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Candice was interviewed on the Do the Damn Thing podcast to talk about the #1 thing that the podcast listeners reported that they were putting off: Estate Planning.
On the episode, Candice talks about the 3 documents that everyone over 18 should have in place, the additional documents that all parents should have in place, whether you should DIY your estate plan, why people put off estate planning, how to get started on estate planning, and so much more.
The Holidays are hectic, but it’s always a good idea to pause and make plans for the coming year. If you’re a parent, make 2019 the year that you get your legal and financial house in order.
If you are reading this, you probably feel similarly to the way that I do about parenting: It is serious business, and it is our responsibility to provide the best care possible for our kids and to make sure they are protected and that they have every opportunity to succeed in life. If we can toast to that, I want to share with you 5 New Year’s Resolutions for Parents that you should give to your family. If you have not given these to your family yet, there is no time like the New Year to get started.
I have a math problem for you: If 70% of Americans don’t have any estate planning done, and if 50% of marriages end in divorce, and if men statistically remarry 2 years after their spouse dies or they divorce, and if women statistically remarry 5 years after their spouse dies or they divorce, and if most married couples own their property jointly, how likely are parents to accidentally disinherit their kids? I don’t have an exact number for you, but the answer is: VERY likely.
Many parents consider the possibility of protecting their kids’ inheritance from evil family members, but few consider the possibility that their kids may lose their inheritance simply due to a lack of proper planning. In a word: A will is not enough.
Probate is a court process that takes place after a person dies. The purpose of the process is to legally transfer assets that are in the deceased person’s name to whomever the beneficiaries of the estate are. In Oregon, your estate will need to go through a probate process if you die owning real property with a market value worth over $200K, and/or if you own personal property worth over $75K. This applies even if you have a will. Your will simply tells the probate court where to direct your assets after you die.
Most people who don’t want their estate to go through probate set up a revocable living trust to hold their assets. That way, when they die (or if they are incapacitated), they don’t actually own any assets that need to be transferred—the trust does, and the trust agreement tells the trustee what to do with the assets.
Are you worried about your parents leaving you with a big old mess when they die? You should be! Most people don’t have any estate plan at all, and most of the folks who do have an estate plan have made some sort of error or overlooked something that will make their families’ lives a real pain at some point. The good news is that you can make sure your parents’ estate plan is going to do the job right, by having your own lawyer review the plan. Here are some major things to look out for.
![The #1 Thing You Are Putting Off: Estate Planning [Do the Damn Thing podcast, with guest Candice Aiston]](https://static1.squarespace.com/static/5adbadb13e2d0910618f2439/5add5b40352f5382880fb0f2/5cf45159f9787900017bd637/1559518752121/Untitled+design-36.png)
