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Like any other complex subject, estate planning has its share of myths and misconceptions. Understanding the top three estate planning myths will help you to create and maintain a plan that will work the way you expect it to work when it’s needed.
Estate Planning Myth #1 – You Don’t Need an
Estate Plan Because Your Spouse Will Inherit Everything
Estate Planning Myth #2 – You Don’t Need an Estate Plan Because Your Family Knows Your Final Wishes
Estate Planning Myth #3 – Once You’ve Created Your Estate Plan, It’s Done
Farming or ranching is more than a means of livelihood – it is about preserving a legacy and unique way of life. Unfortunately, many farmers and ranchers fail to make an estate plan. The farm or ranch that has been passed down for generations then ends up being sold and converted into non-agricultural use, cutting the legacy short and ending the family’s unique lifestyle choice.
Revocable Living Trusts instead of Wills have become the basic building block of estate plans for people of all ages, personal backgrounds, and financial situations. But for some, a Revocable Living Trust may not be necessary to achieve their estate planning goals or may even be detrimental to achieving those goals.
Unfortunately, in our litigious society, liability risks are not unique to physicians. Business owners, board members, real estate investors, and retirees need to protect themselves from a variety of liabilities too.
Justin M. Bryan will be lecturing in Billings, MT on the Probate Process in Montana.
Today many estate plans contain irrevocable trusts that will continue for the benefit of a surviving spouse’s lifetime and then for the benefit of the next generation. Since these trusts are designed to span multiple decades, it is crucial to choose the right succession of trustees.
With 2015 right around the corner, it’s time to start thinking about your new year’s resolutions.
It doesn’t matter whether you have an estate plan or don’t, one important item to add to your list is getting an estate plan checkup.
Don’t Have an Estate Plan?
If you don’t already have an estate plan, then getting one in place should be at the top of your 2015 new year’s resolutions.
If you do have an estate plan, then reviewing said plan might need to be at the top of your 2015 new year’s resolutions.
It is critically important to review your beneficiary designations as your life changes because your beneficiary designations may overrule or conflict with the plan you have established in your will or trust.
With the end of the year fast approaching, now is the time to fine tune your estate plan before you get caught up in the chaos of the holiday season. One area of planning that many people overlook is ensuring that their final wishes remain private, and for many Montanans privacy is extremely important.
If you’re married and you haven’t had your estate plan reviewed since before January 2, 2013, by an experienced estate planning lawyer, then pull your documents out of the drawer, dust them off, and take a closer look at their trust provisions. Do they contain terms such as ‘Marital Trust,’ ‘QTIP Trust,’ ‘Spousal Trust,’ ‘A Trust,’ ‘Family Trust,’ ‘Credit Shelter Trust,’ or ‘B Trust’?
Bryan Law Firm, PC
11 East Main St., Suites B & D
Bozeman, MT 59715
Telephone: (406) 586-8565