LEGAL MATTERS
IS YOUR ESTATE PLAN DONE RIGHT OR JUST “DONE”? by Scott A. Selis
Is your estate plan (Will, Trust, etc.) merely done or is it done right? I often wonder how people without legal training would know the difference. Estate planning is so much more than filling in the blanks on a Will, Trust, Power of Attorney, etc., especially when you want to ensure those important documents are absolutely correct and have been thoroughly vetted. Most lay people think a Will, Trust, Power of Attorney and Healthcare Power of Attorney are all the same. Just print a form, fill in the blanks, and you’re done! And while that can sometimes be true, there is much more to consider. For example, what risks do you want to avoid after your spouse and/or children receive their inheritance? Unfortunately, most online document preparation services and attorneys don’t help you understand the risks or how to avoid them. Risks? What risks? What if a spouse remarries after you pass? The new spouse is usually entitled to 30% of everything the
surviving spouse owned at the time they pass, even if the Will says otherwise. And that 30% usually doesn’t go to your children when they die. What if a child divorces or runs into financial trouble after receiving an inheritance? They could lose some (or ALL) of their inheritance. If you have a child that dies before you or after receiving inheritance, then their former spouse (i.e., your former son-in-law) could be in control of your minor grandchild’s inheritance! These are just some of the many risks to consider. Don’t you want to ensure your plan for your and your family’s future is secure and experience the peace of mind that comes from that? If so, I highly recommend you visit with an estate planning or elder law attorney who knows the difference between an estate plan that is done; and one that is done right. Scott Selis, Elder Law Attorney, estate planning, probate, long-term care, government benefits, (Medicaid, Veteran’s benefits). Scott was Assistant Chair of Florida Bar’s Elder Law section, and Elder Law Attorney of the Year 2016.
Aging Times Magazine | March 2021
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