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Improve Your Relationships Through Estate Planning

Do you have a New Year’s resolution? How about Estate Planning? Believe it or not, it can improve your relationships!

During the holidays, you’ve probably spent a lot of time with your family and friends. During these moments, you realize just how important these relationships can be. And as we grow older, you begin to realize how precious little time we have to spend with one another.

Life is short. So use this time to talk about estate planning so that you can ensure that you and your loved ones are provided and cared for no matter what happens. Though death and incapacity can be uncomfortable subjects to discuss, with a comprehensive plan in place, you’ll almost certainly experience a huge sense of relief and peace.

Planning requires you to closely consider your relationships with family and friends—past, present, and future—like never before. This process can be the ultimate forum for heartfelt communication and prioritizing what matters most in life.

Indeed, communicating clearly about what you want to happen in the event of your incapacity or death (and asking your loved ones what they want to happen) can foster a deeper bond and sense of intimacy than just about anything else you can do.

Here are just a few of the valuable ways estate planning can improve the relationships you cherish most:

1) Estate planning shows that you really care.

Taking the time and effort to carefully plan for what will happen to you in the event of your incapacity or when you die is a genuine demonstration of your love. It would be far easier to do nothing and simply let you family and friends figure it out for themselves. After all, you won’t be around to deal with any of the fallout.

But planning in advance shows that you truly care about the welfare of your loved ones, even when you’re no longer around to benefit from their love and companionship. Such selfless concern and forethought equates to nothing less than a final expression of your unconditional love.

2) Estate Planning inspires honest communication about difficult issues.

Sitting down and having an honest discussion about life’s most taboo subjects—incapacity and death—is almost certain to bring you and your loved ones closer. By forcing you to face immortality together, planning has a way of highlighting what’s really important in life—and what’s not.

In fact, our clients consistently share that after going through our estate planning process they feel more connected to the people they love the most. And they also feel more clear about the lives they want to live during the short time we have here on Earth.

Planning offers the opportunity to talk openly about matters you may not have even considered. When it comes to choices about distributing assets and naming executors and trustees, you’ll have a chance to engage in frank discussions about the reasons for your choices.

While this can be uncomfortable, clearly communicating your feelings and intentions is crucial for maintaining healthy relationships. In the end, it might just be the first step in actively addressing and healing any problems that may be lurking under the surface of your relationships.

3) Estate Planning builds a deep sense of trust and respect.

Whether it’s the individuals you name as your children’s legal guardians or those you nominate to handle your own end-of-life care, estate planning shows your loved ones just how much you trust and admire them. What greater honor can you bestow upon another than putting your own life and those of your children in their hands?

Though it’s often challenging to verbally express how much you love your family and friends, estate planning demonstrates your affection in a truly tangible way. And once these people see exactly how much you value them, it can foster a deepening of your relationship with one another.

4) Estate Planning creates a lasting legacy

While estate planning is primarily viewed as a way to pass on your financial wealth and property, it can offer your loved ones much more than just financial security. When done right, it lets you hand down the most precious assets of all—your life stories, lessons, and values.

In fact, the wisdom and experience you’ve gained during your lifetime are among the most treasured gifts you can give. Left to chance, these gifts are likely to be lost forever. In light of this, we’ve built in a process, known as Family Wealth Legacy Passages, for preserving and passing on these intangible assets.

With this service, which is included in every estate plan we create, we guide you to create a customized recording in which you share your most insightful memories and experiences with those you’re leaving behind. Family Wealth Legacy Passages can not only ensure you’re able to say everything that needs to be said, but that your legacy carries on long after you—and your money—are gone.

The heart of the matter

We can help guide and support you in having these intimate discussions with your loved ones. And as our Family Wealth Legacy Passages service shows, we offer a wide-array of customized planning options designed to enrich your family and friends with far more than just material wealth.

With our help, estate planning planning doesn’t have to be a dreary affair. When done right, it can put your life and relationships into a much clearer focus and ultimately be a tremendously uplifting experience for everyone involved.

This article is a service of attorney Myrna Serrano Setty. Myrna doesn’t just draft documents. Myrna helps you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why our firm offers 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 our office today at (813) 514-2946 to schedule a  Planning Session and mention this article to find out how to get this $500 session for free.

New Year’s Resolution: Tackle that estate plan!

It’s that time of year when many of us are working on our New Year’s resolutions. Whether it’s to eat healthier, get organized or finally clean out the garage, many of our resolutions center around some type of self-improvement. Doesn’t it feel great when you’ve finished that dreaded item on your to do list?

For many folks, estate planning is at the BOTTOM of the to do list. Studies have shown that over 50% of Americans don’t have a Will. Yet 100% of folks would benefit from some type of estate planning!  With an updated, effective estate plan, you can guard against unnecessary heartache, financial hardship and family drama. For example, if your health deteriorates to the point where you’re dying and you can’t communicate your wishes, without any advance medical directives in place, your loved ones have the emotional burden of trying to figure out what medical care you do or don’t want. Moreover, who’s going to be in charge of the decisions? And without an updated Will, can you be sure that your property goes to the right people?

I understand that for many of us, estate planning is uncomfortable, emotional and overwhelming. Who wants to spend time thinking about leaving their loved ones behind? I guide my clients through the process, one step at a time. Let’s tackle this resolution together. Then you can get back to your other resolutions, like cleaning out that garage.

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.

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.

What to Do With a Cash Windfall

Many of us like to fantasize about winning the lottery. We talk to our friends about how we might spend the money, and we dream about never wanting for anything ever again. Although the odds of winning the lottery are very small, there are other ways that we might come into a major amount of cash in our lives, usually in the form of an inheritance, from a business sale or perhaps even though the settlement of a legal claim.

If you do receive such a windfall, planning ahead beforehand is critical, so that it can be available to benefit yourself, and also your loved ones even after you are gone. Unfortunately, without planning, most people who receive large amounts of money lose it almost as quickly as they receive it.

If you see a windfall coming your way, consider the following steps.

1. Consider putting any large cash amounts you receive into an asset protection trust.

You may even want to consider appointing a co-trustee to govern the trust alongside you. This will mean you can honestly tell friends and family that you do not have unrestricted control to your assets when they come asking for handouts.

2. Hire an advisor you trust to help you invest the assets you receive in a manner that is aligned with your values.

This will support you in using the money in the long-term life you desire; if you need recommendations to a trusted investment advisor, contact us.

3. Update all of your own estate planning documents, including your Will, Revocable Living Trust, Health Care Directives and Power of Attorney, and establish a relationship with a personal estate planning lawyer.

This is so if and when anything happens to you, your family will be supported and they can stay out of court and out of conflict.

 

This article is a service of attorney Myrna Serrano Setty. Myrna doesn’t just draft documents, she helps you make informed and empowered decisions about life and death, for yourself and the people you love.  That’s why we she offers 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. You can begin by calling our office today at (813) 514-2946 to schedule a Planning Session.