attorney handles your medical decisions and health care. Your durable power of attorney handles your finances and assets. You designate your powers of attorney by completing estate planning documents.

Who are your powers of attorney?

Your powers of attorney are whomever you want them to be. People often choose their spouse or a family member as their powers of attorney. It’s best to choose someone familiar with your wishes and who you trust with your finances. You can name the same person as both your durable and healthcare powers of attorney, select different people for each position or even name more than one person for each role. Since your estate plan is customizable, it’s up to you to decide what’s best. Your attorney can and should give you advice during the decision making process.

What are the benefits of naming powers of attorney?

Naming powers of attorney in your estate plan has several benefits. One, having designated powers of attorney means you have the opportunity to choose who makes decisions for you. If you don’t name powers of attorney and something happens, the courts will step in and name powers of attorney for you. They typically choose a close relative. However, the person they choose may not have been your top choice. Second, having pre selected powers of attorney prevents your family members from having to deal with more stress on top of your current situation. It’s easier for everyone involved and best for you if you do some planning and name powers of attorney just in case something happens.

How can Boyum Law Firm help you?

Boyum Law Firm can help you with your estate planning, Medicaid planning and probate law needs. To contact Boyum Law, click here.

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How to Prepare for an Estate Planning Meeting

Setting up an appointment with an estate planner is a great first step to take when creating an estate plan, but what comes next? The legal industry can be confusing, and it’s hard to know how to prepare for your appointment. While your attorney should be available to answer any questions you have, it never hurts to prepare on your own. Utilize the following tips to ensure your first estate planning meeting goes smoothly.

Locate important documents

Bringing important documents to your first appointment helps your estate planner structure the financial and personal aspects of your estate plan. Documents and information you should bring with you include:

• Financial documents, including retirement accounts, life insurance policies, and a list of assets
• The legal names and addresses of all heirs or institutions you plan to name in your documents
• A list of items, such as family heirlooms, you plan to leave to specific individuals

 

Make some decisions in advance

Making decisions before you meet with your estate planner can speed up the process of creating your documents. A large component of estate planning involves naming individuals to fill different roles in your estate plan. Deciding who you’d like those people to be in advance means you’ll be ready to go when your attorney asks who you have in mind for certain tasks, such as:

• A legal guardian for any children who are minors
• A personal representative to shepherd your estate through the probate process when you die
• Medical and durable powers of attorney to make medical and financial decisions on your behalf in the event of a medical emergency or incapacitatation

 

Talk to loved ones and those listed in your estate plan

Talking to the individuals listed in your documents is an important pre-meeting task to complete for several reasons. One, sharing that you’re working on your estate plan gives you the chance to explain the reasoning behind the decisions you’ve made. This can prevent family conflicts from occurring. Two, talking to the individuals you plan to have fill roles in your plan prevents those individuals from being blindsided when you need them. Being a legal guardian or personal representative requires taking on a lot of responsibility. It’s important to make sure the person you plan to name is up to the task.

How can Boyum Law Firm help you?

Boyum Law Firm can help you with your estate planning, Medicaid planning and probate law needs. To contact Boyum Law, click here.

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Estate planning resolutions for the new year

The new year is here. If you need a little help setting resolutions for 2019, consider the following estate planning goals for inspiration.

1. Create an estate plan or update your current plan

The first estate planning resolution you should add to your list for 2019 is to create a plan. From naming a legal guardian for your children to leaving instructions for medical emergencies, estate planning provides numerous benefits. You can reap these benefits with the creation of a few documents. If you already have an estate plan in place, the new year is the perfect time to review it. Sit down and consider any big life changes that have happened in the last year. Have you gotten married or divorced? Had children or a growth in assets? Has someone listed in your estate plan died? These are all important questions to ask so necessary updates can be made.

2. Add to your documents

Legacy planning was a buzz world in the estate planning industry in 2018 and for good reason. Many people want to have a lasting impact on their family. Legacy planning enables them to do that so future generations remember what mattered to those who’ve passed away. Adding documents, such as an ethical will, to your estate plan is an easy way to integrate legacy planning into estate planning.

3. Communicate with loved ones

It’s one thing to create estate planning documents. It’s another to talk to your loved ones about them. Death and finances are difficult topics to broach. Both happen to make up large components of the estate planning process. Open and honest communication with family members is important, however. Talking through your decision making process can prevent conflicts down the road when you’re gone. You’lll also be able to convey your expectations for passing assets and work through issues now. Make 2019 the year you establish open communication and transparency.

How can Boyum Law Firm help you?

Boyum Law Firm can help you with your estate planning, Medicaid planning and probate law needs. To contact Boyum Law, click here.

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The Benefits of Double Checking Beneficiaries

The internet is filled with articles on avoiding estate planning mistakes. At Boyum Law Firm, one specific mistake we recommend clients look out for is not updating or using beneficiary designations correctly. Read on to learn more about designating beneficiaries and how to avoid common beneficiary designation mistakes.

What is a beneficiary designation?

A beneficiary designation is an asset-distributing estate planning tool commonly used for retirement accounts and life insurance policies. When an individual designates a beneficiary on their account or policy, they’re naming the person who will receive the asset when they die.

Who is a beneficiary?

A beneficiary is anyone you choose to designate on an account. Often times, people name a spouse, children, friends, trusts or charities as their beneficiary. You can have multiple beneficiaries on your accounts and can even choose what percentage each person receives. People often list a primary beneficiary and secondary beneficiary. If the primary beneficiary dies first or cannot be located, the secondary receives the asset.

Where do beneficiary designations go wrong?

When it comes to estate planning, people generally make two types of beneficiary designation mistakes. The first common mistake is not updating accounts containing a beneficiary designation following a major life event. For example, let’s say a husband originally listed his wife as the sole beneficiary on his retirement account. The couple divorces ten years down the road. Now, the husband wants his children to inherit the asset when he dies. He never gets around to officially making the beneficiary change on his document, so in the end, his ex wife still inherits the funds in his account.

The second common beneficiary designation mistake people make is not being aware of the difference between listing a beneficiary on an account and listing an heir for an asset in their last will and testament. When it comes to distributing assets following an individual’s death, their beneficiary designations always trump what their last will says. This means that if a woman leaves her life insurance policy to her son in her last will but has listed her daughter as the sole beneficiary on her policy, her daughter receives the asset.

Routinely checking beneficiary designations can easily prevents these two common estate planning mistakes. Doing so will save your heirs from potential fights and grant you peace of mind.

How can Boyum Law Firm help you?

Boyum Law Firm can help you with your estate planning, Medicaid planning and probate law needs. To contact Boyum Law, click here.

For more blogs like this one, click here.

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How To Talk To Key Members Of Your Estate Plan

A key component of estate planning involves naming individuals to stand in for you in the case of a medical emergency or death. We’ve written extensively on how to choose a legal guardian for minor children and what to look for in a personal representative, but how do you ask your ideal candidates if they’re willing to take on a role in your plan? Read on to find out.

How to start the conversation

The first step is to start the conversation. It can be difficult to ask someone to take on a task as daunting as serving as your children’s legal guardian in the event something happens to you. It’s not necessarily any easier asking them to fill a smaller, short-term role, such as serving as your personal representative when you die. So how do you start these difficult conversations? To begin, try to broach the subject during a normal conversation in a calm atmosphere. You could bring it up with a phrase as simple as: “We met with a lawyer the other day to talk about estate planning.” Or, “I’ve been trying to get my estate plan in order.”

How to ask the question

Once you have the conversation started, you need to ask the actual question. First, let your chosen individual know what role you’re asking them to fill. For example, “We’d like to ask you to be our children’s legal guardian in the event something happens to us.” Or, “I’d like to ask you to serve as the personal representative of my estate.” Let your candidate know why you think they’d be a good fit for the job. Give them time to ask questions of their own. Then, move on to the next step.

Talk about the responsibilities

Your ideal candidate needs to be aware of the responsibilities they’d be accepting when taking on a role in your estate plan. Different roles require the completion of different tasks. For example, your durable power of attorney would make financial decisions on your behalf in the event you become incapacitated while your medical power of attorney would be responsible for making your medical decisions. Each individual you’re naming needs to know exactly what they’d be handling when the time comes so they can decide if they’re up to the challenge.

Accept their response, whatever it may be

Ideally, your candidate says yes to accepting the responsibility you’ve asked of them. They may not, however. Be prepared for a no and be willing to accept their response. You have nothing to lose by asking them to fill a role and everything to gain. This is because asking your candidate if they’re willing to accept a role in your estate plan enables you to come up with a back up plan in the event they say no. That way, no one is surprised. You can rest assured the person chosen for the job is up to the challenge, so when the time comes, your documents and selected individuals do their jobs as planned.

How can Boyum Law Firm help you?

Boyum Law Firm can help you with your estate planning, Medicaid planning, and probate law needs. To contact Boyum Law, click here.

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5 Reasons To Update Your Estate Plan

Estate planning, like grocery shopping or doing a load of laundry, is a task that’s never completely checked off your to-do list. In fact, routinely updating your estate planning documents ensures your plan best protects you and your loved ones. Your estate plan doesn’t need weekly updates, but a few big life changes create a need for an updated plan. Read on to discover five reasons to update your documents.

1. You’ve married or divorced

Changes in marital status are one reason you should update your estate plan. Odds are you’d like to include your new spouse in your estate plan if you’ve gotten married. On a similar note, you probably don’t want to keep an ex-spouse listed as a beneficiary on any accounts or as your power of attorney. In both cases, updating your documents is the key to avoiding an estate planning disaster.

2. Your family has grown

Welcoming a new addition to the family is an exciting time. You always want to be around for your children, but do you have a plan in place in case the unexpected happens? Updating your last will and testament and naming a legal guardian ensures your children will always be well taken care of, even if you’re not around. For tips on how to choose a legal guardian, check out our blog post here.

3. Your personal representative or powers of attorney have died

From powers of attorney to a legal guardian for minor children to your personal representative, a large part of estate planning involves naming trusted individuals in your documents. These trusted individuals are responsible for completing a specific task in the event you’re incapacitated or die. If the person you’ve chosen for one of these tasks has died or is no longer willing to fill the role when needed, it’s time to pick a new person.

4. Your financial situation has changed

Maybe you’ve opened a new retirement account and need to add a beneficiary. Or your assets have grown through the years and you’re now interested in creating a trust. Regardless of the reasoning, changes in your financial situation or a great reason to update your estate plan.

5. It’s been three to five years since you’ve last updated your estate plan

Even if you don’t have a specific reason or desire to update your estate plan, it’s best to go through your documents every three to five years. That way, you can ensure your plan is up-to-date and can catch any minor changes or complications. It never hurts to double check things, after all, especially if that thing is as important as your estate planning documents.

How can Boyum Law Firm help you?

Boyum Law Firm can help you with your estate planning, Medicaid planning, and probate law needs. To contact Boyum Law, click here.

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Aretha Franklin Died Without a Will. What Happens Next?

Prince. Amy Winehouse. Bob Marley. What do these famous musicians have in common? None of them created a last will and testament before they died. A few weeks ago, Aretha Franklin, the Queen of Soul, became the latest star to die without a will. So, what happens to her estate next? Read on to find out.

Why create a last will and testament?

First, to understand the process that Franklin’s estate will go through, it’s important to understand why every one should create a last will and testament. A last will and testament is a legal document used to complete a variety of estate planning tasks when you die, including:

• Distributing assets
• Naming a legal guardian for minor children
• Naming a personal representative

This legal document is a key component of a solid estate plan because it enables you to lay out in advance how you’d like your assets distributed. Other estate planning documents, such as a trust, can be a better choice for distributing assets in the event privacy is a concern. However, at the very least, every one should create a last will, regardless of their marital status or income level.

What happens if you don’t create a last will?

If you die without creating a will, you have died intestate. This means that the intestate succession laws of the state in which you lived will determine how your assets are distributed. In other words, if you die without a will, the state assumes it knows how you would’ve wanted your assets distributed. Assets subject to a state’s succession laws are items that would’ve needed to pass through probate. Succession is determined based on the living relatives of the deceased.

In Franklin’s case…

In Franklin’s case, her estate is subject to the intestate laws of Michigan. Her estate, which is estimated to have a net worth of $80 million, will be split equally between her four sons. While this sounds fair, it might not have been what Franklin actually wanted. If she had created a will before she died, she could’ve split her assets out equally or unequally, left specific items to specific people, and potentially protected the privacy of her loved ones by creating additional documents, such as a trust.

To learn more about the benefits of creating a last will and testament, check out our blog post here.

How can Boyum Law Firm help you?

Boyum Law Firm can help you with your estate planning, Medicaid planning, and probate law needs. To contact Boyum Law, click here.

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3 Reasons To Hire A Probate Attorney

When a loved one passes away, they leave behind many loose ends, such as bills and assets. The person responsible for tying up the loose ends of the deceased is their personal representative. Serving as someone’s personal representative is a daunting task, but you don’t have to go through it alone. In fact, you can and should hire a probate attorney to guide you through the probate process. Here’s why:

1. Probate is complicated.

When you serve as a loved one’s personal representative, you’re responsible for shepherding their estate through the probate process. This means that you’re responsible for a variety of tasks, including filing forms, settling debts, and distributing assets to heirs. All of these tasks need to be done in a specific order and within so many days. Most people without a law degree know little about the probate process, which makes completing complicated, required tasks difficult. By hiring a probate attorney for guidance, you can make sure all tasks are completed on time.

2. A probate attorney can lessen your stress.

Between keeping track of assets and paying off debts, probate is a stressful process. Hiring a probate attorney can lessen your stress because you can rely on them to help you through the process. Your probate attorney will provide answers to all of your questions and will help you file all necessary documents. The probate process is much less stressful when you’re not responsible for wading through all of the paperwork and tasks alone.

3. A probate attorney can help keep the peace.

The death of a loved ones is stressful and unfortunately, fights within families or between heirs are not uncommon during the probate process. A probate attorney can help you keep the peace by stepping in and explaining inheritances to heirs. As a professional and individual outside the family and friend group of the heirs, your probate attorney can serve as a level-headed peace keeper so that you can do your job as a personal representative without worrying about hurting other people’s feelings or becoming an easy target for angry individuals.

How can Boyum Law Firm help you?

Boyum Law Firm can help you with your estate planning, Medicaid planning, and probate law needs. To contact Boyum Law, click here.

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Estate Planning: Is It Always Necessary?

Estate planning is an important task everyone should check off their to-do list for a number of reasons. Creating legal documents is one way to protect you and your loved ones from harm in the event of a medical emergency, for example. It’s easy to question, however, whether or not a daunting task like estate planning deserves a spot on your to-do list. After all, if you aren’t worried about redistributing assets or don’t have children to plan for, do you really need to create a plan? The answer is yes, everyone should create a plan. Here’s why:

Estate planning is about more than redistributing wealth

One common misconception about estate planning is that only the wealthy need a plan. This misconception stems from the belief that estate planning is all about redistributing wealth. You can and should use your plan as a wealth redistribution tool, but it’s capable of doing much more. For example, estate plans protect people and their loved ones from the unpredictable. To do this, your estate plan should include power of attorney documents (POA) and a living will. These documents protect you in the event of a medical emergency by giving a chosen individual the power to make medical and financial decisions on your behalf as well as stating your wishes in relation to life sustaining care. With documents like these in place, your estate plan can properly take care of you in life and after death, no wealth redistribution planning required.

That’s not to say redistributing wealth through your plan isn’t something to consider

While estate plans are capable of doing more than redistributing wealth, their wealth redistribution benefits shouldn’t be overlooked. Creating a last will and testament is the simplest way to redistribute wealth using your plan. In your last will, you list your assets and include who’d you like to receive them. Individuals with more complex inheritnace needs have other options, including a number of trusts. Trusts come in different forms to fit different needs. Your attorney should work with you to determine the type that best fits your situation. The key benefit trusts provide is their ability to avoid the probate process. By avoiding probate, which is the process used to settle an individual’s estate when they die, trusts keep information about who received what for an inheritance private.

You may not have specific privacy concerns that would cause you to need a trust, but creating estate planning documents, like a trust, enables you to dictate how your assets are distributed when you die. This is because without a last will, your assets are divided using the intestate laws of the state in which you live. To learn more about Nebraska’s intestate laws, click here.

There’s more to plan for than children in an estate plan

Another common estate planning misconception is that if you don’t have children, you don’t need a plan. People with children who are minors use their last will to name a legal guardian. A legal guardian is someone who steps in to care for minor children if something happens to their parents(s)/guardian(s). However, estate plans do more than name a legal guardian. For example, plans name the aforementioned POAs and a personal representative. A personal representative is the individual responsible for settling a person’s estate when they die. You ensure the best person has the job by creating a last will and naming a person yourself. If you don’t create a plan and select a personal representative, a judge will name one for you after you die. That individual may not have been the best person for the job.

How can Boyum Law Firm help you?

Boyum Law Firm can help you with your estate planning, Medicaid planning, and probate law needs. To contact Boyum Law, click here.

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How Can Boyum Law Firm Help You?

At Boyum Law Firm, we end every blog post with an invitation for our readers to contact us with their estate planning, Medicaid planning, and probate law needs. Whether you have questions that need answers or are ready for a free consultation, we want to assist you in any way we can. Read on to discover all the ways our firm can help you today.

We can help you create an estate plan.

Estate planning is one of our specialties at Boyum Law Firm. Our experienced team can provide you with the knowledge you need to create a well-rounded estate plan that protects you and your loved ones. For example, we can help you create:

• A last will and testament that enables you to name a legal guardian for your children, distribute assets, and appoint a personal representative.
• Power(s) of attorney documents, which provide protection in the event you become incapacitated.
• A living will, which enables you to determine in advance whether or not you’d like to receive life sustaining care in the event you’re in a permanent vegetative state or terminally ill.
• A HIPPA release, where you can name who you’d like to have access to your medical information.
• A variety of trusts, which enable you to distribute your assets and protect your privacy.
• And more, such as the ability to obtain an LLC for your business or create a transfer-on-death deed.

Boyum Law Firm can assist you with Medicaid planning.

We can help you qualify for Medicaid in a smooth and organized process.

We can walk you through the probate process.

Probate is the process used to settle a person’s estate when he or she dies. The probate process is complex, which is why it’s often best to hire a professional to help ensure transitions are made smoothly and the estate is closed in a timely manner. At Boyum Law Firm, we can walk you through the probate process from start to finish. That way, you can rest assured you’re properly handling the estate of the deceased.

In conclusion…

Boyum Law can help you with your estate planning, Medicaid planning, and probate law needs. To contact Boyum Law, click here.

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Estate Planning and Blended Families

Blended families, or families that include a stepparent, stepsibling or half-sibling, are common. In fact, according to a Pew Research Center study, 16 percent of U.S. children live in a blended family. When it comes to estate planning, the needs of blended families differ from the needs of more traditional families. Make sure the special estate planning needs of your blended family are met by utilizing the following tips.

Discuss your decisions in advance

Everyone, regardless of if they’re from a blended family or not, should discuss their estate planning decisions in advance. Not only does discussing your decisions provide your loved ones with insight into why you’ve made certain choices, but it is also protects against hurt feelings down the road. A death in the family is stressful, as is terminal illness or the incapacitation of a loved one. Family members can get angry towards one another when dealing with the emotional and logistical fallout of a stressful situation. This can create problems and result in arguments.

For example…

John Smith and his second wife, Jane, have been married for ten years. The couple has children together, and John has an adult son from a previous relationship. John was recently in a car accident and is incapacitated. His legal documents name Jane as his medical power of attorney. Charlie, John’s son from his previous marriage, is upset his stepmom is his dad’s POA. Charlie feels that Jane doesn’t know what his dad would really want in this situation. Jane and Charlie fight about it, and the whole situation becomes more stressful with the added family tension.

If John explained the reasoning behind his decision to name Jane as his POA in advance, odds are Charlie wouldn’t be upset. The extra stress wouldn’t be added to the situation, and the family wouldn’t worry about taking care of John while dealing with arguments. This type of interfamily conflict doesn’t just occur in blended families. However, with different types of parent/child and sibling/stepsibling relationships, blended families should take extra care to explain all legal decisions to everyone.

Define fair and plan accordingly

When it comes to leaving an inheritance to heirs, everyone has a different opinion. Some people opt to donate everything to charity. Others want to pass as much financial support as possible down to their heirs. Regardless of how you define fair in terms of inheritance, it’s important to plan accordingly. This is especially true for members of blended families. Often times, couples set up their estate plan to have everything go to their spouse if he or she survives them. Then, once the surviving spouse passes away, assets are typically left to the couple’s children or grandchildren. This setup can cause problems for blended families, however.

For example…

Dan and Deb’s estate plan is set up to have all assets go to the surviving spouse if one of them dies first. Then, assets will be divided equally among the couples children and stepchildren. Dan is 65 years old. Deb is 35. While there’s no way to predict which one of them will pass away first, odds are pretty good that Deb will survive Dan. This means that Dan’s children from his previous relationship – who are roughly the same age as Deb – will not receive their share of inheritance for years, which is potentially problematic.

If Dan and Deb see this setup as fair, then there’s no problem. However, if Dan prefers that his older children receive their inheritance following his death, he should create a workaround using his legal documents. For example, Dan could figure out each child’s fair share and name his adult children as beneficiaries on a life insurance policy or some other accounts. That way, they receive their share of inheritance outside the probate process. Deb can then use her plan to take care of the couple’s younger children without having to worry about Dan’s older children.

Using a workaround may seem odd, but it adds a layer of protection for everyone. This is because when someone inherits assets, the assets officially become theirs. Any previous plan for distribution can be thrown out the window. So, say Dan died first and left everything to Deb. In the years following Dan’s death, his adult children and Deb had a falling out. Deb updated her estate plan accordingly and is now leaving nothing to Dan’s adult children, even though he would’ve wanted them to receive a share of what she inherited from him. Deb’s decision is legal.

How can Boyum Law Firm help you?

Boyum Law Firm can help you with your estate planning, Medicaid planning, and probate law needs. To contact Boyum Law, click here.

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Do You Need A Living Will?

Imagine lying in a hospital bed. You were in a car accident, suffered severe injures, and are in a permanent vegetative state. As the doctor explained to your loved ones, you won’t survive without life support. So, what happens to you next? Well, that depends on whether or not you’ve created a living will. Read on to discover what a living will is and how it can protect you and your loved ones from a scenario like the one above.

What is a living will?

A living will is one of five essential estate planning documents. It explains whether or not you’d like to be kept on life support if you cannot survive without it, are terminally ill, or in a persistent vegetative state or coma. Additionally, your living will expresses what pain medications you do and do not want to receive as well as your religious beliefs in relation to medical care. In other words, your living will serves as a physical, legal copy of all the decisions you would’ve made for yourself in the event you need life support and are unable to express your wishes.

How does a living will protect you and your loved ones?

A living will protects you and your loved ones in different ways. First, the document protects you by clearly stating your wishes. That way, you receive the care you want even if you’re unable to voice your opinion. Second, the document protects your loved ones from having to make decisions for you. Having doctors tell you that your loved one needs life support to survive is difficult. The situation becomes even more challenging when you have to decide whether or not they should receive that care. By clearly stating your wishes in advance, you can protect your loved ones from having to make the tough call for you. Additionally, you can avoid family drama in the wake of tragedy. Your loved ones may not all agree on what to do for you. You can avoid family warfare by making the decision for yourself in advance.

How can Boyum Law Firm help you?

Boyum Law Firm can help you with your estate planning, Medicaid planning, and probate law needs. To contact Boyum Law Firm, click here.

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3 Common Estate Planning Myths Debunked

Estate plans may look like unassuming pieces of paper, but for being made of something simple, they’re shrouded in mystery. In order to clear up some of the mystery surrounding estate planning, we’re debunking three common estate planning myths.

1. Myth: All you need is a last will and testament.

One common misconception that many people have about estate planning is that all you need is a last will and testament. While a last will enables you to cover a lot of ground when estate planning, it can’t do it all. For example, your last will won’t be able to help you and your loved ones in the event you become incapacitated. You need a durable and medical power of attorney (POA) in this type of situation. This is because POA documents enable you to name an individual to make medical and financial decisions on your behalf. For this reason, creating a last will and testament is a great place to start your plan, but it’s important to cover all the bases with other documents. Your estate planning attorney should discuss which documents are best for you and your plan.

2. Myth: There’ll always be time to create a plan later.

Another common myth that many people believe about estate planning is that there’ll always be time to create a plan later. It’s easy to push your estate plan to the side and say you’ll take care of it when you’re older. However, procrastinating can land you in hot water. This is because creating an estate plan provides a variety of benefits, such as:

• the ability to protect you and your loved ones from the unforeseeable.
• the ability to plan for the distribution of your assets.
• the opportunity to appoint representatives, such as a personal representative and/or legal guardian for your children, in your documents.

If you become incapacitated or die before creating your plan, you could leave your loved ones facing many challenging decisions. Plus, your assets will be subject to the probate process and probably won’t be distributed as you would’ve liked. For this reason, it’s best to create a plan now so you’ll be protected in the future.

3. Myth: Once you create a plan, it’s set in stone.

Finally, a third common estate planning myth is that once you create an estate plan, it’s set in stone. The truth is, estate plans are flexible and can be updated at anytime. Whether a relationship has changed within your family or your original personal representative has died and you need to appoint a new one, you can update your plan by meeting with your attorney and drafting new documents. An important side note, however, is that using an attorney to create your estate plan is important if you want to be able to update it. Specific language has to be included in your documents stating that old drafts are void with the creation of a new one. Do-it-yourself services might not include this specific language, which is why you should always hire an estate planner to create your estate plan.

How can Boyum Law Firm help you?

Boyum Law Firm can help you with your estate planning, Medicaid planning, and probate law needs. To contact Boyum Law Firm, click here.

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3 Ways to Utilize Your Last Will and Testament

From appointing a legal guardian for your kids to naming a personal representative, creating a last will and testament enables you to cover a lot of ground when it comes to estate planning. Make sure you utilize your legal document to its fullest potential by using your last will and testament to do the following:

1. Name a legal guardian for minor children.

Use your last will and testament to its fullest potential and build on your plans by naming a legal guardian for your minor children. Part of parenting is making plans. From scheduling play dates to setting up college savings funds, you meticulously make plans to ensure your children are well cared for.  You plan to be there for every milestone, but what if the unthinkable happens? Have you made plans for who will step in and raise your child if you’re gone? The best way to prepare for this situation is to designate a legal guardian. A legal guardian is a person who makes legal, medical, and financial decisions for a ward. You name a legal guardian in a last will and testament. By naming a legal guardian, you can ensure your child is always well cared for, even if your best laid plans fall through.

2. Distribute your assets.

Another way to utilize your last will and testament is to use the document to distribute your assets. Your last will is customizable, so you can work with your attorney to create a plan and distribute your estate as you like. There is one drawback to using your last will to distribute your assets, however. Since your will has to be filed in probate, it’s a public document. Anyone can access it and see who you gave what. If privacy is a concern for you and your heirs, creating a trust is the better route to go when distributing your assets since trust documents are private. If you’re keeping things simple and don’t have privacy concerns, your last will is a quick and efficient route to take.

3. Name a personal representative.

Finally, you can use your last will and testament to name a personal representative. A personal representative, known as an executor in other states, is an individual you appoint to settle your estate when you die. Your representative completes a variety of tasks to settle your estate. These tasks include paying off debts and collecting, protecting, and distributing your assets. Selecting a trusted individual is the key to ensuring your estate is settled smoothly. By naming your personal representative in your last will, you can guarantee you have the right person for the job. If you don’t name a representative yourself, the court will appoint one for you. The court may appoint a candidate that you would’ve considered less than ideal. For this reason, it’s best to utilize your last will and testament and take care of the appointment yourself.

How can Boyum Law Firm help you?

Boyum Law Firm can help you with your estate planning, Medicaid planning, and probate law needs. To contact Boyum Law Firm, click here.

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How To Organize Your Digital Estate In Three Steps

In the age of technology, the number of online accounts people own is increasing. These accounts, otherwise known as digital assets, affect your estate plan. Important documents, such as bank statements and bills, used to arrive in the mail. Now, most people receive these documents via password-protected email accounts. This impacts your estate when you die because it affects your personal representative’s ability to gather your assets and pay your debts. Additionally, other online assets, such as your social media accounts, will need to be deactivated or memorialized when you die. You can make the probate and end-of-life process easier on your personal representative and heirs by organizing your digital assets with these three steps.

1. Catalog Your Accounts and Assets

Cataloging your accounts and assets is the first step to organizing your digital estate. Odds are, you have online accounts ranging from iTunes to email to Facebook. Creating a list of all your accounts and assets will help you keep track of what you have. This will come in handy later on when your heirs or personal representative are memorializing or deactivating your accounts and sorting through your assets during the probate process.

2. Keep Track of Login Information

Keeping track of login information is the next step to organizing your digital estate. There are two ways to keep track of your login information:

1. The old fashioned use of pencil and paper.

2. Going digital.

Writing down your login information using pencil and paper is quick and easy. If you’re more tech savvy, an app or website is the better way to go. Apps, such as the ones discussed in this article, make it easy to store password information on your phone or tablet. Websites, such as KeePass, can also help you keep track of passwords.

Note: Safety precautions are necessary, but there are benefits.

Both routes for organizing your login information require safety precautions. If you use the old fashioned paper and pencil option to organize your digital estate, split up and store your usernames and passwords in two different locations. That way, no one can easily access or take all of your information. Or, keep your logins with a trusted individual or a secure location, such as a safe.

Going digital also requires safety precautions. Online accounts are hackable, so it’s important to make sure the site you use is reputable. Also, make sure you pass along your login information for the app or master key for the website you use to a trusted individual. Otherwise you’ll be back to square one and no one will know your login information or be able to easily access your accounts.

By organizing your login information, you can cut down on the time your personal representative or heirs spend gaining access to your online accounts and assets. This could help your estate get settled more quickly.

 3. Leave Instructions In Advance

The final step to organizing your digital estate is leaving instructions in advance. Similar to using your estate plan to leave burial instructions, you should leave instructions for your digital estate. By leaving instructions, you can dictate if you would or would not like your social media accounts deactivated or memorialized. You can give someone else permission to take over your blog or website, and you can ensure your heirs have access to any digital assets you own, such as cryptocurrency.

How Can Boyum Law Firm Help You?

Boyum Law Firm can help you and your loved ones with your estate planning, Medicaid planning and probate law needs. To contact Boyum Law Firm, click here.

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