Understanding Estate Planning

Who Needs Estate Planning? Many people, when they hear the words “estate planning,” don’t think it applies to them. “I don’t have an estate to plan!” they may say. I think this comes about from the use of the word estate. It makes us think of the show Lifestyles of the Rich and Famous where Robin Leach showed us massive estates and talked of the excess spending by the ultra-wealthy. But according to Merriam-Webster, the simple definition of estate is “all of the things that a person owns.” Thus, your estate is the sum of your stuff: your home, your bank...

16 May

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What To Do Before Vacation

Posted by Libby Banks

in Estate Planning

Your Vacation Checklist Should Include Planning for Your Estate Many of my clients come in to do their estate planning right before a major vacation or trip. Particularly if you are traveling overseas, having things in place before you go can give you great peace of mind. Here are some thoughts on getting things done before you leave for that wonderful trip. Make sure you have guardians in place for minor children: If you have minor children, it’s crucial to have documents in place appointing guardians. Don’t leave this to chance, or worse, to the court to decide. Putting your choice in a legal document...

11 May

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Avoiding Family Disputes Over Inheritance

Posted by Libby Banks

in Avoid Probate, Estate Planning, Wills & Trusts

In my past as a trial attorney, I handled family estate fights. Clients hired me to sort out the gigantic mess left by their loved one, and the inevitable and escalating disagreements about the estate. Other clients retained me to fight for a share of the estate when a sibling, stepparent or other relative took advantage of his position as executor of the estate. Time after time, clients said they would never speak to their siblings again, or lamented that the messy estate issues were breaking the family apart. I value family highly, and these cases broke my heart. I...

02 May

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Prince Estate Plan

Posted by Libby Banks

in Estate Planning, News & Events

As the whole world knows by now, Prince, or the Artist is formerly known as Prince, didn't make a Will before his death. His sister was forced to file a proceeding in court to have someone appointed to manage his estate while the court figures out who will benefit from his estate. These proceedings are going to be very public, just as any probate proceeding usually is. Because Prince didn't make a will, we don't know what he really wanted to happen to his many assets. Even worse, he lost the opportunity to control where his music can be sold and...