Tricky Estate Planning Items to pass to your Heirs

Estate Planning – Tricky items to pass to your heirs

Below is a great article on items that can be a bit tricky to pass to your heirs.  These things are difficult given that the rules can be arcane, or the actual possession can be difficult (like a dog; can a dog be happy in the city if it has spent its whole life in the country?).

See more below.

See our Blogspot page here.

See our Bitly page here.

Leawood estate planning attorneys

http://ift.tt/1N9Li3N

The Trickiest Items to Pass On to Your Heirs

So you’ve finally made an estate plan. Your kids get a nice inheritance, your nephew gets the baseball cards, and your cousin gets Grandma’s ring. But with some assets, it’s not that easy to impose your will. Here are a few that can cause surprise headaches”and how to handle them.

Vacation Homes

Sharing is hard. Conflicts can arise when one sibling lives farther away, earns less, or wants to sell his share, says Tracy Craig, an estate-planning attorney in Worcester, Mass. “One of the worst things to do is to leave property outright in equal shares,” she says. “Anytime you have more than one person who owns real estate, you have a potential problem.”

The fix: Talk to your kids first to learn their preferences, then put the real estate in a trust and make your heirs the beneficiaries, Craig says. The trust structure lets you spell out under what conditions the house can be sold, how a sharing schedule will be decided, and who pays for upkeep. If possible, reduce conflict by leaving extra money to cover costs.

Pets

Until recently, provisions that left money to pets were often unenforceable, says Gerry Beyer, a law professor at Texas Tech University. If you gave your friend Jack $10,000 to take care of your dog, what was to stop Jack from taking your money and abandoning Lassie?

The fix: Every state except Minnesota has now passed a “pet trust” law, which means if you add a simple line to your will explaining who takes the pet and how much money is provided for its care, probate court will appoint someone to enforce the provision, Beyer says. Want absolute control? Draft a detailed pet trust. (Your estate attorney may not even charge extra.) Name the caretaker and the trustee, set aside money for food and vet bills, and leave care instructions. Technically, the trust will own your pet, so if the caretaker doesn’t meet your standards, the trustee can assign care elsewhere.

Airline Miles

Frequent-flier miles can be worth a tidy sum, but you might not be able to pass on the wealth. Some carriers explicitly say you cannot bequeath miles. And policies change; Delta disallowed mileage bequests in 2013.

The fix: First, ask your airline. You might be better off spending down miles now, Beyer says, buying trips for other people if you’re traveling less. (Avoid transferring miles, as you can quickly rack up fees.) But even carriers that officially bar fliers from bequeathing miles”like American Airlines”often allow it on a case-by-case basis, so do name a conditional beneficiary in your will. Heirs may need to request and complete an affidavit and provide the death certificate.

Estate Planning Lawyers in Leawood

Estate Planning is really about assurance. What estate planning is everything about is discovering the right tools to implement your basic requirements. What that indicates is that we make use of the most advanced legal files to properly execute your desires. We customize each and every strategy so that you get precisely what you desire. We do this making use of the most up to date tools so that we can prepare a personalized strategy at the lowest possible cost. Please call us today with any concerns.
http://ift.tt/1Fk6M6f
The Eastman Law Firm is an estate planning law firm. We focus on estate planning so that you can be assured that you are getting the most up to date strategies.

http://ift.tt/1JU4Bfo


The Eastman Law Firm
Estate planning attorneys, focusing on Wills, Trusts and Probate law.
4901 W. 136th Street, Ste. 240
Leawood
KANSAS (KS)
66224
United States

Phone: (913) 908-9113

Hours:
Mon-Sat 8am – 5:30pm

See our directory page here and here.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s