Making Smart Moves: Planning for Tomorrow to Reduce Worries Today

What can you do to prepare for most contingencies in your life and your children’s lives?

Suppose that you were headed towards a comfortable retirement, but wanted to provide something for your two children, one of whom happened to have autism. When the Orlandos first came to Grimaldi & Yeung they were particularly concerned about their younger child, a man in his early 20s. Although his autism was of the “high functioning” kind, he lived at home and relied on his parents for many things. In addition, their daughter had just gotten married and the Orlandos wanted to be sure that she had the freedom to raise her family. Although the Orlandos were in their 50s, they wanted to be prepared for any eventuality. We helped them:

Inventory their assets, including home, investments, retirement accounts, bank accounts and insurance policies.
Update their wills.
Issue Advanced Directives to ensure that their wishes for their own lives were carried out.
Set up a Special Needs Trust for their son.
Prepare a Letter of Intent documenting their son’s needs and preferences.
Develop a complete, flexible estate plan involving the whole family and the transfer of many of their assets into a revocable living trust.

The process of creating their family plan made the Orlandos an even closer family — and relieved a significant source of anxiety.

Trusts & Estates: Wills

Individuals should have a will so that family and friends can be assured that their wishes for the distribution of their estate will be honored. A will is a legal document that designates how the goals are to be accomplished when an individual passes away. When an individual does not have a will, the estate will be distributed according to the laws of the state in which the deceased resided.

Since only the original document is legally recognized, the will should be stored in a safe place. A fire proof box or your attorney’s office may be the best places. Copies may be maintained for your records and distributed as you wish. If you choose to keep your original will in a bank safety deposit box, check your state regulations regarding removal in the event of your death. Be certain your family, executor, or attorney know where your original copy is stored. While wills may be amended at any time, it is wise to review them along with other valuable documents on a yearly basis.

Important issues to consider when creating your will:

Compile an accurate list of your assets.
List the people you want to receive a remembrance.
Name an executor and a successor executor who can manage your estate and distribute the assets to your heirs.
Name a guardian for your children if they are under 18 years of age or disabled.
Decide whether you wish to make gifts to favorite charities or organizations?
Name alternate beneficiaries should your heirs die before you do.
Obtain the signatures of two disinterested witnesses.

While creating a will is not difficult, it may be a complex process if the estate is large. Be sure to read the documents carefully and make any necessary changes before the will is signed. An attorney should always be consulted if there are complex legal issues that need special planning such as multiple families or businesses, special health needs for heirs, and gift and estate taxes.