Category Archives: Estate Administration and Litigation

Help Your Parents and Grandparents Update Their Estate Planning Documents

Help Parents with Estate Planning

May and June are months filled with family get-togethers of all kinds: weddings, graduations, picnics, barbecues, and family reunions. These get-togethers often remind us about how important our family members are to us. While a family party is probably not the best place to talk with your parents and grandparents about their estate plans, follow up with those older loved ones at a later time about getting their affairs in order.

Talking about these can be uncomfortable, but express to family members that it is vital that they take time now to help minimize difficulties later. It also does not need to be a large, detail-filled conversation either – just inquire whether they have made a will or whether they have thought about making a will or other estate plans. Print out this article and let them read it.

Here are a few simple things to help anyone decide whether they need to complete or update their estate plans:

  • It doesn’t take long to review life insurance policies to make sure that contact information is correct for the policy holder while also ensuring that beneficiaries are up to date.
  • If your loved ones already have wills, be sure that they review them. They will need to be updated if a spouse, child or sibling has died. They may also need to be updated if the Older Americans have downsized to new residences, closed or sold businesses, or bought or sold vacation homes, boats, or recreational vehicles.
  • Remember that property includes not only real property (land, house, condominium, business storefront, etc.), but also personal property such as jewelry, art, sports memorabilia, even pets.
  • It is also a good time to address living wills, which are a legal document by which a person makes known his or her wishes regarding life-sustaining or life-prolonging medical procedures, such as resuscitation. This is especially important if a loved one is diagnosed with Alzheimer’s, dementia, or a life-threatening disease that can impair their cognitive abilities in the future.
  • Establishing power of attorney, a legal document by which Person A gives Person B the power to make decisions about their legal and/or financial affairs upon Person A’s incapacitation, is also very important. If one of your parents or grandparents has power of attorney for the other and he or she has died or been diagnosed with a disease like Alzheimer’s, then the document needs to be updated.

These are some simple things that you can do each spring to make sure that your family is protected. Everyone, no matter their net worth, should have estate planning in place. You owe it to yourself and your loved ones.

If your parents, grandparents or you need help reviewing or establishing any of the documents above, please telephone me at (732) 444-6406 or write me an email and tell me you’d like to meet about doing estate planning. I will send you my free Estate Planning Workbook, which is a tool to help you think about all of the different concerns there are with estate planning.

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The Law Office of Nancy L. Holm, LLC, a New Jersey Limited Liability Company, is a full-service, general practice law firm located in Monmouth County, N.J., and serving clients in New Jersey and Pennsylvania. You can trust our integrity and commitment to your best interests when you have a legal problem. We offer a free consultation and reasonable rates, so that legal representation is available to everyone.

 

 

 

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Updating Your Will

Update your will if you got married

Update your will if you got married

Life happens. Even if you have completed estate planning, it’s never really ‘done.’ Life is going to come along and make you re-do it.

So, I present, You Might Need to Update Your Will. (Read this in your head with a Jeff Foxworthy-type voice):

IF you had a baby,
YOU MIGHT NEED TO UPDATE YOUR WILL

IF you got married,
YOU MIGHT NEED TO UPDATE YOUR WILL

IF you got divorced,
YOU MIGHT NEED TO UPDATE YOUR WILL

IF you adopted a child,
YOU MIGHT NEED TO UPDATE YOUR WILL

IF you have a new grandbaby,
YOU MIGHT NEED TO UPDATE YOUR WILL

IF a relationship within your family has changed,
YOU MIGHT NEED TO UPDATE YOUR WILL

IF tax laws have changed,
YOU MIGHT NEED TO UPDATE YOUR WILL

IF your estate value has dramatically increased (or decreased),
YOU MIGHT NEED TO UPDATE YOUR WILL

IF you moved to a new state,
YOU MIGHT NEED TO UPDATE YOUR WILL

IF you retired,
YOU MIGHT NEED TO UPDATE YOUR WILL

IF you changed your investments,
YOU MIGHT NEED TO UPDATE YOUR WILL

These are just a few reasons that you might need to review your will with an attorney. I am just a phone call away, and maintain flexible office hours so that we can meet at your convenience. For most people, reviewing and revising wills is one flat fee. Call me (732) 444-6406 or email to schedule a meeting time.

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The Law Office of Nancy L. Holm, LLC, a New Jersey Limited Liability Company, is a full-service, general practice law firm located in Monmouth County, N.J., and serving clients in New Jersey and Pennsylvania. You can trust our integrity and commitment to your best interests when you have a legal problem. We offer a free consultation and reasonable rates, so that legal representation is available to everyone.

 

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Filed under Estate Administration and Litigation, Estate Planning, Guardianship Cases, Living Wills, Power of Attorney, Uncategorized, Wills

Protect Your Family With Estate Planning

Estate Planning Made Easy

Estate Planning Made Easy

I have always been a big planner.  I’m not rigid with my plans, but I do spend time thinking about what I can do to make life better and easier for my family. Sometimes my plans are extensive and require a large commitment and sometimes just a few small steps are all that are needed.

Most of the time, I’ve found that the smaller, more focused commitments are the ones I complete and can make the most difference.

Estate planning sounds like an overwhelming task that will require a lot of time, paperwork, and thinking about things no one wants to think about, when, in reality, it’s relatively straightforward and painless. I liken it to getting a flu shot: we all put it off and dread doing it, but once we’re there, it’s a quick pinch and you’re protected.

Everyone, no matter their net worth, should have estate planning in place. You owe it to yourself and your loved ones.

What exactly is the estate planning process?

I try to make estate planning as quick and painless as possible. Call me at (732) 444-6406 or write me an email and tell me you’d like to meet about doing estate planning. I have flexible hours and can meet with you after work, if that is more convenient for your schedule. We set up a time to meet, and Voila! You’ve started the estate planning process.

Next, I will email you my free Estate Planning Workbook, which is a tool to help you think about all of the different concerns there are with estate planning. Some things may not apply (i.e., you are 34 years old and don’t have grandchildren), and others are things you may never have thought of, but need to (i.e., who will take care of my kids if, God forbid, something happens to me?) It’s not a test; there are no right or wrong answers. It’s just to get you thinking.

Once you’ve had a chance to go over my Estate Planning Workbook, we meet to talk about what you are looking for from the process (just a will? Living will? Power of Attorney? Special Needs Trust? Whole package?), and to see if any special planning needs to be done.

Occasionally, we may need to meet again to discuss more complex issues, but for most people, that’s all you have to do until it’s time to review the estate planning documents that I have prepared according to your wishes.

Once you’ve carefully reviewed the documents to make sure that everything is how you want it, we will schedule a time to sign everything. That’s it. Easy peasy!

Don’t let the cost of estate planning worry you. My fees are reasonable, and for most people who don’t require a lot of special planning, one flat fee covers everything.

So what exactly were you afraid of?

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The Law Office of Nancy L. Holm, LLC, a New Jersey Limited Liability Company, is a full-service, general practice law firm located in Monmouth County, N.J., and serving clients in New Jersey and Pennsylvania. You can trust our integrity and commitment to your best interests when you have a legal problem. We offer a free consultation and reasonable rates, so that legal representation is available to everyone.

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Filed under Estate Administration and Litigation, Estate Planning, Living Wills, Power of Attorney, Trusts, Wills