People are often similar and predictable. It is no different when it comes to their estate plans. Most people want the same thing. Almost universally, when a husband and wife in a first marriage devise an estate plan they want the same thing: when the first spouse passes away, everything goes to the surviving spouse. When the second spouse passes away, everything goes to the children. Executing this plan with joint Wills is not always the best option.

Most people do not want to think about it, but there is always a possibility that a surviving spouse will get remarried. It happens all the time. The new spouse is entitled to a share of the surviving spouse’s estate by law. This may or may not leave enough of the property available for the original couple’s children to receive the originally contemplated inheritance.

The initial goal of most couples is laudable. It is an excellent idea to leave your assets to your surviving spouse with the plan that everything will eventually pass on to your children. It is not the idea that is wrong. It is often the execution. Circumstances change and what we expect to happen often doesn’t. Talk to an estate planning attorney about ways that you and your spouse can accomplish the same goals in ways that take changing circumstances into consideration.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

If you have a blended family, it’s important that you have an estate planning attorney craft your estate plan rather than using a simple form Will to divide your assets based on percentages. Blended families are those that have children from multiple marriages and they have unique dynamics for which you should account in your estate plan. This will help avoid conflicts after you pass away.

When you leave a simple Will that bestows an inheritance on your natural children based on percentages, you leave open the possibility that the children will fight about who gets what specific assets. That’s bad enough. When you add step-children into the mix, it can get even worse. This could especially be a problem if your natural children and step-children did not grow up together. You may want to provide for your entire blended family and it is your right to do so. However, you should be careful to provide for them in a way that minimizes conflict.

The best way you can provide for your family, whether it’s blended or not, is to speak to an estate planning attorney. Every family is different and needs different things. An estate planning attorney can help you in making sure that you do what is right for your family.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

If you have young children, it is important that you name someone to be the guardian of the children in the event that you pass away. To do this, you need to make a Will. An estate planning attorney can help you make a Will. However, you need to choose an appropriate guardian. Here are a few tips.

The most important thing is to pick someone who is responsible and willing to serve as guardian. You want someone you know who will raise your children appropriately. That might be a family member or it might be someone else. You should also speak to that person ahead of time and make sure that he or she is willing to raise your children if anything should happen to you.

In most cases, the court will appoint the person you designate to be the guardian. However, sometimes the court might have a good reason not to. Because of something you do not know about, the person you chose might not be an appropriate person to raise your children. For this reason, you might want to also consider appointing a backup guardian. That is someone the court can appoint if the first person cannot be the guardian.

An estate planning attorney can create a Will that designates your choice for a guardian of your minor children and your backup choice.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

Many people fear that a spouse from a second marriage will not leave assets to the children of a previous marriage. If you leave all of your assets to your spouse in a simple will, this is a real concern. The second spouse is under no obligation to leave assets to your children from a previous marriage in his or her own will. Even if you and your spouse create joint wills that leave assets to all of your children, nothing prevents your spouse from changing his or her mind after you pass away.

With proper estate planning, however, you can avoid this problem and leave assets to your children from a previous marriage. In New York, an attorney can assess your situation and find the best option for you. For example, if your spouse lives in a home that you individually own and would eventually like to see pass to the children of your first marriage, you might want to give your spouse a life estate in the property and have it automatically pass to your children when your spouse passes away. In other situations, setting up a trust or leaving your children assets in your will might be better options. A qualified estate planning attorney can determine the best options for your family situation.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

If you have a child who is not good with money or owes a lot of money to creditors, you might have a a justifiable concern that any money you leave to them in a will or trust will be quickly blown or disappear into the bank accounts of the creditors. However, this should not stop you from leaving assets to your irresponsible child. An attorney can devise a trust for you that will protect your assets from your child and their creditors.

Like most states, New York provides for trusts that allow for a trustee to have sole discretion over how the assets of the trust are used for a beneficiary’s benefit. These are known as spendthrift trusts. If your child has no control over the money in the trust, their creditors cannot make a valid claim against the assets in the trust. The trustee only has to give your child enough of the trust assets to meet immediate needs.

Spendthrift trusts need to be specifically set up. If you are considering whether it is a good idea to leave money to an irresponsible or indebted child, speak with an experienced estate planning attorney to have a spendthrift trust drawn up to protect your assets after you pass away.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

As your parents continue to age, their estate plan needs to be updated.  If you’re unsure whether your parents have done their estate planning, including long term care planning, it’s okay to chat with them.  While this can be difficult to do, these are important conversations to have.  Take a look at the following information, for advice on what topics to discuss.  If you have any questions, or if you’d like to assist your parents with their estate planning, contact an estate planning attorney.

Do your parents know how they’d wish to distribute property after their death?  If they have yet to create a will or trust, this is an important planning need.  A will or trust can outline property distribution wishes so that the right beneficiaries receive assets.  With no plan, your state’s laws will determine how assets are distributed and it may not be how your parents would wish.

Have they planned for possible incapacity?  A medical emergency can happen at any time.  It’s important for your parents to have an incapacity plan in place so that they can get help with their financial and medical affairs, even when they’re unable to communicate their wishes or give consent.

Have your parents considered their funeral planning wishes?  If your parents have particular wishes, it’s important that they voice these opinions, even put them in writing.

Have your parents considered where they stand on the use of end of life treatments?  A living will is an important planning document that allows individuals to express their wishes for end of life medical treatments and procedures.  Without a living will in place, you or your loved ones may have to make difficult decisions on behalf of your parents and this can cause family discord.

If you have any questions, or if you need help discussing your estate planning concerns with your parents, consult with a qualified estate planning attorney.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

Many people don’t fully realize how beneficial estate planning can be in regard to family dynamics.  Without an estate plan in place, your loved ones may argue and disagree with how your affairs are handled.  Many people argue about property distribution, funeral wishes, and other important matters after a loved one dies.  This is because they usually feel as if their needs weren’t met or thought of, or they feel that the deceased individual had different wishes in mind.  Without a plan, it can be hard to guess what a person may have wanted.

Legal Documentation Makes Your Wishes Clear

By taking the time to legally document your wishes with the use of estate planning documents, your loved ones will be less likely to argue.  This is because they will know that your wishes were expressed, and they will likely want your wishes to be respected.  An estate plan offers an instructional guide as to how your affairs should be handled.

Communication about Your Estate Plan is Key

You should also communicate your estate planning wishes to your loved ones if you wish to avoid family discord.  A conversation allows you to explain the decisions that you made.  It can also serve as a way for your loved ones to have a greater peace of mind about the future, because they will know that you’ve made necessary planning decisions and they’re protected.

Communication is important in all families, but it is especially important in blended families and if you’ve made “unusual” or unexpected decisions.  You can avoid life-long family conflict with a good estate plan and a conversation.

To Protect Your Family, Get Your Estate Plan in Place

Take the time to handle your estate planning needs as soon as possible.  Avoid the possibility of creating unnecessary conflict in the future.  If you have any questions about how estate planning can be beneficial for your family’s future, consult with a qualified estate planning attorney.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

Creating an estate plan doesn’t only have to include making difficult decisions.  When creating your plan, you’re able to make choices for the future.  This includes having the opportunity to have fun with some of your planning decisions.  Take a look at the information below, to see how you can have some fun with your estate plan.  If you have any additional questions, or if you’d like to begin creating your estate plan, contact an estate planning attorney.

• With your estate plan, you’re able to give to back to a favorite charity.  This can be a great way to benefit an organization that you’ve always loved.  Many people choose to give to an organization that has had an impact on their family or friends.  This may include gifting to Susan G. Komen for the Cure or the American Cancer Society.  If you choose to gift to charity, carefully consider an organization that is special to you.
• You may also choose to give to your loved ones in a special and meaningful way.  Many people choose to leave assets for their loved ones so that they’re able to achieve their goals.  You may decide to leave asset for a grandchild to attend college or for your daughter to fund her career ventures.  This can be a great way for you to make an impact on your loved one’s lives while also leaving a special memory along with your gift.

Creating your estate plan doesn’t have to be an upsetting process.  While you will be forced to make some difficult decisions, there are also many other things that you can do with your planning.  If you have any questions about fun and creative things you can do, consult with a qualified estate planning attorney.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

While creating your will, you must choose who you will appoint as the guardian for your minor children.  This decision can help you make sure that your children are always loved and cared for.  If you don’t carefully plan out this decision, you can create unneeded conflict.  It’s a good idea to take extra steps to ensure that you’re making a smart and well thought out decision.  Take a look at the information below, to help make this choice.

• What if other family members don’t agree with your decision?

If your other family members are unsure of your guardian selection choice, you should hold a discussion.  It’s important that you take the time to carefully identify your choice of guardian as well as why you think your children will benefit from your selection.  You can nicely explain that you didn’t mean to hurt anyone’s feelings with this decision, but you wanted the best for your children.

• What if you think that your children may benefit from different guardians?

When creating your will, sometimes it doesn’t make sense to name the same guardian for all of your children.  This may be true if you have children from different marriages or children who have very different ages.  In other cases, one of your children may have certain needs or may even prefer a different guardian.  It’s important to carefully consider this when selecting a guardian.

When creating your will, it’s important to really think through your guardian decision.  By thinking through possible conflicts ahead of time, you can avoid issues in the future.  And, be sure to get permission before naming your primary and contingent guardians.  If you have any questions, or if you’d like to create your will, consult with a qualified estate planning attorney.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.

When you take the time to design your will with your estate planning attorney, you must make the difficult decision of appointing a guardian for the care of your minor children.  Many parents struggle with this decision.  It’s a good idea to take extra care when making this choice, so that you avoid future conflict.  Take a look at some of the tips below for advice on how to avoid conflict when choosing a guardian.

• What if you’re not sure how your children will feel about your decision?

If your children are old enough, it’s a good idea to include them in discussions related to your guardian selection.  You not only want to assure your children that they will always be loved and protected, but you also want to make sure that they will get along with their guardians.  Take the time to listen to their opinions on the matter.

• What if your guardian lives far away?

If you decide to appoint a guardian who lives out of town, it’s a good idea to also name a temporary guardian. This will allow your children to be protected before your guardian arrives.  Your children will be cared for by the temporary guardian, until your permanent guardian is able to get to your children.  This avoids your children being placed into foster care in the event of an emergency.

• What if the guardian that you choose is bad with money?

If you’re afraid that your guardian will be unable to manage the money that you leave, you should consider naming another individual to manage these assets. This will allow your guardian to only provide care and physical support, while the other individual will handle financial decisions for your children.

Choosing a guardian is the most important decisions that you will have to make when creating your will. By taking a little extra care, you can avoid future conflicts before they arise. Take a look at our next blog post tomorrow (part 2 of 2), to learn more ways to avoid these conflicts.

If you have any questions, or if you’d like to create your will, consult with a qualified estate planning attorney.

Davidov Law Group is a member of the American Academy of Estate Planning Attorneys.