Paul O. Dillon, Attorney at Law

When Should You Update Your Estate Plan?

Almost everyone who completes an estate plan says they feel a great peace of mind knowing they have accomplished this. However, estate plans need to be periodically reviewed to reflect the changes and events of life. According to a recent article from Florida Today, “Life can change on a dime. Here’s how to tell if it’s time to change your estate plan,” certain major life events are the most common reasons to update an estate plan.

Known as “trigger events,” these include marriage, divorce, birth or adoption, death of a loved one, moving to a new state and retirement. If someone named in an estate plan to act as executor, trustee, or guardian dies, those roles must be filled promptly, and the documents must be updated accordingly.

Updating beneficiary designations is all too often overlooked. Beneficiary designations on life insurance policies, retirement accounts and Payable On Death (POD) accounts override any provisions in a will or trust. If you don’t update beneficiary designations, someone you love may end up with nothing, while someone you once loved could receive an unexpected and generous gift. Review these designations to be sure that they reflect your current wishes, not your past loves.

Laws change, both on a state and federal level. While you may be following the headlines to learn what changes are coming to the estate tax from Washington, your own state might make changes to how property is transferred. A change to the law could undo your estate plan’s intentions. Your estate planning attorney monitors local, state and federal changes to laws impacting tax and inheritance. Contact them with your concerns and understand that you may need to make adjustments to ensure that your wishes are followed.

Financial situations change, for good or bad. If you’ve bought real estate, invested in a business, or purchased cryptocurrency, all these need to be addressed by your estate plan. If you’ve declared bankruptcy or have been hit with large medical debts, your estate plan may need to be adjusted. The same goes for charitable giving goals. If you have a change of heart about a charity you used to support and want another charity to benefit from your generosity, you’ll need to put this change on paper.

Children grow up, even though it may not seem like this will ever happen when they are young. When they reach adulthood and the necessary level of maturity, you may want to name them as executors, trustees, or healthcare surrogates in place of other family members. This is also a good time to review trusts that contain provisions regarding specific milestones.

An estate plan includes protecting your health and well-being. It’s advisable to make sure that your estate planning documents are ready for any eventuality, especially if you haven’t reviewed them in a long time. This includes Power of Attorney, healthcare directives, living wills, HIPAA release forms and other relevant documents. Medicaid planning is something to discuss with your attorney as part of planning for long-term care.

If it’s been more than three years since your estate plan was reviewed, even if nothing in your life has changed, it’s a good idea to review your estate plan. Even minor discrepancies or changes can have significant impacts. Regular reviews help to identify any gaps, ensure that the estate plan works with current law and reflect changes to financial status and relationships.

Reference: Florida Today (May 31, 2025) “Life can change on a dime. Here’s how to tell if it’s time to change your estate plan”

What Estate Planning Documents are Needed for a Smooth Transition?

No matter the size of the wealth you hope to pass on to the next generation, planning for wealth transfer should be done as soon as possible. It’s good to start talking and educating children about money, as early as their teenage years, says a recent article from yahoo! finance, “Multi-Generational Wealth Transfer: The Financial Records You Need for a Smooth Transition.” Conversations about financial responsibility, the children’s goals and family values can profoundly impact the family dynamic and the children’s fiscal knowledge.

You’ll also want to be sure you have all the estate planning and financial records needed for a smooth wealth transfer and access to the necessary data. Here’s what this includes:

Last Will and Testament. This document outlines how you want probate assets to be distributed after your passing. You’ll need to have an inventory of all assets and a clear picture of your finances. It’s good to review your finances and estate plan on a regular basis.

Trust Documents. While the will is a set of instructions, a trust is a legal entity used to hold assets. Those assets in trusts aren’t subject to probate, offer privacy and allow for the assets to be used in case of incapacity during your lifetime.

Healthcare Directives and Power-of-Attorney. Estate planning isn’t just about asset distribution. Everyone should have a healthcare directive and a power of attorney. If you are seriously injured in an accident, healthcare directives will be needed to allow others to be involved in your care. A power of attorney empowers a person of your choosing to make decisions on your behalf. If you don’t have these documents, your family will have to go to court and petition to obtain conservatorship or guardianship to be involved with your care and finances.

Retirement Account Statements and Tax Returns. Access to these documents will help your executor or agent figure out your financial status. Tax returns contain a wealth of information, including income, account information and potential tax liabilities.

Real Estate Deeds, Mortgages, and Titles to Cars, Boats, etc. Titles documenting ownership, deeds, vehicle registrations and mortgage and loan information will all be needed to settle your estate.

Digital Assets. Educate yourself about the importance of sharing access to digital assets, so you can prepare properly if you are incapacitated or when you die. While some platforms can assign a legacy contact, others may only be accessible by sharing the username and password information. If the asset uses third-party authentication, your executor will also need your phone or access to email to manage your accounts. Passwords and PINS should be stored with both a hard copy and online with a secure password manager.

An estate planning attorney in your community will know how to best prepare for transferring wealth, from preparing the necessary documents to exploring different strategies and guiding the process.

Reference: yahoo! finance (March 31, 2025) “Multi-Generational Wealth Transfer: The Financial Records You Need for a Smooth Transition”

Smart Estate Planning Protects Family and Wealth

It took about a decade for a woman to list her late mother’s home for sale, with long and costly delays created by a disagreement between siblings. In a recent article from Investopedia, “How to Protect Your Family and Wealth with Smart Estate Planning,” she readily admits the ten-year mess could have been avoided if her mother had simply gotten an estate plan done.

The lesson for others? “People: Handle your business, get things in, put things in a proper place so that those who come behind you don’t have to deal with it.”

Unfortunately, this is not an uncommon situation. The number of people with a will has actually declined from 2022 to 2025. Without an estate plan in place, your assets will take a long, drawn-out journey before they reach recipients, and may not go to those of your choosing.

Wills and trusts are key components of an estate plan. The will is a document instructing how you want your assets to be distributed upon death. It is also used to outline custody arrangements for minor children, appoints an executor to oversee the estate and fulfill your final wishes. You may also need a trust, a legal structure to own assets with instructions on your wishes for the assets’ management and distribution. Think of it this way: wills are for asset distribution after you die, and trusts work while you’re living and beyond.

Estate plans include Power of Attorney and Healthcare Directives, which are also legal documents used while you are living. At its simplest, a Power of Attorney names a person to make decisions for you if you become incapacitated. A POA can be simple, or it can be tailored for your situation. For instance, you may want your brother to be able to pay bills but not to make charitable donations. A Healthcare Proxy allows another person to be involved in your medical care.

Beneficiary designations are often overlooked. This can lead to unintended consequences. Every account you own with a beneficiary designation should be reviewed to make sure it reflects your wishes. Accounts with beneficiary designations include investments, retirement and bank accounts. Insurance policies also have beneficiary designations.

Beneficiary designations supersede any language in your will, so you want to be sure they are correct. If you divorce and your ex-spouse is still your beneficiary, they will still receive the asset, no matter what your will or divorce stipulation says.

Trusts are used to pass wealth on to others and for asset protection. There are many different types of trusts. However, they fall into two basic categories: Revocable Trusts and Irrevocable Trusts. The Revocable Trust allows you—the grantor—to have full control of the assets in the trust and make any changes to the trust whenever you wish. The trade-off for the control is the trust is its contents are not protected from creditors or taxes. Properly prepared, revocable trusts become irrevocable after you die. However, if asset protection is the goal, you’ll want an irrevocable trust.

Irrevocable trusts are used to shield assets for many purposes, Medicaid eligibility chief among them. The grantor may not be the trustee or beneficiary. However, the trust is secured against creditors or legal claims. Because assets in an irrevocable trust are not countable for Medicaid purposes, these trusts are used for Medicaid planning.

Your estate planning attorney will help create an estate plan to protect you while you are living, plan for incapacity and ensure that the right people receive your bequests after you have passed. It’s a gift for those you love, sparing them from disagreements created when each thinks they know what you would have wanted.

Reference: Investopedia (April 1, 2025) “How to Protect Your Family and Wealth With Smart Estate Planning”

What Should Be Included in Your Estate Plan?

Estate planning attorneys often have clients who are more than 100 years old. However, those clients have usually made all their estate planning decisions while they were far younger, like in their 70s or 80s! A recent article, “Guidelines for estate planning, from a Golden Valley attorney,” from Sun Post, explains what your estate plan should include and why.

People should have their estate plans in place long before they turn 100, to provide peace of mind for themselves and for their heirs and executors, who will need to take over their affairs in case of incapacity or when they ultimately die.

Everyone should have a healthcare directive, sometimes called a Power of Attorney for Healthcare or Healthcare Proxy. This allows another person to have access to medical information and acts to express your wishes if you can’t communicate your wishes because of illness or an injury.

One person should be appointed to follow your healthcare and end-of-life instructions. Making your wishes clear in a legally binding document ensures that your loved ones know what you want and will help them make decisions for your care during a healthcare crisis.

You’ll also want a financial power of attorney in place so someone else can manage your financial life. Some people opt to make their bank accounts payable to a trust or retitle the bank as a “Transfer on Death” (TOD) account. This lets someone gain access to your finances. Let’s say you needed to be hospitalized for an extended period—having these documents in place will allow bills to be paid, your home maintained and avoid penalties for late or non-payment.

Many people today have trusts to prevent the estate from going through probate. When a will goes through probate, it becomes part of the public record. Probate takes time and can be costly. While probate in some jurisdictions isn’t as bad as in others, it can delay settling your estate by months or years.

Everyone who is over 18 needs to have a will. A will describes how your assets are to be distributed. If you have family heirlooms, for instance, your will can clarify who you want to receive a necklace or piece of art. The will instructs your executor, so they know exactly what you want to happen.

Your will is also used to nominate a guardian for minor children. Parents should always have a will, so they can name the person they want to raise their children in case both parents die.

Not having an estate plan leads to all kinds of problems for families. For one thing, the distribution of assets, and who should be the guardian for children and executor of your estate, are all decided according to the state’s laws. You may not have wanted your first cousin to raise your children. However, the court will make the decision for you. It’s better to have a will.

If you already have a will but haven’t updated it in more than three years, it’s time to dust it off and have it reviewed by an experienced estate planning attorney. Changes in your life and tax laws could mean that your will isn’t going to work the way it once did.

A final note: ask your estate planning attorney about how to store your estate planning documents. If your documents are stored at a safe deposit box, they will be sealed upon death and won’t be accessed until a court order has been obtained. This can delay settling the estate and create complications for loved ones.

Reference: Sun Post (March 20, 2025) “Guidelines for estate planning, from a Golden Valley attorney”

How Estate Plan Protects Your Family

Estate planning is one of many ways to make a difference to your family’s future. Whether starting from scratch or revising a will created many years ago, your estate plan gives you control over your assets and secures your loved ones. The title of a recent article from Florida Today says it all: “Your family’s future is important to you. These estate-planning tips can help secure it.”

If you don’t have a will, get started on this part right away. A will outlines how you want assets to be distributed upon your death. Without one, the probate court in your jurisdiction will determine who receives your property, and while you may not be around to see the results, your family will. If you have a will but haven’t reviewed it in a while, you’ll want to know if it still makes sense for you. Life is all about changes, good and bad, and your will should reflect your current life.

Living trusts keep assets in the family and pass from one person to the next without court involvement. Property owned by a trust goes directly to the beneficiaries without going through the probate process. Even better, trusts are used to appoint a trustee who will manage the assets if you become incapacitated. A trust works while you are living and after you have died. Families with significant assets, blended families and anyone looking for a smooth way to pass assets to loved ones rely on trusts.

People underestimate the importance of a Power of Attorney. A durable power of attorney gives a person of your choosing the legal authority to act on your behalf in financial matters. If you are too sick to pay bills or manage investments, an agent (the person named in the POA) can act on your behalf. Without this document, your family must petition the court to appoint someone to manage your life. The court has no obligation to name a family member or even someone you know to oversee your life. It’s far better to simply have an estate planning attorney create a POA suited to your needs.

You’ll also want an advance healthcare directive, sometimes called a living will, to express your wishes for healthcare in case you can’t. This document includes your wishes regarding life-sustaining treatments, organ donation and end-of-life care. The healthcare directive serves two critical purposes: it allows you to state your wishes and spares your family from not knowing what you want during a healthcare crisis. An emergency is no time for your children to guess what Mom wants.

Beneficiary designations are used in many financial accounts to allow the asset to go directly from the original owner to the beneficiary without going through probate. Beneficiary designations override your will. If you want your nephew to inherit your IRA but your IRA’s beneficiary designation is your spouse, your nephew gets nothing. People who have been divorced need to be extra careful about making sure their beneficiary designations are updated.

Parents of minor children must designate a legal guardian in their estate plan. Establishing a trust to own an inheritance for healthcare, education and living expenses ensures that their guardian will have funds to care for the children. Minors may not inherit property, so making a trust is the best way to protect and control their inheritance.

An estate plan, including a will, power of attorney, healthcare directive and trusts, is central to protecting your family and their future. An experienced estate planning attorney will help identify your concerns and know how to address them in a legally enforceable manner.

Reference: Florida Today (Feb. 8, 2025) “Your family’s future is important to you. These estate-planning tips can help secure it.”

An Estate Plan To-Do List to Get Planning Done

Even if your New Year’s resolutions have fallen by the wayside, don’t let the resolution to create or revise your estate plan pass without tackling it. A recent San Francisco Bay Times article, “Kickstart 2025 With 5 Estate Planning Resolutions to Secure Your Future,” offers a step-by-step list of the tasks to complete your estate plan.

Start by locating your estate planning documents. Review them to be sure they’re up to date. If your will includes people no longer living or beneficiaries you’re no longer feeling generous towards, you’ll need to make those changes.

Review your estate plan with an eye on the people you’ve named for specific roles. Will the executor or trustee be a good fit? What about the person you’ve named as Power of Attorney? Your estate plan should also include a Healthcare Proxy. As you age, you need to be sure the people in these roles can still physically get to the bank or the hospital and navigate online banking or healthcare portals on your behalf.

Digital assets are now part of everyone’s life. However, not everyone addresses their digital assets in estate plans. You’ll need to review and record your digital accounts, from emails to social media to cryptocurrency, and create a list of the accounts, login information and passwords. If you have two or three-factor identification, you’ll need to be sure your digital executor can access your mobile phone or email to confirm their identity. Many people use password managers to gather their information. However, a notebook will do as long as your digital executor knows its location.

If you haven’t reviewed your healthcare directives in a while, you’ll want to do so. Your wish to be kept off any life-support systems while in your thirties may have changed as you have gotten older. After COVID, many people who would have never wanted to be on a respirator learned that it was lifesaving, not life-ending. Speak with your healthcare proxy about your wishes, so they know what you want and your estate planning attorney to ensure that they are documented properly.

An experienced estate planning attorney can help you avoid or minimize the probate process. For instance, placing assets in a trust can take the asset out of your taxable estate if the right trust is used. The assets in the trust won’t go through probate and will remain private. If using Payable on Death accounts makes sense for your estate plan, be sure that the accounts you want to transfer to someone else on your death are titled correctly.

An estate planning attorney will guide you through the process to ensure that you have the right documents, so your loved ones can help you if you become incapacitated and know your wishes when you die. It’s a gift to those you love, easing their burden and building your legacy.

Reference: San Francisco Bay Times (Feb. 5, 2025) “Kickstart 2025 With 5 Estate Planning Resolutions to Secure Your Future”

Why Is Estate Planning Important?

Estate planning is part of long-term planning, no matter what the size of a person’s investment portfolio or their total net worth. It protects the individual and their property, which is why everyone needs an estate plan. Estate planning is an umbrella term used to refer to everything from asset allocation after death to planning for incapacity and end-of-life healthcare decisions, according to a recent article in The Daily News, “What to know about estate planning.”

Typical components of an estate plan include a last will and testament, power of attorney, healthcare directives and trusts. Most surveys conducted in the last few years show only a third of all American adults have a will, and more than half think they don’t need an estate plan because they don’t own enough assets.

Here’s all you need for an estate plan to protect yourself and your loved ones:

A will is the document used to distribute assets after your death. Working with an estate planning attorney who knows the laws of your state is the best way to ensure that your wishes are followed. Trying to do this on your own or with an online platform puts your will at risk of being deemed invalid by the court, which would put your entire estate into the hands of your local probate court.

The will is used to name an executor to carry out the directions you’ve expressed in the will. It is also used to name a guardian if you have minor children. Without a will, or if a will is found to be invalid, the court will name someone to take over distributing your assets. If you have young children and both parents are deceased, the court will decide who should raise your children.

Trusts are used to protect assets, minimize taxes and safeguard assets for beneficiaries. There are many different types of trusts, and an experienced estate planning attorney will know which type is best for your family. For instance, if a family member is disabled, you may need a Special Needs Trust. Your estate planning attorney will also discuss whether you need a Revocable or Irrevocable Trust.

Trusts are used to shield assets from creditors and may be part of Medicaid planning. Another benefit is that assets in a trust don’t go through the probate process. If you are concerned about disgruntled family members poring over your will—which becomes a public document after it is entered into probate—you may wish to use a trust to keep your estate and your assets private.

Planning for incapacity is an integral part of an estate plan. Suppose you become incapacitated without any estate planning. In that case, your family will need to go to court to be able to speak with your doctors, talk with the health insurance company and take part in your healthcare decision-making. Court proceedings are costly and take time; they are not something you want to be embroiled in during a health emergency.

Your estate plan should include a Power of Attorney, which names another person to act on your behalf if you are incapacitated. You’ll also want a Healthcare Proxy to permit another person to make medical decisions on your behalf. An Advanced Directive will express your wishes for what kind of care you want if you can’t communicate your wishes.

Having an estate plan expresses your wishes for more than your property distribution. If you don’t have an estate plan, contact an estate planning attorney to discuss your intentions for assets, beneficiaries and your future. Most people are surprised at how relieved they feel once this task is taken care of. The peace of mind knowing you and your family are protected is well worth the effort.

Reference: The Daily News (Jan. 30, 2025) “What to know about estate planning”

Estate Planning Adds a Fresh Start to New Year

The first quarter of any year is always busy at estate planning attorney offices when people are catching up with the creation of an estate plan or revisions they meant to get done before the year ended but didn’t get around to finalizing. A recent article from the Press-Telegram, “New Year, new motivation for your estate plan,” shares some pointers for how to get this important to-do done.

The article is very clear: first, find an attorney. You aren’t expected to walk into an estate planning attorney with all the information you need or the answers. Their title, after all, is “counselors.” They help people work through all of the details. Most experienced estate planning attorneys also have organizers they provide to help guide you in listing assets, family members and ideas about what you’d like your plan to achieve. An estate planning attorney will keep you focused and organized.

Most people meet with two or three attorneys to see who they are most comfortable with. Is the office convenient for you, or can most discussions take place by phone or video chat? Did they explain how their own process works? Did they answer all of your questions? Were you treated with kindness? Or, if your estate is complicated, did they understand the complexity of your estate and the challenges about which you are concerned?

The article explains how searching for the least expensive attorney can create problems in the future. You want a professional with experience and understanding of estate planning techniques and the nuances of estate planning. For the same reason, don’t try doing your own estate planning with an online platform. These platforms have narrowed options down to the simplest and most common, and you won’t get the guidance you need regarding whether these are the best options for you.

The recent Los Angeles fires are a dramatic reminder of how quickly everything can change. If you don’t have a will, power of attorney, health care directives and trusts, and something unexpected occurs, what will happen to your family and your property? Who will know what you want regarding healthcare if an illness or accident occurs, and you can’t communicate your wishes?

Knowing where your estate planning documents are and sharing their location with people you trust is an oft-overlooked part of estate planning. If your documents are hidden deep within your home, will the person you named as a healthcare proxy be able to access these documents in a timely manner? Who knows the combination if they are locked up in a home safe?

Estate planning documents are often needed in an emergency. Make sure the people who will be using them can find them. Some estate planning attorneys provide clients with a binder and a thumb drive, so documents can be easily stored and shared. Where should the binder go? Don’t put this in a safe deposit box. If the safe deposit box is in your name and you are incapacitated or have died, no one will be able to retrieve the documents.

You hope you won’t need estate planning until your eventual demise. However, as we know, life happens, and the documents could make managing your affairs far more manageable for those you love. Start the new year off right by taking care of your estate plan and, by extension, your loved ones.

Reference: Press-Telegram (Jan. 19, 2025) “New year, new motivation for your estate plan”

How to Create an Estate Plan with a Blended Family?

Blended families are not as unusual as they used to be. However, the financial and legal challenges of combining two families haven’t changed. If your future includes a combined family with stepchildren and stepparenting, the recent article from Kiplinger, “How to Navigate Finances as a Blended Family,” has useful information to consider.

Prenuptial Agreement. A prenup is used to clarify expectations regarding assets and debts. How assets are to be divided between children from past marriages or any future grandchildren can be addressed in a prenup and your will. If you come to the marriage already owning a home or a business, a prenup should be used to clarify your future spouse’s ownership interest. If your spouse-to-be has debts, a prenup covers how premarital debt will be handled.

Shared Expenses. Hoping financial matters will work out themselves is not a plan for a blended family. Will you set up joint checking accounts? Who will be responsible for biological or adopted children’s expenses from prior marriages? What expenses will be split? Single parents of college-age children need to know that if they marry, both spouses' incomes are used on applications for financial aid.

Estate Planning Updates. Everything related to estate planning, from your will, trusts, insurance policies and health care directives, must be updated when you marry again.

Your will must be updated to reflect your wishes for assets to go to children from a prior marriage and your spouse. It’s easy for children to be disinherited in a blended family, requiring special attention. If there is no will, the state’s laws will be applied. This may not be what you wanted.

Beneficiary designations need to be updated. The person named as a beneficiary on accounts like IRAs, SEPs, pensions and life insurance policies receives assets directly, regardless of what the will may state.

You may want to establish a Revocable Trust to take assets from your “probate estate” and provide for children. Your new spouse may be the trustee, or you may choose an adult sibling to administer the trust. You may want to update the trustee or beneficiaries if you have trusts.

Medical directives must be updated so your new spouse can be involved in your healthcare. Privacy laws are strict, and a new spouse might be shut out from making healthcare decisions without new documents. These include a Health Care Proxy, also known as a Medical Power of Attorney, HIPAA Release Forms and Living Will. Your estate planning attorney will know what documents are used in your state.

Estate planning is not as romantic as planning a wedding. It is still a sure signal to your intended and your family to prepare for a future based on responsibility and caring.

Reference: Kiplinger (Oct. 18, 2024) “How to Navigate Finances as a Blended Family”

Top Estate Planning Mistakes Can Easily Be Avoided

The music icon Prince was far from the only celebrity failing to have a will, the most significant estate planning mistake of all. Tobacco heiress Dorothy Duke named her butler the executor of a $1.3 billion estate, and her family spent millions on legal costs before the estate was settled. You don’t have to be wealthy to make an expensive estate blunder, says a recent article from Microsoft Start Money, “Seven Estate Planning Mistakes You Can’t Afford To Make.” Regular people also make costly mistakes.  However, they can easily be avoided by following these steps.

Procrastinating until the “right” time. Making decisions when you’re under a time constraint because of an unexpected event is a bad time to do estate planning. Leaving a mess for your children to figure out will almost always end badly. Fighting among family members, assets lost to cost battles and unnecessary stress are just a few of the headaches. It’s not how you want to be remembered.

Not updating your estate plan. Wills are like pets—they require ongoing care. If a new child is born and your will isn’t updated, you’ve effectively disinherited the child. If you remarry and don’t update your estate plan or beneficiary designations, your new spouse will have little recourse to what you might have left them. The same goes for major changes in your financial life, up or down.

Putting your head in the sand about taxes. In the last 15 years, there have been many tax changes. Failing to address tax changes with estate planning in mind can lead to financial disasters. Remember, you may not be near the federal estate tax threshold. However, if your state levies estate taxes, you’ll need to plan for them.

If the lifetime estate and gift tax exemption reverts to pre-2017 tax law levels, “average” wealthy people with estates worth around $6.46 million will pay federal estate taxes. If this is your situation, start talking with your estate planning attorney now to address this change.

Ignoring incapacity. We’re not sure which is harder to consider, incapacity or death. Neither is pleasant to consider; one is likely, and another is certain. Having the right plan in place means having the power of attorney, health care directives, HIPAA release forms, do not resuscitate, living wills and other documents specific to your state are all part of estate planning.

Forgetting to plan for non-cash assets. If you own a home, what do you want to have happen to the home upon your death? If you become incapacitated, who will take care of your home, your pets and any property requiring upkeep? Classic cars, antiques and art collections must be disposed of in a planned manner.

Neglecting digital assets. More and more of our lives are now conducted online. Bank accounts, social media, photos, online businesses and cryptocurrencies are not included in household assets by your will. You’ll need to provide a tech-savvy person with information on your accounts, create an inventory and direct the person to serve as your digital executor.

Trying to do it yourself. Creating an estate plan without the help of an experienced estate planning attorney is asking for trouble. Here’s just one example: a family thought it was a good idea to retitle the house to Joint Tenancy with Right of Survivorship for the parent and an adult child. They didn’t know about the child’s serious debt situation. The child now had an asset, and creditors moved swiftly to put a lien on the house. The family eventually lost the house to the creditors.

Reference: Microsoft Start Money (June 23, 2024) “Seven Estate Planning Mistakes You Can’t Afford To Make”