August Newsletter: Learn from Jay Leno's Mistake, Reasons to Disinherit Your Spouse & Naming Residuary Beneficiaries
What You Can Learn from the Leno Conservatorship Proceedings
When most people think about creating an estate plan, they usually focus on what will happen when they die. They typically do not consider what their wishes would be if they were alive but unable to manage their own affairs (in other words, if they are alive but incapacitated). In many cases, failing to plan for incapacity can result in families having to seek court involvement to manage a loved one’s affairs. It does not matter who you are, how old you are, or how much you have—having a proper plan in place to address your incapacity or death is necessary for everyone. Recently, comedian and late-night talk show host Jay Leno had to seek court involvement to handle his and his wife’s estate planning needs due to his wife’s incapacity... Continue Reading
Pros and Cons of Naming Many Residuary Beneficiaries in a Will or Trust
You have meticulously created your estate plan to ensure that it includes and addresses all of your most important assets (accounts and property). You have reviewed your asset list repeatedly, and everything seems to be accounted for. But what if you have forgotten something?
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Americans own a lot of stuff. Taking stock of your tangible and intangible possessions when creating an estate plan can be a tall order. Some assets may be overlooked and end up in what is called the residuary estate... Continue Reading
Can I Leave My Spouse Out of My Estate Plan?
The relationship between spouses is special in all contexts, not the least of which is the estate planning context. In many instances, you can exclude people from your estate plan, including your parents, siblings, and adult children. But there are special protections built into the law that may help protect a spouse from being disinherited.
No matter which state you live in, your surviving spouse is entitled to a specified share of what you own at your death. While state laws vary on the particulars of this protection, they are aligned on the basic premise that each spouse has a statutory claim to a portion of the deceased spouse’s money, property, and income... Continue Reading