When Something Is NOT Better Than Nothing- Part 2

In part one of this series, we discussed the hidden dangers of do-it-yourself estate planning. In part two, we cover one of the greatest risks posed by DIY documents.

Maybe you think that you can save time and money with DIY documents you find online.  You’re probably anxious to check estate planning off your life’s to-do list. These forms may tempt you because they seem quick and easy. And you’re busy, so why not? Unfortunately, this is one case in which SOMETHING is not better than nothing.

But DIY wills lead to the false sense of security that you have things covered. But the reality is that those generic forms could end up costing your loved ones more money and heartache than if you’d never gotten around to doing anything at all.

In this way, DIY wills and other legal documents are among the most dangerous choices you can make for the people you love. These generic documents can leave the people you love most of all—your children—at risk.

Children at risk

First, it’s probably distressing to think that by using a DIY will you could force your loved ones into court or conflict if you become incapacitated or die.

Second, if you’re like most parents, it’s probably downright unimaginable to think about your children’s care falling into the wrong hands. But that’s exactly what could happen if you rely on free or fill-in-the-blank wills found online, or even if you hire a lawyer who isn’t equipped or trained to plan for the needs of parents with minor children.

Naming and legally documenting guardians involves a number of complexities that most people aren’t aware of. Even lawyers with decades of experience frequently make at least one of six common mistakes when naming long-term legal guardians.

If wills drafted with professional help are likely to leave your children at risk, the chances that you’ll get things right on your own are pretty much zero.

What could go wrong?

If your DIY will names legal guardians for your kids in the event of your death, that’s great. DIY documents are too risky!  Consider these factors.

  1. Does it include back-ups?
  2. If you named a couple to serve, how is that handled? Do you still want one of them if the other is unavailable due to illness, injury, death, or divorce?
  3. What happens if you become disabled and are unable to care for your children? You might assume the guardians named in the DIY will would automatically get custody, but your will isn’t activated if you become disabled.
  4. What if the guardians you named in the will live far away? It would take them a few days to get there. If you haven’t made legally-binding arrangements for the immediate care of your children, it’s highly likely that they will be placed with child protective services until those guardians arrive.
  5. Even if you name family who live nearby as guardians, your kids are still at risk because it’s possible they might not be immediately available if and when needed.
  6. And who even knows where your will is or how to access it?

The Kids Protection Plan®

To help ensure your children are never raised by someone you don’t trust or taken into the custody of strangers (even temporarily), consider creating  a comprehensive Kids Protection Plan®, which our firm is trained in.

Get the right “something”

Protecting your family and assets if you die or become incapacitated is too important to do on your own. No matter how busy you are or how little wealth you own, the potential disasters of DIY documents are simply too great.

Plus, proper estate planning doesn’t have to be super expensive, stressful, or time consuming. We offer options for all budgets and asset values.

Also, many of our clients actually find the process highly rewarding. Our systems provide the type of peace of mind that comes from knowing that you’ve not only checked estate planning off your to-do list, but you’ve done it using the most forethought, experience, and knowledge available.

Act now

If  you haven’t done any planning yet, contact us to schedule a Planning Session. This evaluation will allow us to determine if a simple will or some other strategy, such as a living trust, is your best option.

If you’ve already created a plan—whether it’s a DIY job or one created with another lawyer’s help—contact us to schedule an Estate Plan Review and Check-Up.

No matter what you do, make sure  have a “something” that’s actually better than nothing. Contact us and we’ll provide you with that level of confidence—and so much more.

This article is a service of Myrna Serrano Setty, P.A. We don’t just draft documents, we help you make informed and empowered decisions about life and death, for yourself and the people you love.

That’s why we offer a Planning Session, during which you will get more financially organized than you’ve ever been before, and make the best choices for the people you love. Call our office today to schedule a Planning Session and mention this article to find out how to get this $500 session for free.

Living a Happier Life

Want to know a proven way to live a more fulfilling life?

All you have to do is fully accept the fact that one day you’re going to die.

“It is only in the face of death that man’s self is born.” -St Augustine

Countless healthcare professionals report that people facing terminal illness often experience an incredible sense of peace and fulfillment in the days and weeks before they die. Many of them describe the acceptance of death as a life-changing event, confessing they never knew what it meant to live until they knew they were going to die.

The same is true for many who undergo a near-death experience (NDE). After staring death in the face, they report that their lives have much greater meaning. They frequently make dramatic life changes because they know without a doubt that any day, even today, might be their last.

You’ve undoubtedly heard the key to happiness is to be fully present in each and every moment. This advice is also derived from acceptance of death. By accepting that death is inevitable, we’re inspired to embrace every second of our lives with more gratitude and joy because we know that our existence is so fleeting.

If you’ve been avoiding thinking about and preparing for death, you may be missing out on an incredible opportunity. What all of these experiences show us is that death is an essential part of what makes life so sweet.

One of the biggest steps in accepting death is to prepare for it with proper estate planning. And proper estate planning is needed, regardless of how big or small you think your estate is, because no matter what, your family is going to have to handle whatever you have when you’re gone.

Indeed, facing life’s greatest fear head-on and using it as a chance to protect and provide for your family is one of the greatest gifts you can give yourself and those you love.

If you’re ready to begin truly living your life, start by working with us to properly plan so that you can save your family from  confusion and conflict. Contact us today to get started by scheduling a  Planning Session.

This article is a service of Myrna Serrano Setty, P.A. We don’t just draft documents, we help you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Planning Session, during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. Call us today and mention this article to find out how to get this $500 for free.

Guardianship: Keeping Up With the Kardashians

You might not be a big fan of this famous family, but the Kardashians recently demonstrated impressive wisdom in protecting their minor children using estate planning.

During a recent episode of Keeping Up With The Kardashians, Khloé Kardashian was preparing to give birth to her first child, daughter True. Khloé was second-guessing her first choice to name her sister Kourtney as the child’s legal guardian in case anything ever happened to her or the baby’s father.

During her pregnancy, Khloé spent a lot of time with her other sister Kim and her family. Watching her interacting with her own kids, Khloé really connected with Kim’s mothering style and pondered if she might be a better choice as guardian.

“I always thought Kourtney would be the godparent of my child, but lately I’ve been watching Kim, and she’s been someone I really gravitate to as a mom,” Khloé said.

To make things more challenging, Kourtney always assumed she’d be named guardian and said as much. Over the years, Khloé had lots of fun times with Kourtney and her family. So Kourtney thought her own passion for motherhood would make her the natural choice.

For guidance, Khloé asked her mother, Kris Jenner, how she chose her kids’ guardians. Kris’ answer was to compare how her two sisters’ raised their own children.

“You just have to think,” Kris told her, “‘Where would I want my child raised, in which environment? Who would I feel like my baby is going to be most comfortable and most loved?’”

In the end, Khloé chose Kim over Kourtney. She explained her decision had nothing to do with her respect or love of Kourtney. But it was merely about which style of parenting she felt most comfortable with.

“Watching Kim be a mom, I really respect her parenting skills—not that I don’t respect Kourtney’s, I just relate to how Kim parents more,” said Khloé. “I just have to make the best decision for my daughter.”

Lessons learned

Khloé’s actions are admirable for several reasons. First off, far too many parents never get around to legally naming a guardian to care for their children in the event of their death or incapacity. Khloé not only made her choice, but she did so before the child was even born.

Khloé also took the time to speak and spend time with her sisters beforehand, so the family understood the rationale behind her decision. Khloé was lucky her choices were close family members, so she had ample opportunity to experience both of their parenting styles.

Depending on your life situation, you might not be able to spend that much time vetting your choice. But at the very least, you should sit down with each of your top candidates to openly and intimately discuss what you’d expect of them as your child’s new parents.

Avoid conflict and court

Furthermore, with multiple family members vying for the guardian role, Khloé’s quick action may have prevented a potential nightmare. If she’d delayed naming a guardian and something happened to her, Kourtney, Kim, and even other family members could’ve gone to court seeking guardianship of her daughter.

This could have led to years of contentious legal battles that not only cost the family huge sums of money, but the potential hardship imposed on the children can be incalculable. Even if you think something like this would never happen to your family, why take the risk, especially when it’s so easy to avoid?

Get started now

While the Kardashians are rich and famous, you too can provide the exact same level of protection for your kids, even with minimal financial resources. It’s important as soon as it’s physically possible to choose someone who will step in to raise your children if you cannot. You must also legally document your choice and make sure the individual you’ve selected knows what to do if they’re called upon.

Many parents have no idea how to go about making this critical decision, much less create a legally binding plan, so they never get around to doing it. And even parents who have legally named a guardian (even with a lawyer’s help) often make at least one of six common mistakes that leave their children at risk.

That’s because most lawyers aren’t aware of all that’s involved with planning for the well-being and care of minor children after their parents’ death or incapacity. But at Myrna Serrano Setty, P.A., we’re dedicated to legal planning for the unique needs of families with young children.

And if you’ve already named guardians on your own or with a lawyer, we can review your existing legal documents. We’ll determine whether you’ve made any of the six common mistakes that leave your kids vulnerable and help you fill those gaps.

Beyond naming legal guardians,  can create a comprehensive estate plan with all of the necessary legal documents to ensure the protection and well-being of your entire family and assets, no matter what happens. Contact us now.

 

When Something is NOT Better Than Nothing – Part 1

Online you’ll find tons of websites offering cheap wills. Simple wills, for example, often cost less than $50. And you can complete and sign the forms pretty quickly.

In our super-busy lives and DIY culture, this might seem like a good deal. You know estate planning is important, and even though you may not be getting the highest quality plan, those documents can make you feel better for having checked this item off your to-do list.

But this is one case in which SOMETHING is not better than nothing, and here’s why:

A False Sense of Security

Creating a DIY will online can lead you to believe that you don’t have to worry about estate planning anymore. You got it done, right?

Except that you didn’t. You thought you “got it done” because you went online, printed a form, and had it notarized.  But you didn’t bother to investigate what would actually happen with that document in place in the event of your incapacity or when you die.

In the end, what seemed like a bargain could end up costing your family more money and heartache than if you’d never gotten around to doing anything at all.

Creating a DIY will can lead you to believe that you no longer have to worry about estate planning. In the back of your mind, you might even promise that one day you’ll revisit and update your plan with something better. But chances are, having done “something” will lead you to put this off until it’s too late.

At least if you do nothing,  estate planning will still be on your to-do list. (But then you’re at the mercy of the state’s “default settings,” which might really go against your wishes for yourself and your family.)

It’s More Than Just a Document. 

Unfortunately, many people don’t understand that estate planning involves much more than just filling out legal documents. So they end up making serious mistakes with DIY plans. Worst of all, these mistakes are only discovered when you become incapacitated or die, and it’s too late. The people left to deal with your mistakes are often the very ones you were trying to do right by.

The main purpose of wills and other estate planning tools is to keep your family out of court and out of conflict in the event of your death or incapacity. With the growing popularity of DIY wills, thousands of families have learned the hard way that trying to handle estate planning alone can not only fail to fulfill this purpose, it can make the court cases and conflicts far worse and more expensive.

Watch Out For Hidden Dangers!

There are many potential dangers involved with DIY wills and other estate planning documents. Estate planning is most definitely not a one-size-fits-all deal. Even if you think you have a simple situation, that’s almost never the case.

These are some of the most common complications resulting from DIY wills:

#1 Improper execution:

For a will to be valid, it must be executed (i.e. signed and witnessed or notarized) following strict legal procedures. Such procedural requirements are designed to prevent foul play and vary by state. For example, many states require that you and every witness to your will must sign it in the presence of one another. If your DIY will doesn’t mention that or you don’t read the fine print and fail to follow this procedure, it can be worthless.

#2 Court challenges:

Before the assets covered in a will can be transferred to your heirs, the will must go through the court process called probate. During probate, creditors, heirs, and other interested parties have the chance to contest your will or make claims against your estate. Though wills created with an attorney’s guidance can also be contested, DIY wills are far more likely to be challenged.

#3 Thinking a will is enough:

Very rarely is a will enough to handle all of your legal affairs. At your incapacity, you would also need a health care directive and/or a living will plus a durable financial power of attorney. At your death, a will does nothing to keep your loved one’s out of court. And if you have minor children, having a will alone could leave your kids at risk of being taken out of your home and into the care of strangers, at least temporarily.

In many ways, DIY will planning is the worst choice you can make for the people you love because you think you’ve got it covered, when you most certainly do not.

If you’ve yet to do any estate planning at all, have DIY documents you aren’t sure about, or  created a plan with another lawyer’s help that hasn’t been updated or reviewed in the past 2 years, call us. We can help keep your family out of court and of conflict when something happens to you.

This article is a service of Myrna Serrano Setty, P.A. We don’t just draft documents, we help you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Planning Session,  during which you’ll get more financially organized than you’ve ever been before, and make all the best choices for the people you love. Call us today to schedule a Planning Session and mention this article to find out how to get this $500 session for free.

In part two of this series, we cover one of the biggest dangers with DIY wills.

A Health Insurance Expert’s Medicare Tips

Open Enrollment  is around the corner! So we reached out to insurance expert Dean Smith, of Health Markets,  for some vital information about health insurance. Benefits for all Medicare plans change each year so you should consult an independent Medicare enrollment specialist to make sure you’re really getting what you need.

Below are tips for understanding your healthcare options, and why an insurance agent can help you find the best plan for you.

1. Make sure you understand your existing insurance policy or plan.

Many people are SOLD insurance without really knowing what they are purchasing. Understanding your current plan will help you understand the other plans available to you better, and assess if you’re getting the best plan, and the best price, for you. Your insurance agent should be able to explain to you what you have, in terms you understand.

2. Ask yourself if your current plan is working for you. 

Because plans change every year, you need to review your plan every year. Have your prescriptions changed in the past year? Has your health changed? Will your doctor continue to accept your current insurance plan? 

3.  Explore what benefits are most important to you and what you want in your plan.

Do a deep dive into your needs, and look at what you can’t live without, and what you can. 

4.  Remember that Open Enrollment season is VERY short!

For Medicare, open enrollment is only from October 15 to December 7th!  And if you have insurance through your employer, that window is much shorter! Except for a limited number of exceptions, you only get one chance a year to make changes to your health insurance plan. 

5. Choose the right insurance agent.

Your insurance agent should recommend a plan that fits your budget, addresses your concerns, and includes the benefits that meet your needs.

 

This article is a service of attorney Myrna Serrano Setty. Myrna doesn’t just draft documents, she helps folks make informed and empowered decisions about their life and death, for their sake and their loved ones. That’s why Myrna offers a Planning Session, during which you’ll get more financially organized than you’ve ever been before, and make the best choices for the people you love. Call (813) 514-2946 to schedule your Planning Session.