Category Archives: Will

18-Year-Olds Need Estate Plans, Too

Every adult needs at least a few basic legal documents to provide for her own medical and financial affairs.

Once a person turns 18 years old he becomes a legal adult. This matters from an estate planning perspective because:

  • Parents or legal guardians lose their right of access to information about that young adult.
  • The young adult loses the automatic right of the parents or legal guardians to advocate on his behalf.
  • If the young adult needs assistance with medical care or financial advocacy, such as in the event of an emergency, the parent or legal guardian will be unable to do so without legal authorization.

That’s why every young adult needs at least a very basic estate plan. With proper legal authorization, parents and legal guardians can continue to support and advocate for their children and gain access to their medical, financial, and digital information.

A basic estate plan preserves good relationships between different family members who may not agree with one another about the young adult’s stated wishes.

Every young adult should have at least some basic legal documents that provide the adults of her choosing the authority to:

  • Manage her financial affairs such as paying bills, requesting statement copies, and renegotiating contract or lease terms when she just wants helps and in case of an emergency;
  • Access her online banking and other electronic, financial accounts;
  • Access her protected health information;
  • Consent to or refuse medical treatments and procedures if she cannot do so herself;
  • Serve as her spokesperson regarding her end of life wishes;
  • Consent to donating her organs;
  • Arrange for her cremation or burial;
  • Organize the details of her memorial service according to her preferences;
  • Post notices to and/or memorialize, download copies of, or close out her social media accounts;
  • Specify who should receive certain sentimental pieces of personal property, like jewelry, collections or mementos.

 

“it’s not about what you have, it’s about how much you care"

October 20-26, 2014 is 
National Estate Planning Awareness Week

Attorney Danielle G. Van Ess of the family-friendly, Hingham, Massachusetts law firm DGVE law, LLC wants to help you “protect your family, yourself, and your stuff.” She explains, “it’s not about what you have, it’s about how much you care. You care about who makes your medical decisions for you. You care who takes care of your children. You care about preserving whatever you have to use throughout your lifetime. You care about what you leave behind to whom, how, and when.”


If your children are minors you worry about who would raise them into adulthood. If your child just became a legal adult, you worry that, without his or her own basic estate plan in place, you lack access to financial and medical information to help him or her. If you have a child with special needs you worry about who would know everything you do about your child and how to ensure your child’s needs are always well met. If you have an adult child with a history of less than stellar financial management skills, addiction, gambling, or who may be divorcing, you worry about lost assets.

 More people are sued than ever today. We know most doctors will be sued sometime in their careers, but increasingly so will financial, accounting, real estate, and IT professionals. Car accidents, slip-and-falls, and accidents involving other people’s children are all real threats. The time to protect your assets from possible lawsuits is before you think you might be sued, before it is too late, and the way you try to protect your assets determines your likelihood of prevailing. Some DIY efforts, such as titling assets in your spouse’s name or establishing a family LLC or LLP without ensuring it owns the assets nor maintaining required formalities just provide false confidence and will likely fail to provide asset protection.


You may worry about how to pass significant resources to your loved ones without causing unintended consequences such as disrupting family harmony. Your estate planning attorney can help you design a plan so each family member can enjoy your cherished vacation home without disagreements far into the future. If you have always been charitably inclined, you can plan to support charities dear to your heart while also ensuring your loved ones are well provisioned. If you have a trusted financial advisor and CPA, your lawyer can and should work together with them as a team on your behalf to help you make your dreams for the future come true. Or you may worry about having sufficient resources to support yourself through retirement, possible long term medical expenses, remaining in your home as long as possible, and preserving your hard-earned resources for your loved ones. While you may not feel like you have enough to worry about estate taxes, you just might and perhaps ironically the less you have the more important it may be to preserve it to protect those you love.

Despite all these important reasons to meet with an experienced estate planning lawyer to learn how the law views your family or financial circumstances, whether your current plan is likely to achieve your goals, and what your options really are, most Americans mistakenly believe they do not need even a simple Will. Far too many Americans have stale, old estate plans that no longer reflect their current personal circumstances, especially given recent sweeping changes in the law.

In 2008 Congress passed a resolutionproclaiming the third week of every October as National Estate Planning Awareness Week noting, “Many Americans are unaware that a lack of estate planning and financial illiteracy may cause their assets to be disposed of to unintended parties by default through the complex process of probate.” With a comprehensive estate plan and financial roadmap for success, Van Ess says, “you can control your own assets during your lifetime, designate the people you want to care for you and provide for your loved ones if you’re ever incapacitated, and make sure that after your death you leave what you want to whomever you want how and when you want, all while ensuring there are more assets left rather than wasted on unnecessary expenses.”


Because there is so much more to an estate plan than just filling in forms, you need to find a qualified lawyer to assist you. Van Ess is passionate about educating and empowering her clients. Says Van Ess, “Just as we as patients seek the right bedside manner in our doctors, we need to find the right deskside manner in our lawyers. Once we find that lawyer we can say with confidence ‘I want to talk with my lawyer’ and it takes away so much unnecessary worry, replacing it with true peace of mind and comfort of heart.”


About Attorney Danielle G. Van Ess and DGVE law®
Raised on the North Shore in Swampscott, Massachusetts, Van Ess graduated with honors from the George Washington University in Washington, DC then met her husband, Chad Van Ess, Senior Counsel for the Acushnet Company, comprised of the Titleist and Footjoy golf brands, in 1998 as classmates at Boston University School of Law. Danielle “got her passport stamped” and moved with Chad to Hingham on the South Shore in 2006 where they laid down firm roots and are raising their four daughters, ages 1 through 9. Danielle established her law firm, DGVE law, LLC in their family home on East Street on September 1, 2008. For over six years now DGVE law® has been proudly “helping people add to, protect, and move their families”® by providing high quality professional legal services in the areas of adoption, estate planning, and residential real estate. For the right, truly passionate entrepreneurs, DGVE law® is also “helping you build, grow, and nurture your business.”
       
For more information, please visit: www.dgvelaw.com, like us on Facebook, or call: 781-740-0848.

var addthis_config = {“data_track_addressbar”:true};

What is Estate Planning & Do I Need a Will Now?

The phrase “estate planning” can be off-putting as many think it sounds like it pertains only to the very wealthy, when in fact it simply refers to how you would wish matters to be handled in the event of your incapacity.

Who would you want to make medical decisions for you if you were unable? In what ways would you wish to be kept alive and for how long? How would you wish for your funeral and burial or cremation to be handled, paid for, and by whom? In what manner do you wish to pass on both your financial and priceless personal assets to your children or other relatives? Whom you would want to care for any minor children you may have in the unlikely event both you and your spouse should die simultaneously or close in time?

Many young couples, especially those without children, shrug it off saying, “We don’t have anything” and figure they will address these questions farther down the line. The trouble is, most of us forget to come back to them or don’t want to think about such things, and the best time to contact an attorney and think through these difficult and often painful choices is *before* your family is in crisis. The bottom line is that if *you* do not address these questions and make these decisions, the state/a stranger will end up making them for you and their choices may be very different from your own.

Undoubtedly for parents of young children, the single most anxiety-producing question is what should happen to your children if you are not able to care for them yourself. While it is of course critical to determine whom you would want to be your children’s permanent guardian (and back-up/successor guardians), it is just as critical to name temporary/emergency guardians. If your spouse is far away on a business trip and your named permanent guardians are also far away, you may need a named temporary emergency guardian to care for your children until such time as your permanent guardians are able to arrive. Depending on where they are and what is going on in their own lives, that could be a considerable amount of time. If you don’t have immediate family nearby or name someone, it is entirely possible that your children will be placed into foster care temporarily rather than remaining with close family friends or relatives in their own or a familiar home.

To help you decide whether you should have a Will and other related legal instruments in place now, ask yourself the following questions:

1. Do you own a home, car(s), and/or jewelry (of sentimental and/or financial value)?

2. Do you have a bank account or accounts?

3. Do you have a life insurance policy?

4. Do you have a minor child or children? If so, have you legally named guardians to care for them temporarily and/or permanently in the event you become unable to do so?

5. Have you inherited a substantial amount of money from a relative?

6. Are you estranged from a closely related family member?

7. Do you or your closely related relatives have any special circumstances that might require distributing assets or property to you/them in a slightly different way?

8. Do you have someone legally appointed to make medical decisions for you in the event that you are unable?

9. Do you have someone legally appointed to manage your financial affairs (pay your bills, etc.) if you are unable to do so?

10. Do you have a Will? If yes, how many years old is it and does it still reflect your individual and/or family situation?

11. Do you have a Living Will? Do you think your family of origin might disagree with your partner or spouse under the stressful circumstances of your incapacity?

12. If you answered no to more than one of the above questions, why? (e.g. didn’t think it was necessary, don’t want to think about these things because it’s unpleasant, afraid can’t afford an attorney, other?)

Estate planning can be a very empowering process instead of the depressing, anxiety-inducing one you might have feared. If you work with an attorney who cares and listens to you and tries to help you as an individual meet your goals, then you are able to control how you pass on not only your financial assets, but also your intangible assets. Having a Will is not about plugging your name into some forms, tucking it away, and leaving it to collect dust until your eventual death (an attorney who will charge you hundreds of dollars to do just that is taking your money and running, leaving you and your loved ones largely unprotected). Estate planning should be an ongoing process and collaborative effort between you and your family’s attorney to ensure that your legal documents continue to meet your needs over time and weathering all of life’s changes.

As for cost, reasonable professional attorney fees are far less than the expenses involved in such matters as probating your estate and hiring all the related professionals, especially guardians for any minor child or children should both parents die simultaneously or close in time. The relatively small cost should be a top priority as a form of mental and practical “insurance.”

Wishing you and your family health, happiness, and priceless peace of mind!
-Danielle