Transparency Is Key When Estate Planning: Here’s Why

Talking about death, end-of-life decisions, and money is uncomfortable but necessary when estate planning. It’s not enough to talk to an attorney in order to make a plan, either. Sharing information with your loved ones and the reasoning behind your decisions is also important. Here’s why:

Peace of Mind Matters

Your loved ones, especially adult children, worry about what will happen to you in the event of a medical emergency or incapacitation. Creating and sharing estate planning documents with them can provide peace of mind. If they know you’ve created a plan for worst-case scenario situations, they won’t be as worried about the unknown and unpredictable.

Family Warfare Happens

Most people have seen or read a horror story about inter-family conflict following the death of a loved one. You might think your loved ones could never fight like that. However, no matter how confident you are in your heirs’ ability to get along, it’s important to remember that grief changes things. Emotions are heightened during the stressful situation. Things that seemed minor, such as who inherits your coffee pot, might now feel major. Additionally, if you were the parent who served as your children’s referee during conflicts, they may argue without  being able to find a solution on their own.

By talking through inheritance decisions in advance, you can prevent family warfare. Having an open conversation with loved ones enables you to lay it all out on the table. You can provide insight on the reasoning you used to make inheritance decisions. This can help prevent hurt feelings and arguments later on. Family warfare happens, but transparency could help prevent it.

Decisions Aren’t Always Yours Alone

Estate planning documents, such as powers of attorney documents, include places for you to list another person in some capacity. For example, your last will and testament includes a space to list a legal guardian for your children. It’s ultimately up to you to decide who the best person is for a variety of jobs in your estate plan. However, just because you’d like a specific person to fulfill a certain role in your plan doesn’t mean that person is actually interested in the job.

It’s important to remember that estate planning roles require your selected individual to fulfill a variety of responsibilities. Just because you’d like to list your sister as the legal guardian of your children does not mean she wants that responsibility. For this reason, it’s important to talk to your first-choice person to make sure they’re up to the task before listing them in your documents. That way, no one is surprised with unexpected responsibility when you die. You also won’t have to redo your documents if you check to make sure the person wants the job before listing them.

How Can Boyum Law Firm help you?

Boyum Law can help you create estate planning documents that provide peace of mind. To contact Boyum Law, click here.

The post Transparency Is Key When Estate Planning: Here’s Why appeared first on Boyum Law.

from WordPress https://ift.tt/2HpEJ0u
via IFTTT

What Is A Transfer-On-Death Title?

Estate planning provides a variety of options for passing assets on to heirs. Some people choose to utilize their last will and testament when leaving an inheritance. Others place assets in a living trust. There are benefits and drawbacks to using each document, but when it comes to passing down vehicles, the best document to create is a transfer-on-death title.

What is a transfer-on-death title?

A transfer-on-death title is a legal document. It uses beneficiary designations to pass the legal ownership of a vehicle from one person to another. Beneficiary designations pass an asset to a listed person, known as the beneficiary, when the original owner of the asset dies.

How do you create a transfer-on-death title?

The key to creating a transfer-on-death title is utilizing your vehicle’s certificate of title. Nebraska requires all vehicles driven on highways and roads to have a certificate of title unless otherwise specified. The owner of a vehicle obtains a certificate of title by filling out an Application for Certificate of Title after purchasing a vehicle. This document, which is available on the DMV’s website, serves as proof of ownership. The document includes a space for the vehicle’s owner to provide beneficiary designations. You can list up to two people as beneficiaries on the title. You also have the option to list a trust as a beneficiary.

What are the benefits of listing a beneficiary on the title?

Listing a beneficiary on a transfer-on-death title provides a variety of benefits. For example, listing a beneficiary on the title enables you to clearly dictate who you’d like to receive your vehicle when you die. This provides the benefit of making your last wishes well-known. It can also help prevent fighting among you heirs because it’s very difficult to argue over who should’ve received the vehicle when you die if there’s a beneficiary listed on the title.

Avoiding probate is the second benefit to creating a time-of-death title. The courts use probate to settle an individual’s estate when they die. Probate documents are public knowledge, so if privacy is a concern, you want to avoid the probate process, which beneficiary designations enable you to do.

For example:

John Doe owns a corvette. When he filed out his Application for Certificate of Title, he listed his grandson as the beneficiary. Two of John’s nephews were also interested in inheriting the vehicle, but it goes to his grandson because he was clearly listed on the title. John’s beneficiary designation helped avoid family warfare. His grandson and nephews cannot easily start a  legal fight over the vehicle since John has made the inheritance decision in advance.

How does the beneficiary claim the title?

When you die, your beneficiary can claim the title by filing paperwork at the DMV. They’ll need a copy of your death certificate to show proof of death, which can be obtained through the Nebraska Department of Health and Human Services’ website.  An Application for Certificate of Title is also required.

How can Boyum Law Firm help you?

To contact Boyum Law Firm for help with creating estate planning documents or with the probate process, click here.

The post What Is A Transfer-On-Death Title? appeared first on Boyum Law.

from WordPress https://ift.tt/2GDnZz1
via IFTTT

What Happens If You Die Without A Will In Nebraska?

As an estate planning law firm, Boyum Law strives to help others create documents that will provide peace of mind and clarity during life’s most difficult situations. Creating estate planning documents, such as a last will and testament, provides many benefits. These benefits include the ability to indicate in advance how you would like your assets distributed when you die. But what happens if you die without a last will and testament in Nebraska? How will your assets be distributed to heirs? The laws of intestate succession determine who gets what in Nebraska.

What is intestate succession?

Intestate succession is the process the court uses to pass on the assets of a deceased individual who died without a last will. Intestate succession laws exist in all 50 states. Without a will in place upon death, the state assumes how an individual would’ve divided up their assets. Not all of the deceased’s assets are subject to succession laws, though.

What assets are subject to succession?

A variety of factors affect which of the deceased’s assets are subject to the laws of succession. Assets that are subject to the law include items that would’ve needed to pass through probate even if the deceased had died with a will in place. This includes assets not listed in a trust, family heirlooms, and property. However, some items do not pass through intestate succession. Exclusions include:

• • Assets, such as retirement accounts, that name a beneficiary
  • Real estate held by a transfer-on death deed
  • Vehicles held by a transfer-on-death title
  • Property owned by a co-owner or in joint tenancy
  • Property listed in a living trust
  • Life insurance payouts

Examples of  assets subject to succession…

Joe Smith died without a last will. He left behind a variety of assets, including a truck held in a transfer-on-death title and some valuable art work. According to the laws of intestate succession, Joe’s truck is not subject to the probate process, so the laws of succession don’t affect it. It will pass down to his nephew, who he has listed on the transfer-on-death title. His art work, on the other hand, is subject to succession laws. The pieces are evaluated and cataloged with the estate’s other assets. Then, they’ll be distributed according to intestate succession.

What determines succession?

The living relatives of the deceased determine the succession of assets. Succession is different for everyone because it depends on a variety of factors, such as who survived the deceased. For example, Nebraska law says that a surviving spouse inherits all of the deceased’s assets if they are the deceased’s only surviving relative. However, if the deceased is also survived by a parent, the spouse receives the first $100,000 of the estate plus half of the remaining assets. The deceased’s parent receives the other remaining half. If the deceased is survived by their spouse plus children from a previous marriage, the spouse and children will split the estate’s assets in half. This Nolo article provides a more complete example of how intestate succession is effected by surviving parents, spouses, and children.

Examples of succession…

Jane Nelson died without a last will. Her husband and daughter are still alive. According to the laws of intestate succession, Jane’s husband inherits the first $100,000 of intestate property plus half of the remaining balance. Her daughter inherits the other half of the remaining balance.

How can Boyum Law Firm help you?

Boyum Law Firm can help you with creating documents in advance to avoid the process of intestate succession. To contact Boyum Law, click here.

The post What Happens If You Die Without A Will In Nebraska? appeared first on Boyum Law.

from WordPress https://ift.tt/2pZaR0S
via IFTTT

How To Choose A Personal Representative

A personal representative, otherwise known as an executor, is the person responsible for handling your estate when you die. Handling an estate includes a variety of responsibilities, such as gathering and protecting the assets of the deceased and filing paperwork with the court. While no special skills are required to be a personal representative, choosing someone who fits the following criteria can help ensure a smoother probate process. Read on to discover what questions you should consider when choosing a personal representative.

Are they responsible?

When choosing a representative, it’s best to choose someone you know is responsible. Personal representatives are responsible for many tasks related to settling the deceased’s estate. This includes cataloging assets, settling debts and bills the deceased owed, and distributing property to heirs. Since the job comes with many responsibilities, you don’t want to choose someone who struggles to get things done. You need someone who is capable of keeping up with the work load and who is able to complete tasks in a timely manner. This will help to ensure your estate passes through probate smoothly.

How is their health?

The health of your personal representative is another factor to consider. You want to name someone who is in good health for two reasons:

• You need your representative to be healthy enough to complete all the required tasks.
• Naming a personal representative is only effective if they outlive you.

As previously discussed, representatives are responsible for many tasks. You want to choose someone who has the time and energy needed to get it all done. Additionally, you want to choose a representative in good health because naming a representative is only helpful if you precede them in death. If your representative dies before you, they’re not going to be around to shepherd your estate through the probate process. If your representative dies first, you need to update your documents and name a new person.

Are they impartial and thick-skinned?

Impartiality is an important characteristic for a personal representative to have. You want to choose a representative who is capable and comfortable with handing your final wishes. They also need to know you well enough to step in and make decisions on your behalf if needed. Additionally, distributing assets to beneficiaries is one of the tasks representatives are responsible for. The task will be easier on your representative if you’ve done some estate planning. However, even if you planned out in advance how you would like your assets distributed, there’s no guarantee things will go smoothly. This could cause your representative to deal with backlash from angry heirs. For this reason, you want your representative to not only be impartial, but thick-skinned as well.

Do you know all your options?

When it comes to choosing a personal representative, you have many options. You can choose a close friend, co-worker, or family member. Additionally, you can name more than one person and have co-representatives. There are benefits and drawbacks to each choice, which is why you should contact an estate planning attorney for advice.

How Can Boyum Law Firm help you?

Boyum Law Firm can help you and your family create estate planning documents and choose a personal representative. As an estate planning, probate, and Medicaid planning law firm, we can also help loved ones through the probate process. To contact Boyum Law Firm, click here.

The post How To Choose A Personal Representative appeared first on Boyum Law.

from WordPress https://ift.tt/2IWBzzk
via IFTTT

Getting a Divorce? Time to Update Your Estate Plan

An estate planning attorney usually isn’t the kind of lawyer you think about contacting when getting a divorce. With other legal matters to settle, contacting your estate planner and updating your documents is the last thing on your mind. Estate plan updates should be at the top of your to-do list, however. Here’s why:

A marriage is still a marriage

You and your spouse might consider yourselves as good as divorced but the law doesn’t agree. In the eyes of the law, a marriage is still a marriage until the judge signs the divorce decree. The legal status of your marriage effects your estate plan because your spouse is usually listed in a variety of places in the plan. For example, people often choose to list their spouse as their powers of attorney. If your plan isn’t updated to include new powers of attorney, your soon to be ex-spouse will still be listed. This could become problematic in the event you become incapacitated.

For example…

John is forty-five years old. He and his wife, Jane, are getting divorced. It’s been messy, and the two fight constantly. John slipped on a patch of ice, hit his head, and is currently incapacitated. John never updated his durable and healthcare powers of attorney, which is Jane. Jane is now in charge of John’s finances and making John’s medical decisions even though she is no longer the best person for the job. John would’ve rather had his sister listed as his healthcare and durable powers of attorney but hasn’t gotten around to updating his estate plan. Consequently, his estate plan is less effective at lessening the impact of his injury because the documents weren’t updated accordingly.

Financial Consequences

Not updating your estate plan when getting divorced can also have financial consequences. Couples in Nebraska with estate plans have some financial protection against divorce thanks to the law. Nebraska law provides a provision that revokes provisions in a will that favor an ex-spouse. This provision also comes into play if a couple is in the process of getting divorced or has their marriage dissolved or annulled. The law doesn’t cover all assets and finances, however. Assets outside of a will, such as trusts and bank and retirement accounts, need to be updated when getting a divorce. Otherwise your assets won’t be distributed correctly when you die.

For Example…

Linda was sixty-five years old. She was in good health but unexpectedly had a heart attack and died. Linda and her ex-husband, Steve, divorced six months ago. The divorce provision protects the assets listed in Linda’s will. Some of her other assets are not protected, however. In the divorce, Linda won the right to one of the couple’s retirement accounts. Linda planned to list a family friend as the beneficiary but never got around to updating the document. The document still lists Steve as the beneficiary. Steve inherits the account even though it’s not what Linda wanted. If Linda had updated her account’s beneficiary information post-divorce, the asset would’ve been distributed accordingly.

Contact Boyum Law Firm

For help with creating or updating estate planning documents, contact Boyum Law Firm here.

The post Getting a Divorce? Time to Update Your Estate Plan appeared first on Boyum Law.

from WordPress http://ift.tt/2G7KeQU
via IFTTT

Harper Lee’s Last Will Released by Alabama Court

An Alabama court unsealed author Harper Lee’s last will and testament in February, according to this New York Times article. Lee’s will was previously private thanks to her long-time lawyer, Tonja B. Carter. Carter, the executor of Lee’s estate, went to court in 2016 to have the will sealed because of privacy concerns. This was an usual legal move because wills are filed in probate, which makes them accessible to the public. The New York Times’ lawyers pointed this out in the lawsuit they filed to access the document. The estate withdrew its opposition a few weeks ago, and the document became accessible to the public.

Unfortunately, Lee’s will didn’t reveal much about who got what since the majority of her assets were transferred into a trust she formed in 2011. Trust documents are private, so unlike Lee’s will, a case cannot be made to have it unsealed. Many questions have been raised about the privacy-loving author, such as who received her literary works when she died? Why did she wait so long to publish her second book about the Finch family? Was she competent when she signed her revised will eight days before she died? Answers were not found in her will, but here is what is known about the world renowned author:

Who was Harper Lee? An Overview

Harper Lee was a Pultizer prize-winning author. Her first published novel, “To Kill a Mockingbird”, highlighted racial preuidecs in the South. It was a huge hit and is still read today. In fact, more than 40 million copies of the novel have been sold, and it is still taught in schools. After her initial success, Lee stayed dormant as a writer for years. Her second novel, “Go Set a Watchman”, a sequel to her first, wasn’t published until 2015. Lee never married or had children. She died in her sleep at the age of eighty-nine on February 19, 2016.

Publishing Controversies Surrounding Lee

Lee was in the middle of a variety of publishing controversies throughout her life. One of the main conflicts arouse between Lee and her childhood friend, Truman Capote. Lee helped Capote write “In Cold Blood”, a novel about the Clutter family murders in Holcomb, Kansas. Capote included Lee in the book’s dedication, but didn’t credit her for her work on the book. This led to hurt feelings, though the two remained friends for life. Another controversy surrounding Lee relates to a lawsuit she filed in 2013 against Samuel Pinkus, a literary agent. Lee said in 2007 that Pinkus attempted to “dupe” her out of royalties for “To Kill a Mockingbird”. The parties reached a settlement in 2013. Finally, and perhaps most famously, controversy arouse out of the publication of Lee’s second novel, “Go Set a Watchman”.

Lee actually wrote “Go Set a Watchman” before “To Kill a Mockingbird”, but was asked to rewrite the novel by her publisher. This is how “To Kill a Mockingbird” came to be. Years passed and “Go Set a Watchman” was thought to be lost, but was discovered in a safe deposit box by Carter, Lee’s aforementioned lawyer. HarperCollins announced the book would be published on July 14, 2015, but many questioned the decision because Lee’s health was declining. In response to the questions, Lee said through Carter that she was “alive and kicking and happy as hell with the reactions” to the announcement. However, Lee’s reassurance didn’t put an end to doubts, especially because her sister, Alice, wrote a letter claiming Lee “would sign anything put before her.” Alabama officials did investigate the case and found no evidence that Lee was coerced. “Go Set a Watchman” was published as planned.

Honors and Awards

Besides receiving a Pultizer prize for her work, Lee was also awarded the Presidential Medal of Freedom by George W. Bush in 2007.

To contact Boyum Law Firm for help with estate planning documents, click here.

The post Harper Lee’s Last Will Released by Alabama Court appeared first on Boyum Law.

from WordPress http://ift.tt/2FxFnsR
via IFTTT

Estate Planning Documents for Medical Emergencies

Life and its challenges are unpredictable, which is why it’s a good idea to prepare for the worst and hope for the best. A great way to make sure you have a plan in place for when life’s worst-case scenarios strike is to create estate planning documents. When it comes to planning for something as unpredictable as medical emergencies, the best documents to create are a health care power of attorney and living will.

What is a health care power of attorney?

A health care power of attorney is an estate planning document used to prepare for worst-case medical scenarios. This document authorizes someone to make health care decisions on your behalf in the event you become incapacitated.

What are the benefits of having a health care power of attorney?

The main benefit of having a health care power of attorney is the document’s ability to prevent conflicts. If a person becomes incapacitated, their loved ones may have different ideas on what decisions the person would have made for themselves in their situation. This could lead to arguments or a court case in order to determine who has the right to make medical decisions for the incapacitated person. Having a health care power of attorney makes an already difficult situation easier by clearly granting the decision making power to a predetermined person.

For example…

Jane is 35 years old. Yesterday, she was in a car accident and is currently incapacitated. She doesn’t have a health care power of attorney. Jane’s fiance, John, wants to make medical decisions on her behalf. Her parents also want to make the decisions for their incapacitated daughter. So, who has the right to make Jane’s medical decisions? John and Jane’s parents go to court to find out. They no longer speak to each other because of the conflict created by Jane’s lack of a health care power of attorney document. It’s family warfare, which could’ve easily been prevented with a little estate planning.

What is a living will?

A living will is an estate planning document. It’s used to express if and when you would or would not like life-sustaining measures taken on your behalf. It’s a way for a person to express what they want in advance of a medical emergency. Unlike a health care power of attorney, this document does not give someone the authority to make decisions for you.

What are the benefits of having a living will?

Creating a living will provides a variety of benefits in the event of a medical emergency. For example, a living will enables you to predetermine what you’d like to happen in the event you need life-sustaining care. If you make important decisions about life-sustaining care in advance, your family won’t have to make the decision for you if something happens. This helps to prevent family conflict and turmoil.

For example…

Dan is a 30-year-old man. He’s young, so he’s never considered the possibility he could need life-sustaining care. Dan was in a skiing accident. He does not have a living will in place. As of right now, Dan needs life-sustaining care, but his parents are unsure if he would’ve wanted to receive the care. They’re hesitant to make a decision. If Dan had a living will in place, his parents would’ve known what kind of care he would’ve liked to receive in the event he needed artificial means, such as a respirator, to stay alive. Then, they wouldn’t have to make the decision for him.

How can Boyum Law Firm help you?

Medical emergencies are unpredictable. However, you can lessen the impact life’s worst-case scenarios will have on you and your family by creating a health care power of attorney and living will. To contact Boyum Law Firm for help with creating these two estate planning documents and more, click here.

The post Estate Planning Documents for Medical Emergencies appeared first on Boyum Law.

from WordPress http://ift.tt/2G2OjDb
via IFTTT