Oregon Estate Planning Blog

Estate Planning Danger: "My uncle/college roommate/sister's husband is a lawyer and he did our Wills for us."

I often hear people say that they got their "wills taken care of" by their uncle/college roommate/sister's husband, who is a lawyer. This is one of the most dangerous situations that I ever encounter, because 1) 99.9% of the time the wills are insufficient to meet the needs of the family, and 2) the family has a false sense of security because a lawyer has prepared the documents.

What? How can this be?

This can be, because estate planning is a highly specialized field, and yet, many lawyers who spend most of their time practicing family law, personal injury, or some other area of law, feel perfectly comfortable using a standard will form when their clients or friends ask the lawyer if he can "do our wills." The lawyer usually knows enough about estate planning to know that if you have a few million dollars worth of assets, that you should see an estate planning attorney to talk about taxes, but they probably know very little about your state's Estate or Inheritance Tax, probate, or any issues that will be unique to your family. It is not malpractice when a lawyer has an Engagement Agreement saying essentially that the client asked for a will and the lawyer prepared one. 

Just because it is not malpractice, however, that does not make it a workable plan for your family.

The proper way to approach estate planning is to seek a lawyer's counsel so that you can 1) learn about what things would look like for your family if something happened to you, and 2) find out what you can do to avoid any unpleasant scenarios. It is only after these two things have happened that you can tell your lawyer what type of plan you would like to create for your family. If your lawyer is not an estate planning lawyer, he will not be able to tell you the answers to 1 and 2, just like if you are injured in an accident, I will not be able to tell you what issues you face in litigation and how you should proceed. I would only know enough to say, "Yes, you were injured and it looks like so-and-so may be at fault. Let me introduce you to my friend, who is a personal injury attorney."

If you live in Oregon, and your will or other estate planning documents were prepared by a friend or family member who is not an estate planning lawyer, it would be wise of you to contact an estate planning attorney who will review the documents for you and get you answers to those questions in the preceding paragraph.

To your family's health & prosperity,

 

P.S.  Want to get started on the most important planning you'll ever do for your family?  Give our office a call at (503) 235-5150 to get started.  You'll be glad you did.

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Want to use this article in your newsletter or on your blog or website?

 

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Candice N. Aiston is an Estate Planning Attorney for families in the Portland, Oregon area.  She helps loving parents to prepare their families for a lifetime of security, prosperity, and guidance.  If you would like to receive her free report, "The 9 Common Planning Mistakes Parents Make," please visit http://candiceaistonlaw.com/.

 

FAQ: "What are the chances of an untimely death for me, anyway?"

A common question that I get from prospective clients is what the likelihood of an untimely death is for them. The quick answer to that question is that you are asking the wrong question. Here is the long answer:

In 2007, in the age group of 25-44, there were 121,087 deaths in the United States. Of these, the leading cause was accidents (24%). Next was cancer (14%) and after that was heart disease (12%). The same year, in the age group of 45-64, there were 469,491 deaths in the United States, but the leading cause was cancer (32%). Next was heart disease (21%) and accidents still made the Top 3 at 6%. (You can verify this information at the CDC website.)

As far as your relationship to those numbers goes, an insurance agent could better guide you on that than I could. They would take into account things like family and medical history, occupation, marital status, activities, and numerous other factors. Then they would tell you either that 1) they will insure you at a reasonable rate; 2) they will insure you at a higher rate than someone who is a lesser risk; or 3) they will not insure you.

When I look at those numbers, what I think is, "Holy Cow, that is a lot of people to die at a rather young age." I think, "Wow, why wouldn't one of those people be me?" Statistically, as a white female, I am expected to live to be 80.7. My great-grandmother lived to 102. My grandmother died in her 50s of causes I do not know. My mother died at age 30 in a car accident. Even though I know the statistics about someone like me, my personal experience shows me that sometimes you cannot think about these types of matters as an insurance company does. (For what it is worth, the insurance company thinks I am insurable at a reasonable rate!)

Another reason why the untimely death question is the wrong one: It totally ignores the issue of disability/incapacity, when actually, if the numbers above scared you at all, the numbers for disability are much higher. People are generally 4 times more likely to be prematurely disabled than they are to die prematurely. The implications of that can be huge.

The right question to ask is: If I die or am disabled and/or incapacitated prematurely, what will the impact be on my family, and is it in my power to minimize any of that impact?

That is the question that I want you to bring to your attorney at your first estate planning meeting. "What are the chances?"; "How much does a will cost?"; "How can I check this off my to-do list quickly, cheaply, and easily?" All those questions do not matter if you do not know 1) what things will look like for your family if something happens to you; and 2) whether it is in your power to minimize that impact.

These are questions that only an estate planning attorney can answer for you. I urge you to make today the day you get started on getting a plan in place to protect your family. Picking up the phone to make the first appointment is half the battle.

To your family's health & prosperity,

 

P.S.  Want to get started on the most important planning you'll ever do for your family?  Give our office a call at (503) 235-5150 to get started.  You'll be glad you did.

___

Want to use this article in your newsletter or on your blog or website?

 

You can!  Just please be sure to use this complete blurb with it:

 

Candice N. Aiston is an Estate Planning Attorney for families in the Portland, Oregon area.  She helps loving parents to prepare their families for a lifetime of security, prosperity, and guidance.  If you would like to receive her free report, "The 9 Common Planning Mistakes Parents Make," please visit http://candiceaistonlaw.com/.

 

What You Don't Know May not Hurt You, but It Will Hurt Your Family

Recently, I've had the experience of working on an estate administration matter, in which the deceased executed a will that is invalid. Before he executed the new, invalid will, he tore up the old properly executed will. What that means is that the person's estate will be distributed according to what the law says about how it should be distributed, and not according to the terms that were in the invalid will or in the valid will before that one. In this case, that is exactly what the deceased wanted to avoid.

The worst part is that the deceased had no idea that the will executed would not be valid. He died thinking he had everything in place. He actually went to great lengths to show whoever would read it, that it was valid. He used all the intelligence and common sense in the world, but it did not comply with the laws of our state. If he had met with an attorney, he would have been alerted to the invalidity of the will.

What does this mean for you?

It means that if your number one goal is to take care of your family, you had better get an estate planning lawyer to review your situation with you and help you to properly execute a valid estate plan. If you execute an invalid will, you may never find out - but your family will.

The care of your kids could be compromised, the value of your assets could be diminished, and an inheritance could go to the wrong person. Your kids could receive their inheritance at age 18. Many scenarios that you probably wish to avoid could happen.

Get your situation reviewed today and start working with a lawyer who will be there for your family when you cannot be.

To your family's health & prosperity,

 

P.S.  Want to get started on the most important planning you'll ever do for your family?  Give our office a call at (503) 235-5150 to get started.  You'll be glad you did.

___

Want to use this article in your newsletter or on your blog or website?

 

You can!  Just please be sure to use this complete blurb with it:

 

Candice N. Aiston is an Estate Planning Attorney for families in the Portland, Oregon area.  She helps loving parents to prepare their families for a lifetime of security, prosperity, and guidance.  If you would like to receive her free report, "The 9 Common Planning Mistakes Parents Make," please visit http://candiceaistonlaw.com/.