Queen Elizabeth’s School of Estate Planning: 3 Lessons to Learn

Queen Elizabeth’s School of Estate Planning: 3 Lessons to Learn

by | Oct 4, 2022 | Blog, Estate Planning

Estate Planning

As you might imagine, the royal estate of Queen Elizabeth II was massive, with an estimated value of about $27 billion. Personally, the Queen’s net worth was around $500 million. The bottom line: a huge transfer of wealth is about to happen.

The good news is that, as you might expect from British royalty, the Queen’s estate plan was a masterpiece. Not only did it account for a plethora of diverse assets—trusts, real estate, a family business, fine art, jewelry, and even assets owned by separate trusts—but it was impeccably maintained to address the many changes that occurred throughout the duration of her life.

We may not have royal estates, but we can certainly learn from the Queen’s savvy approach to estate planning. Here are 3 estate planning lessons fit for a queen (but applicable to you, too):

1. Have your documents in order. An effective estate plan includes more than just a will or trust. Important documents, like a Durable Power of Attorney or Advance Directive for Healthcare, should also be in place. Beyond having the right series of estate planning documents, making sure your loved ones know where to find them, as well as what their responsibilities may or may not be in administering your estate, is of equal importance.

2. Make regular updates to your plan. Estate planning isn’t a set-it-and-forget-it activity. As your life changes—for example, you have children or grandchildren, get married or divorced, or lose a loved one—your estate plan needs to be updated accordingly. Because the Queen’s life was lived more publicly than most, we know of several occasions where updating her estate plan became a matter of prudence.

3. Talk about your wishes before you pass away. Let your family and loved ones know how your assets will be distributed (and why), so you can answer their questions and prevent family squabbling later down the line. The Queen famously communicated her desire for Prince Charles’ wife, Camilla, to be referred to as the Queen after her death. While that is a decision that Charles could have made as King, knowing that he has his mother’s blessing to refer to his wife as the Queen must provide a sense of relief.

Preparations for Queen Elizabeth’s death started decades ago, and—if you have the foresight—you’ll follow suit and begin preparing for your own death decades before it happens. However, we don’t’ always know how many decades of life we have left, so the best way to protect your loved ones and legacy is to start planning now.

Contact Miller Estate & Elder Law

Miller Estate & Elder Law is here to guide you through the estate planning process. Whether your estate is massive and complex, or small and simple, we can help design a plan that is fit for a queen (or king). Complete the brief form below to contact us today!

Subscribe to Our Blog

Contact Us

256-472-1900

bill@millerestateandelderlaw.com

Who Holds the Power, and When? Beneficiary Designations vs. Wills

Who Holds the Power, and When? Beneficiary Designations vs. Wills

by | Sep 22, 2022 | Blog, Estate Planning

Beneficiary Designations vs. Wills

When it comes to estate planning, many people are content to draw up a will and leave it at that. That can be a big mistake. The fact is that a will is just one of many necessary estate planning tools, and if you ignore the other documents and designations, your assets could end up going to the wrong person after you pass away. This is especially the case when it comes to beneficiary designations, which hold more power over the distribution of certain assets than your will does.

What is a Beneficiary Designation?

A beneficiary designation is a stipulation that allows you to transfer certain assets directly to a specific person when you pass away. Typically, a beneficiary designation is used on bank accounts, retirement accounts, or life insurance policies. In most cases, a beneficiary designation names a specific individual, but you can also designate your estate as a beneficiary. A beneficiary designation supersedes any directive that may appear in your will, so whoever you name as a beneficiary on your bank or retirement accounts, or on your life insurance policy, will be the person who receives those assets.

Four Common Mistakes to Avoid When It Comes to Beneficiary Designations

1.  Failure to name a Beneficiary. If you don’t designate a beneficiary on your accounts, then the estate automatically becomes the beneficiary. This means that your assets will be distributed according to your Will.  If you have no will, then the laws of the State of Alabama determine who gets those assets.  When that happens, your assets may very well wind up going to someone who you did not intend to receive them.

2.  Not Naming a Contingent Beneficiary. What happens if your designated beneficiary dies, becomes incapacitated, or simply does not wish to receive the asset? If you haven’t named a contingent beneficiary, then your assets will, again, be distributed by the estate executor…the same as if you hadn’t named a beneficiary at all. Therefore, it’s important to account for all possibilities.

3.  Failure to Account for All Your Assets. Many people have more accounts that are subject to beneficiary designations than they realize. Whether it’s an IRA, a 401 (k), or a mutual fund account, it’s important that every asset for which you can designate a beneficiary be considered. Make a list of all your assets, and then check each one to be sure you’ve prepared properly for what will happen to them.

4.  Not Updating Your Beneficiary Designations. Life is full of changes: people pass on, children are born, we fall out with our friends. Similarly, beneficiary designations should change in accordance with our life circumstances. Every time a major life event happens, you should update all of your estate planning documents. You should also review your beneficiary designations periodically to be sure that your assets will not go to an unwanted recipient.

Make Sure Your Estate Plan is Up-to-Date

As important as it is to make sure all relevant accounts name a designated beneficiary or beneficiaries, it can also be a lot to stay on top of. Therefore, it is highly recommended that you seek out an experienced estate planning attorney who can help review your estate plan as needed. We recommend an annual review to ensure the accuracy of your plan, as well as to make updates as dictated by changing legislation or tax law.

Contact Miller Estate & Elder Law

At Miller Estate and Elder Law, we have many years of experience with estate planning and beneficiary designations. Give us a call at (256) 251-2137 to speak with a member of our legal team, or contact us using the brief form below.



Subscribe to Our Blog

Contact Us

256-472-1900

bill@millerestateandelderlaw.com

Healthcare Proxy, Durable Power of Attorney & HIPAA Authorization: 3 Estate Planning Documents Your College Student Needs

Healthcare Proxy, Durable Power of Attorney & HIPAA Authorization: 3 Estate Planning Documents Your College Student Needs

by | Sep 20, 2022 | Blog, Estate Planning, Healthcare Proxy

healthcare proxy

As your child heads off to college, you may have a lot on your mind. Not only is the process of choosing and applying to college a stressful one, but the campus visits and Target shopping sprees in preparation for their segue into higher learning can leave you feeling overwhelmed and emotionally drained. While we don’t want to add another stressor to your plate, there is one important college planning to-do that is too often overlooked: estate planning.

You have spent the majority of your life making medical, legal and financial decisions for your child, but once your child reaches the age of majority—18 in most states (19 in Alabama) —you will lose that control. Without a healthcare proxy, durable power of attorney and HIPAA authorization, you may not be able to gain access to their medical records or finances…even if you are largely responsible for funding their college education!

Estate planning for 19-year-olds is much less complicated than planning for those who are married, have children, or have accrued a complex array of assets. However, it is equally important to do so. If your child is involved in an accident and becomes incapacitated, having these three essential documents in place will ensure that (a.) you have access to their medical records and (b.) are able to make medical and legal decisions for them.

Healthcare Proxy

If your child is injured or becomes seriously ill to the point they are unable to make their own medical decisions, you will not automatically be allowed to make those decisions for them. By drafting a healthcare proxy (also referred to as a medical power of attorney or advanced medical directive) your child can grant you access to their medical records, and legal rights to make medical decisions on their behalf. Without a healthcare proxy in place, you may need to petition the courts to gain access to your child’s medical records, or to make healthcare decisions on their behalf.

HIPAA Authorization

HIPAA regulations prohibit the disclosure of medical records, and, as a result, deny parents’ access to such information for their adult child. Due to this, parents should obtain a blanket HIPAA authorization from their child if they want the option of being apprised of their adult child’s health records. The HIPAA release is an important part of the estate planning process and may be incorporated into the health care proxy.

Durable Power of Attorney

The durable power of attorney is similar in function to the healthcare proxy. It will allow your child to name an agent—you, or another trusted family member—who can make financial and legal decisions on their behalf, should they become unable to do so. Many parents don’t think their adult children have enough financial resources to warrant a need for a durable power of attorney, however without this important document, you will not be able to communicate with banks, universities, or other related institutions on their behalf…even if you are the one footing the bill for their college education!

These estate planning documents are relatively quick and painless to create. Your college-aged child will only need to make a few decisions about who they want to name as appointees. Hopefully none of these documents will be needed, but if unexpected tragedy strikes, you’ll be glad you have them on-hand.

Contact Miller Estate & Elder Law

At Miller Estate & Elder Law, we can make the process of drafting a healthcare proxy, durable power of attorney, and HIPAA authorization fast and efficient. Contact us using the brief form below and a member of our team will reach out to schedule an initial consultation.



Subscribe to Our Blog

Contact Us

256-472-1900

bill@millerestateandelderlaw.com

Naming a Guardian for Your Minor Children: 5 Questions to Ask Yourself

Naming a Guardian for Your Minor Children: 5 Questions to Ask Yourself

by | Jul 22, 2022 | Estate Planning

two young girls running through feed

Nobody likes to think about the possibility of an untimely death. If you have young children, the thought of leaving them alone is even more difficult to contemplate. That’s precisely why naming a guardian for your minor children is so important. If you have children under the age of 19, naming someone you trust as a guardian in your will is the only way to ensure that they will be looked after and taken care of. If you don’t identify a guardian, the court will choose one…and it might not be someone well-equipped to properly look after your children.

Guardianship of minors can be a sensitive issue, but for many people, it is a key part of estate planning. Here are five important questions to ask yourself when selecting a guardian:

  1. Are my partner and I on the same page? The answer to this question will likely be different depending on whether you are still with your partner, but—either way—it is essential that you get on the same page. Even happily married parents find that they are often on very different pages about who should take over for them in the event of death or incapacitation. Divorced parents may have a wide array of conflicts when determining guardianship of minors. For example, one parent may not want the other parent to be awarded custody in the event of tragedy. The bottom line is that you and your co-parent need to get on the same page, and you need to work with an estate planning attorney who can ensure your wants and wishes are put into writing.

  2. How do I handle the question of multiple children? One concern that can make the guardianship of minors tricky is what to do if you have multiple children. If it is essential that your children stay together, make a note of that in your will. Also, when naming a guardian, be sure that the person you choose is equipped to take on multiple children.
  3. Where is the guardian located? Your passing is already a huge trauma for your children. If you choose a guardian who lives far away, and your children must move, this can make an already difficult situation even more mentally straining. In addition, it is important to consider the school district your child would be transferring to.
  4. Is your guardian financially equipped to handle the job? Your preferred guardian may be an ideal choice. However, if they don’t have the financial means to take care of your children, you might have to look for someone else. Ideally, your estate will have provided for the upbringing of your kids, but it’s likely that your guardian will have to take on at least some of the costs of support…
  5. How will your guardian handle the responsibility? Assuming responsibility for one or more children is not an easy task, and however much your guardian may be invested in caring for minor children, not everyone is prepared to handle the challenges. When you have identified a potential guardian, it is important to have a long talk with that person to ensure that they know everything the job will entail, and that they are prepared to step up to the challenge.

Naming a guardian for your minor children is not a pleasant or easy task. Yet, if you are to ensure their future stability and happiness, it can be one of the most important parts of the estate planning process. Although the process is emotionally-charged, working with an experienced and sensitive estate planning attorney can make it as painless as possible.

At Miller Estate and Elder Law, we have many years of experience helping parents navigate the often painful question of the guardianship of minors. Contact us today at (256) 251-2137 or complete the brief form below to get started ensuring that your children will be well provided for, no matter what happens.



Subscribe to Our Blog

Contact Us

256-472-1900

bill@millerestateandelderlaw.com

What is Probate Court & How Does it Work?

What is Probate Court & How Does it Work?

by | Jun 27, 2022 | Estate Planning, Probate

Probate court is the legal process that oversees wills, estate administration, and conservatorships. When a person passes away, before their assets can be transferred to their intended heirs, their estate may be subject to the probate process. During this process, the probate court will authenticate the decedent’s will, oversee the assessment of their assets, make sure all taxes and debts are paid, and distribute the remaining assets to their heirs, as outlined in their will. If there is no will, the court will distribute assets following that state’s intestacy laws.

Probate can be a lengthy and complicated process, not to mention a very public one. Those with complicated estates will often try to avoid this process by deploying certain estate planning tools. However, probate is not always avoidable.

When is Probate Necessary, and When Can it Be Avoided?

The laws governing which assets need to go through probate—and which can avoid probate court—are complex. As a general rule, though, wills are always subject to the probate process. If you die intestate, which is to say without a will, then the probate process becomes even more complicated, as the court is charged with making decisions about how to distribute your assets.

There are, however, certain assets that do not need to go through the probate process. If the deceased had set up a living trust, then the trust is not subject to probate. Rather, the assets held within the trust can pass directly to their intended beneficiaries. In addition, any asset that allows you to name a beneficiary—such as life insurance policies or retirement accounts—can go directly to the named beneficiary, without being subject to probate court. Similarly, jointly-titled property with survivor’s rights does not need to go through probate.

Of course, trusts are not always a fail proof way to avoid probate. Working with a qualified estate planning attorney is the best way to ensure your estate stays out of probate after you pass away.

What is Probate and How Does the Process Work?

The process begins when an individual, usually a family member, files a petition for probate. Then the probate court will appoint an executor of the deceased person’s estate. The executor, generally in conjunction with a probate lawyer, will be responsible for making sure the assets reach their intended beneficiaries.
If the person dies with a will, the first step is for the court to ensure that the will is valid. After that, the executor will find and inform any beneficiaries and creditors of the person’s passing, and arrange to settle the person’s debts. Then, all the person’s assets must be located, and their values assessed. Finally, all remaining assets will be distributed to the designated beneficiaries.
In cases where a will is present and not contested by creditors or predators, the process is fairly straightforward. It can get much more complicated if the person dies without a will, or if the will is contested. In these cases, the probate court plays a larger role in determining the allocation of assets amongst the deceased’s next of kin, or adjudicating disputes among potential heirs.

Hiring a Probate Lawyer

Probate court can be a complicated process, but it is an important tool for making sure a person’s estate is properly distributed. If you’re named an executor of an estate, or are otherwise involved in the probate process for a loved one who has passed away, hiring an experienced probate lawyer can make the proceedings considerably easier.

At Miller Estate and Elder Law, we have years of experience guiding clients through the probate process. Contact us today using the brief form below to find out more about our probate administration services.



Subscribe to Our Blog

Contact Us

256-472-1900

bill@millerestateandelderlaw.com

Estate Planning for the Sandwich Generation: Protecting Your Family While Caring for Aging Parents

Estate Planning for the Sandwich Generation: Protecting Your Family While Caring for Aging Parents

by | Jun 14, 2022 | Estate Planning, Medicaid

sandwiches on plate

The “Sandwich Generation” is a term coined to describe those who are caring for aging parents, as well as for their own children. Thanks to longer life spans and the fact that young couples are waiting longer to have children, an increasing number of people in their 40s and 50s are finding themselves challenged with these dual responsibilities.

Needless to say, having to look after two different generations of loved ones can present unique challenges, especially when it comes to estate planning and long-term care planning. Never mind the care and attention your parents and children need, the amount of time, energy and resources required to maintain this tricky balance can leave you unprepared for your own retirement and old age.

Luckily, there are a few steps you can take to balance your caretaking priorities, while also preparing for your own future.

Considerations for the Sandwich Generation

  1. First, make sure your own affairs are in order. Before you can provide for the needs of your parents, you first have to take care of yourself. Take a look at your finances to see what you’re working with. Make a list of all your assets and expenses, and determine how much money you can set aside for old age and retirement. Then, work with an estate planning attorney to ensure you have the proper documents in place to protect your family, your future, and your legacy.
  2. Assess the extent of your parent’s needs. Next, take an honest look at the physical, economic, and social health of your parents, and determine how much assistance they’ll need in the coming years. Some areas to consider in making your assessment are cognitive health, home safety, mobility, social interaction, and medical needs.
  3. Have “The Talk” with your parents. In many ways, this can be the hardest part, but it is important to involve your parents in the process, so they don’t feel like you’re making decisions about their future without any input on their part. It is important that you assure your parents that you’re not trying to take away their independence, and to remind them that you are helping to provide for both yourself and your children.
  4. Consider whether a conservatorship or guardianship is necessary for your parents. If your parents are suffering from dementia or another cognitive impairment, it may be necessary to make special arrangements for their well-being. Conservatorship and guardianship are two helpful options for managing this difficult situation. In these arrangements, a court appoints a person to make decisions about your parent’s care and property, whether that person is you or someone else. Establishing conservatorship or guardianship can be a lengthy legal process, and you will need to hire an estate planning attorney to help you navigate the process. If your parents are still healthy and cognizant, make sure to speak with an elder law attorney, as having the right documents in place now can save time, money, and a length court process trying to navigate conservatorship or guardianship later.
  5. Provide for your children. With all the focus on your parents, it can be easy to lose sight of protecting your children’s needs, both emotionally and financially.

It can be a difficult balancing act providing for two generations with vastly different needs, but you need not go it alone. An experienced estate planning attorney can assist you throughout all stages of this trying but important process.

At Miller Estate and Elder Law, we have many years of experience helping members of the Sandwich Generation navigate the complexities of their many responsibilities. Having the right legal documents in place now can save you from a major headache later. Contact us today to get started providing for your and your family’s future, or download our free guide, Caring for Aging Parents. Complete the brief form below to get your FREE guide today!



Subscribe to Our Blog

Contact Us

256-472-1900

bill@millerestateandelderlaw.com