People often make the mistake in their Wills of nominating a couple to be the guardians of minor children. It sounds like a good idea to nominate a husband and wife jointly, so that is what many people do. For example, someone might nominate their sister and her husband to be guardians.

The problem arises if the couple is no longer together at the time when a guardian needs to be appointed. The court has to determine what the deceased intended. For example, if the sister in the example passes away, the court has to decide if the deceased would have wanted the husband to still be the guardian. It is not an easy decision for a court to make because the parents cannot be asked.

The point of this is to get you to think about how you want to nominate guardians for your minor children. You can nominate a couple. However, when doing so, you should be clear about what happens if that couple is no longer together for any reason.

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

Think about everyone that you would never want to have a guardianship over your children. We all have friends and family that are not responsible for a variety of different reasons. If something should happen to you, there are steps you can take today to make sure that those people do not have guardianship of your children.

First, name who you would pick as the guardian of your children. Then, name a backup option. This lets the Court know who you trust and will be given great weight. If for some reason, neither of your choices are able to serve as guardians, then the Court will have to look elsewhere. That’s where the people you don’t want come into play.

Talk to your attorney about making a Exclusion of Guardianship. This is a legal document that you can use to list those people who are unacceptable and why they are unacceptable. You do not have to list everyone in the world, just the people who would reasonably seek guardianship of your children. There is no need to exclude Paris Hilton, but there is reason to exclude the family drunkard. The document does not need to be read by anyone else until it is needed either, so do not worry about letting people know what you really think about them.

We are grateful you follow us and value your comments and input.  You Can Also Find Us Online: Facebook | Twitter | LinkedIn Thanks again.

Ryan M. Denman and Dennis D. Duffy

Duffy Law Office

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

Many people make life insurance a part of their estate plans for the purpose of making sure that minor children or grandchildren are taken care of after the insured passes away. Life insurance gives a cash benefit that can be used by the minor for living expenses and it does not have to go through Probate. However, if you designate a minor as the beneficiary, then there will be problems.

A life insurance company will not pay benefits directly to minors. If you think about it, this is a good thing. Minors should not be trusted to handle large sums of cash. The life insurance will rightly want a Court order that directs them to give benefits to an appropriate guardian. That will take time and it partially defeats the purpose of life insurance.

There is a much better way to leave a life insurance policy for the benefit of minors. Create a Trust for the minor’s benefit and name the Trust as the life insurance beneficiary. The life insurance company will pay out to the Trust and a responsible Trustee will already be in place to handle the assets for the minor’s benefit without the need for a specific Court order.

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

Most people expecting a new baby are excited and focused on what to do immediately after the child arrives. It’s a wonderful time for any couple, especially if it is a first child. You can focus on more than just your child’s immediate future however. One great thing about estate planning is that you can use it to prepare for your expected baby’s lifelong care.

No one wants to pay estate taxes. You can set up a gifting plan now to give money to your child regularly to lessen the eventual estate tax on your assets. You do not have to wait to give gifts until your child is 18. You can give on the day your child is born. You can also set up a Trust for your expected child. This makes sure that your child has access to funds should something happen to you without the possibility of wasting those funds. Your gifting plan can actually give to the Trust and not to your child directly. Another important thing to do is to appoint a guardian for your expected child in case something happens to you and the other parent.

You probably do not want to think about death when you are expecting a new child. However, a visit to an estate planning attorney can help your child throughout life.

We are grateful you follow us and value your comments and input.  You Can Also Find Us Online: Facebook | Twitter | LinkedIn Thanks again.

Ryan M. Denman and Dennis D. Duffy

Duffy Law Office

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

Neither is Bruce Wayne. You might be wondering why an estate planning attorney would write that on his blog. It’s because many parents with young children act like Bruce Wayne will be there to take care of their children if they pass away. It won’t happen.

In the comic books, The Flying Graysons were a famous circus trapeze act. While they were performing in Gotham City, they were shot and killed leaving behind their child Dick Grayson. In the fictional world, Bruce Wayne disguised as Batman swept in to take the child from harm. Without any court proceedings, the billionaire received guardianship of the child and trained him to be his sidekick Robin.

It does not work like that in the real world. In the real world, if you do not plan for what will happen to your children if you pass away, then the Courts have to make a decision. The courts appoint a guardian and it will not be an unrelated billionaire who likes to fight crime while dressed up in a bat suit. What is easy in the comic books is difficult and messy in real life. If you have young children, make plans for them now. Speak to an estate planning attorney about what you can do to make sure that your children will be taken care of. Batman won’t take care of things for you.

We appreciate you following us and value your comments and input. Please provide your thoughts by using the comments section on our blog page.

You Can Also Find Us Online: Facebook | Twitter | LinkedIn

Thanks again.

Dennis D. Duffy

Duffy Law Office

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

You may think it’s rare for both parents to be killed at the same time, but it’s not.  Three such cases and their resulting custody battles have occurred in just the last year because guardians for the children had not been named.

One case involved a young couple driving their newborn home from the hospital for the first time.  If you have don’t have an up-to-date Will appointing guardians for your children, name guardians now.  Otherwise, you’re putting your children at risk.

What Happens if You Don’t Name Guardians

If you don’t name guardians in your Will, the court (not you) will decide who raises your children.

• Will family members fight over who gets custody?  Will the family feud last for generations?

• Will your brother-in-law, the drunk, get custody?  Will your sister, who screams at her children, be awarded custody?

• Will no one step forward so the court is forced to place your children into foster care?  Have teenagers?

How to Appoint Guardians

You name guardians for minor children in your Will.  Be sure to have a serious conversation with those you wish to appoint before naming them.

Also, be sure to appoint back-up guardians in case your primary guardians are unable or unwilling to serve when the time comes.  Have that same conversation with them as well.

Execute a Will

It’s time; if you want to be the one to choose who raises your children if you are unable to, consult with a qualified estate planning attorney and appoint guardians in your Will now.

We appreciate you following us and value your comments and input. Please provide your thoughts by using the comments section on our blog page.

You Can Also Find Us Online: Facebook | Twitter | LinkedIn

Thanks again.

Dennis D. Duffy

Duffy Law Office

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

There are two types of guardians, guardian of the person and guardian of the estate.  The same individual can be both guardian of the person and guardian of the estate or two separate individuals can fulfill these separate roles.

A guardian of the person makes health care, general welfare, educational, and life-style decisions for an incapacitated person.  The person may be incapacitated due to age (minors do not have legal capacity), ailment, or level of mental functioning.

On the other hand, a guardian of the estate handles the money.  That’s the individual who is responsible for paying bills, managing assets, and investing assets.

If proactive estate planning is done:

• Guardians for minor children are named in a will.
• Powers of attorney (finances and health care) are in place.
• Disability trustees and beneficiary trust trustees are in place.
• All of these helpers have been asked and agreed to serve.
• Contingent helpers have been named in case the primary helpers are unable or unwilling to serve.
• Estate planning documents are up-to-date and in accordance with current law and current goals.
• Estate planning documents are available to helpers when needed.
• Helpers know how to contact the estate planning attorney for help.

If reactive estate planning is required:

• The court must be petitioned.
• The court will appoint guardians of the person and of the estate.
• The court will continue to supervise the guardianship.
• There are ongoing fees and reporting requirements.

Use your will to name guardian of the person for your minor children; if an adult is or becomes incapacitated, petition the court to have a guardian named, unless the proper estate planning documents are already in place.

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

If you’re looking to execute a will for the first time, you may be considering creating your will online.  Many people think this is a great option because it saves on legal fees and can be completed quickly.  However, this method of planning is not recommended.  It’s important to take extra care so that you have the best will possible that fits your personal financial and family situation.  Take a look at the following information, to learn more. If you have any questions, or if you’d like to create a will, contact an estate planning attorney.

You Get What You Pay For; How Much Will it Cost if Your Estate Plan Doesn’t Work?

Using online software or downloading forms to create a will or any other estate planning document can be a huge mistake.  It may seem like it’s a simple way to handle your planning affairs, but it can be easy to make errors. You may not even realize that your will is not valid or not appropriate for you.  Additionally, these software options aren’t fully customizable.   It’s recommended that you consult with a qualified estate planning attorney, so that you create a will that works.

You Will Benefit from Legal Counsel

Your attorney will be able to listen to your needs and create a will that reflects these needs.  He or she can also address your concerns and answer your questions throughout the planning process.  This can help you feel more comfortable about planning.  An attorney is able to understand the law and explain your options so that you can make the right choices.

Estate Planning as an Investment

If finances are a concern, you can set up a fund for your estate planning or you could address these concerns with your attorney.  There may be ways to make your planning more affordable.  It’s important not to sacrifice quality because of money concerns.  You should consider your planning expenses as an investment towards your future and know that a good estate plan will likely end up costing you less than an ineffective estate plan, in the long run.  If you choose not to invest properly, you and your family may not be fully protected.

If you have any questions, or if you’d like to begin creating a will, consult with a qualified estate planning attorney. To lean more about the dangers click here:  http://www.duffylawoffice.com/estate_planning/wills/

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

When creating your estate plan, you will need to consider your needs and goals.  There are many aspects of planning that people choose to include in their individual plan.  If you’re just beginning your planning, and need ideas of what to include, take a look at the information below.  If you have any additional questions, or if you’d like discuss your individual estate plan needs, consult with a qualified estate planning attorney.

When creating your estate plan, consider the following:

• Asset protection. Do you have certain assets that you want to protect as they pass to your loved ones? You can make sure that your loved ones are able to receive and keep their inheritances, regardless of bankruptcy, divorce, business failure, or lawsuits.  Because you never know when the in-law will become the out-law, it is wise to give assets in trust.
• Incapacity planning. You never know when an unexpected event may occur.  If you ever find yourself incapacitated and unable to make your own decisions, it is important to have a plan in place. This can allow you to have the support that you need to make decisions and get the right level of care.  Incapacity planning ensures that the court won’t interfere with your family, your money, or your health.
• Protecting your family. With an estate plan, you can protect your loved ones in a number of ways. This may include purchasing life insurance so that your family always has necessary income.  You may also use a will to appoint a guardian for the care of your minor children.

The above needs are just some things that you may want to consider implementing in your estate plan.  If you have any questions, or if you’d like to begin developing your estate plan, consult with a qualified estate planning attorney.

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

Many young adults assume that they’re too young to do their estate planning.  The truth is, everyone age 18 and older needs a plan.  If you don’t have proper planning in place, you and your family will be unprepared.  Take a look at the information below to better understand the importance of planning.  If you have any questions about your planning needs or if you’d like to start your estate planning, consult with our qualified estate planning attorney.

• Do you want to be in control of your future?  If so, you need to handle your estate planning affairs!
• If you want to decide how your assets will be given away after your death, then you need an estate plan.
• Do you want to be prepared for medical emergencies?  Then, it’s important to plan.
• If you want to choose the trusted helpers who will assist you with your estate’s affairs, you need to meet with an estate planning attorney to start your plan.
• Would you like to make sure that all of your last bills and expenses are paid after your death? You will need to plan!
• To you want to take a great burden off of your family?  If so, you need a comprehensive estate plan.

Just because you’re a young adult does not mean that you’re too young to plan.  Many people assume that they don’t yet make enough money nor have enough assets to plan.  You probably have more assets than you think and everyone needs health care directives!

If you’re unsure of your individual estate planning needs, meet with our estate planning attorney.  We will be able to help you develop goals and create a plan that meets your needs.  If you have any questions, or if you’d like to start your estate planning, consult with our qualified estate planning attorney.

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.