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The passing of a loved one is a heartbreaking event, filled with grief and sorrow. But the aftermath can become even more painful if disagreements over their personal belongings tear your family apart. These disputes, especially when centered around meaningful objects, can leave lasting wounds that may never fully heal.

But it doesn’t have to be this way. By understanding the emotional weight of possessions, the power of perception, and taking proactive steps, you can prevent such heartache and foster a more harmonious grieving process for your family. In this article, we’ll explore practical strategies to ensure your final wishes are honored and your loved ones stay united, even in the midst of loss.

Perception Is the Basis for Conflict

Your personal belongings are so much more than just material objects. They are tangible reminders of your life, personality, and connection to the people you hold dear. When you’re gone, these items can provide immense comfort and solace for your grieving family members. However, the emotional ties to your possessions can also set the stage for conflict.

The basis for conflict over your belongings is usually rooted in perception, meaning your family members have very different ideas about the value and significance of your possessions. What one person deems a priceless keepsake, another might dismiss as mere clutter. These differences in perspective can create tension, resentment, and even damage relationships that have lasted a lifetime.

Adding to the complexity is that certain items are inextricably linked to specific memories and experiences. That piece of jewelry may remind one of your children of the love and care you showered upon them. However, to others, it may represent an inheritance they feel entitled to. The emotional attachments to your personal property often run deeper than anyone realizes, reflecting unresolved feelings of love, guilt, or regret.

Your family members’ perceptions of your belongings are also profoundly shaped by their own experiences, values, and cultural backgrounds. These differences in worldview can make it incredibly challenging for them to reach a consensus when it comes time to divide their inheritance.

For instance, in some cultures, family heirlooms are passed down through generations with reverence and care. These objects are seen as symbols of shared history and identity. However, in other traditions, material possessions hold far less significance, with the focus placed squarely on intangible connections. When relatives from diverse backgrounds attempt to navigate the division of your estate, these clashing perspectives can lead to misunderstandings and conflict.

Perception also influences how your loved ones view the concept of fairness. One child may feel entitled to certain items due to their role as a primary caregiver or because they lived closer to you. Another may believe everything should be distributed equally, regardless of individual circumstances. These divergent notions of justice can further fuel disputes, especially if you don’t leave behind clear instructions.

The Value of Open Communication and Thoughtful Planning

To minimize the risk of family feuds over your personal property, one of the most effective things you can do is have open and honest conversations about expectations and preferences long before you’re gone. Here are some strategies to consider:

Start the Conversation Early. While it may feel awkward to discuss such sensitive topics, it’s far better to address them proactively. This allows for a more thoughtful and deliberate discussion of everyone’s wishes. Ideally, these conversations should occur when all parties are calm and emotionally prepared rather than in the midst of grief.

Record Yourself. Don’t underestimate the value of getting on video. Recording yourself explaining your wishes and why can be very powerful, as well as provide clarity and decrease conflict for your loved ones. When you create your estate plan with my firm, we include a Life & Legacy Interview with every plan so that your decisions and the reasons for them are clear to your family members. When there’s no ambiguity, the possibility of conflict lessens.

Make an Inventory. Make a comprehensive list of all your personal belongings, including their sentimental value and any specific requests or wishes you have associated with them. This inventory can be a crucial reference point for your family members after you’re gone. If possible, involve your loved ones in this process so that they understand your wishes and can ensure your voice is heard.

Create a Life and Legacy Plan. A Life and Legacy Plan can minimize disputes by clearly outlining your wishes regarding distributing your personal property. In addition to the Life & Legacy Interview, every plan includes a document called a “personal property memorandum,” which provides additional clarity, specifying which items should go to which beneficiaries. We even help you keep your plan updated over time to reflect changing circumstances or preferences and prevent family conflict.

Focus on Your Family’s Needs. Ultimately, the goal of your planning should be to honor your memory and support the well-being of your loved ones. Prioritize the needs of those who are grieving and try to find solutions that minimize conflict and pain. Sometimes, creating a process where each family member can express their attachment to specific items and why they matter can help others understand their emotional value rather than just their monetary worth.

Helping Your Family Sell Your Belongings with Care and Intention

Sometimes, your loved ones may need to sell your personal property, which may be necessary to settle your estate, pay debts, or ensure that your items are put to good use. Whether the items sold hold sentimental value or not, this can be another task ripe with conflict. Further, many family members don’t know what the process entails. But you can help make it easier for them by doing a lot of legwork now.

You can specify in your Life & Legacy Plan how you want your items to be sold and outline the process for your loved ones. Here are the steps your family will need to take:

Assess the True Value of Your Items. Start by evaluating the worth of the items to be sold. This may involve hiring an appraiser, especially for valuable items such as antiques, artwork, or jewelry. An appraiser can provide an objective assessment of an item’s value, which can help prevent disputes over perceived worth and ensure a fair sale.

Choose the Right Selling Method. Depending on the type and value of your belongings, your loved ones will need to choose a selling method. For everyday household items, a yard sale or estate sale might be appropriate. For more valuable items, an auction house, consignment shop, or online marketplace may be the way to go. Your family should be mindful of any fees or commissions associated with these approaches, too.

Enlist the Help of an Estate Sale Company. If your estate contains a large number of items or your family is overwhelmed by the process, hiring a professional estate sales company can be a game-changer. These companies handle everything from pricing items to advertising the sale, managing the event, and disposing of any unsold items. They typically charge a percentage of the sales, but their expertise can make the process smoother and less stressful.

Understand the Legal Requirements. Depending on your jurisdiction, there may be specific legal requirements for selling estate property. For example, an executor may need court approval to sell certain assets or follow particular procedures for notifying beneficiaries. When you create your Life & Legacy Plan with us, we will be there for your family when you no longer can be, and we can advise them on all the necessary legal requirements.

Plan for the Proceeds. Decide in advance how the proceeds from the sale will be used and document your wishes in your Life & Legacy Plan. We can help you specify whether they will be distributed among your heirs, used to pay off estate debts, or donated to charity. This precise planning that’s part of our Life & Legacy Planning process helps avoid disputes and ensures that the funds are used in a way that honors your wishes.

Leave a Legacy of Harmony, Not Conflict

Family disputes over your personal belongings can add immense pain to an already difficult time. But by understanding the emotional significance of your possessions, the role of perception, and taking proactive steps by creating a Life & Legacy Plan, you can minimize conflicts and preserve familial relationships.

Your loved ones deserve to grieve with dignity and respect, not embroiled in bitter disputes. Take the time now to put the proper measures in place, and you can rest assured that your final wishes will be honored and your family will stay out of court and conflict after you’re gone.

This is the lasting legacy you can leave behind – not just the material objects you’ve accumulated over a lifetime, but the gift of harmony, understanding, and compassion for those you hold most dear.

How We Help You Prevent Family Feuds Over Personal Belongings

Family disputes over personal property can cause significant pain and tension at a time when loved ones should come together. As your Personal Family Lawyer® Firm, we help you create a Life & Legacy Plan that ensures your belongings are distributed according to your wishes, without conflict or confusion. With careful thought, clear communication, and the right tools, your Life & Legacy Plan will keep your family united, even in the midst of grief. And you’ll gain the peace of mind knowing that your wishes will be honored and your loved ones will be supported long after you’re gone.

Click here to schedule a complimentary 15-minute consultation to learn more.

This article is a service of a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firm leaders, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. Are you ready to protect your loved ones and legacy? Check out my next presentation.

When Matthew Perry, the beloved star of Friends, passed away last year, the world mourned the loss of a comedic icon. However, as details of his estate began to emerge, a curious puzzle presented itself: despite his reported net worth of $120 million, his bank account held (only) $1.5 million. Admittedly, this seems like a whopping sum to most of us, but for a man who earned millions of dollars for just one episode of the show, this amount appears…off somehow. Shouldn’t he have had much more money than that? The answer lies in the details of estate planning and using trusts as part of your plan.

In this article, we’ll look at Perry’s estate plan and pull out some valuable lessons. These lessons pertain to all of us, not just the rich and famous. To find out how trusts can benefit you, read on.

What is a Trust?

A trust is simply a legal arrangement where a person (sometimes called a “settlor”) transfers assets to someone ( a “trustee”) who manages those assets for the benefit of someone else (the “beneficiaries”). Many types of trusts can be used for many different purposes, including estate planning, asset protection, and providing for loved ones.

The trustees appointed to manage a trust play a crucial role in fulfilling the settlor’s wishes. Choosing the right trustees is essential for the effective management of a trust. Trustees should be trustworthy, financially responsible, and knowledgeable about estate planning. They should also be willing to devote the time and effort required to manage the trust’s assets.

In Perry’s case, it appears he had established a trust during his lifetime. This trust, which seems to be named the Alvy Singer Living Trust – Woody Allen’s character in Annie Hall – presumably holds a significant portion of his wealth. In Perry’s case, the trustees were likely responsible for managing his investments, paying bills, and distributing money to the beneficiaries.

Why would Perry have chosen to establish a trust? There are many benefits, which I’ll break down in greater detail now.

The Power and Benefits of Trusts

There are many advantages to using a trust for estate planning. Here are some of the most common.

Protection from creditors and lawsuits. If a beneficiary faced financial difficulties, their creditors would generally not have access to assets held in a trust.

Ongoing support during life, incapacity, and after death. Trusts can provide for loved ones in a more flexible way than a will. A will is a legal document that outlines how your assets will be distributed after your death. However, a trust can be structured to provide support during your life and for your beneficiaries over time, ensuring that their needs are met throughout their lives. If you have a will, usually your assets will be transferred to your beneficiaries all at once – even if they are young or financially irresponsible.

Minimization of estate taxes. Depending on the size of an estate, there may be significant federal and state estate taxes. By using a trust, it can be possible to reduce or eliminate these taxes.

Court avoidance. There’s a court process called probate that takes place after someone dies, and it can be expensive, lengthy, and conflict-laden. If you have a will or no estate plan, court is mandatory. If you have a trust, however, the court process may be avoided. This results in less expense, less time, and a decreased probability of conflict. It’s also a public proceeding, and court filings contain personal and financial information you may not want others to see.

Conflict avoidance. The court process is set up to give all heirs and creditors a claim to your assets. They are invited to file a claim, and they get to see information about your assets.

Greater control over what happens to your assets and your family. When you have to go to court, it means that someone other than you – a judge, who’s a complete stranger to you and your family – will make all final decisions about your money, property, and family. But with a trust, you get to make those decisions and exercise control over the outcomes.

Preserving assets when there’s a substance abuse issue. It’s no secret that Perry struggled with substance abuse for much of his life, and it’s possible that because of that, he was advised to create a trust to hold his assets. This was a wise decision. Substance abuse can have a significant impact on financial stability, and it is possible that Perry sought to protect his assets from loss, either by his own actions or potential creditors and legal issues related to his addiction. You can do the same for a friend or relative if you want to support them and also know they struggle to manage their finances responsibly.

These advantages apply to you, too! You do not need to be wealthy to want a trust. You do not have to be charitable or famous to take advantage of the benefits. You simply need to be educated about the benefits and how they apply to you. Read on and I’ll show you how to book a call with me to get the education you need.

I’ve alluded to one more advantage that warrants a full section of discussion: privacy.

The Appeal of Privacy

Remember when I mentioned above that the court process is public? And I also mentioned that a trust can help you and your family avoid court, and the very public process that it is? If you were wondering, “If it’s true Matthew Perry had a trust, then how come it’s public knowledge that he had $1.5 million in his bank account?” then kudos! You caught on to something important.

Matthew Perry also had a will, and wills go through probate. Any assets that are not placed into a trust must be dealt with via your will and thus, are subject to the court process. Remember how I also said above that court filings must contain your personal and financial information? That’s how we know about Matthew Perry’s bank account. The funds in his bank account were ostensibly not placed into his trust, and so, are subject to the public probate process. If you want, you can go look up the court records and read his will – or any will – for yourself.

His will mentioned that he had a trust, which is also common. What it doesn’t mention is the terms of the trust, who the beneficiaries are, what his other assets are, and who gets what. Our public knowledge is limited to what’s in his will. And if his bank account had been placed into his trust, it would have been kept private, too.

In short, assets placed into a trust are kept private, as is your personal and financial information. Assets left out of a trust are public knowledge. So, when you create a trust, it’s crucial that you don’t just draft and sign the document and call it a day. You must take the next step and correctly place your assets into the trust. If you don’t do that, you lose all the benefits the trust offers.

How We Help You Protect What Matters Most

As more details about Perry’s estate emerge (and sadly, his death), we may gain a better understanding of his intentions and the legacy he will leave behind. While his untimely passing is a tragic loss, his estate planning offers a fascinating look at the advantages of trusts and how you can also take advantage of them.

As a Personal Family Lawyer® Firm, we help you create a comprehensive Life & Legacy Plan that may include tools like trusts to protect your assets, maintain your privacy, and ensure your loved ones are cared for—without the headaches of court or the increased chances of conflict. By planning today, you can have peace of mind knowing your wishes will be honored, your family’s future will be safeguarded, and your legacy will be kept private.

Click here to schedule a complimentary 15-minute consultation to learn more.

This article is a service of a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. Are you ready to protect your loved ones and legacy? Check out my next presentation.

Have you ever heard horror stories about families fighting over Grandma’s jewelry or getting stuck in a never-ending legal battle after someone passes away? Or about how long it can take to sell a house tied up in the court process? What about family members being denied their inheritance completely? Unfortunately, these situations happen every day. Not even the rich and famous are immune! A simple Google search will pull up dozens of celebrity stories about all the conflict that ensues after they die.

But most people don’t realize these things are avoidable – if you understand the process. So, if you’ve thought about creating a will or trust to avoid these outcomes, let’s ensure you’re fully aware of what’s at stake first. We’ll use a food analogy throughout this article, so our apologies if we make you hungry.

Lasagna as an Example of the Difference Between a Will or Trust and an Estate Plan

Let’s start by getting really clear on what we’re talking about. You’ve probably heard the term “estate planning” numerous times, but do you really know what it is? Contrary to what you may have heard or read about, estate planning and the documents involved – such as a will or trust – are not quite the same thing.

Think of your favorite recipe. We’ll use lasagna as an example. A lasagna recipe includes a few different components: the ingredients needed to make the dish, how much of each ingredient you need, and the steps you have to take to transform the ingredients into a dish. Without the steps, the ingredients are just ingredients—they don’t create anything.

Estate planning is similar. Your estate plan is the recipe, and the documents are the ingredients. A will or trust may be the pasta or the sauce, but they are not the lasagna. Sure, they’re necessary components of the lasagna, but without the other ingredients and steps, they’re just pasta and sauce. Same with estate planning. If you just create a will or trust, you have documents that are just documents. They don’t do anything by themselves.

That most people think the documents ARE the estate plan is a common misconception based on a lack of knowledge. Too many people are focused on the documents, even many lawyers, and so think all they need to do is create those documents, sign them, and call it a day. Even so-called financial “experts” will tell you this. And there’s a whole new tech industry based on this premise, with do-it-yourself programs like LegalZoom. AI has even joined the fold.

Every single one of these people and companies is talking about the documents, or the ingredients. They are not telling you about the recipe. They are not showing you how to make the lasagna, but rather, they’re telling you about some (not even all) of the ingredients you need. What results are the big messes mentioned above: families in court and conflict, fights over sentimental items, long wait times to sell a house or distribute any of the assets, and even big, unnecessary tax bills.

To truly protect your loved ones and ensure your wishes are carried out the way you want, as easily as possible for the people you love, you need a comprehensive estate plan, not just the documents. The plan lays out not only the ingredients you need, but also in what amounts, and what actions must be taken to make the lasagna.

If you haven’t created a comprehensive plan of your own, or your current plan fails for any reason, know that there’s a plan already made for you. It’s a plan laid out in your State’s law, and it may be very different from what you want.

Your State’s Recipe for Lasagna May Be Gross

To illustrate the difference between the State’s plan for you and one you can create for yourself, let’s get back to our lasagna example.

Let’s say the State’s recipe for lasagna includes spicy sausage, but you can’t tolerate spicy foods. The state’s plan may contain meat, but you’re a vegetarian. Or, it could be that the State’s recipe includes mushrooms, but your child is allergic to mushrooms. Some ingredients may be missing altogether, and the recipe will probably tell you that you can’t even cook the lasagna for months, or even years (goodness, your family will be hungry!). Whatever the situation, it’s possible that the State’s plan includes some component that you don’t like, or even one that could be disastrous to your family.

In reality, your State’s plan says how your assets will be distributed, who will get them and in what amounts. It requires a court process, which can be lengthy and expensive, and sometimes assets are frozen until the court process is over. It’s also set up for conflict, as your family members – even if you’re estranged – are required to get notice of the court proceeding, what assets you have, and are invited to make a claim for your assets. You may not like any of this.

If not, here’s the good news. The law also says you can create your own plan and decide on your own who you want to inherit your assets and how. If you create your own plan, you get to decide to give money to charitable causes that matter to you, which the State’s plan does not allow for. And if you create your own plan, you can also decide whether you want your loved ones to go through the court process. Yes, the court process can be optional.

What Recipe Do You Want to Use?

By creating your estate plan, you get to choose your lasagna recipe. You get to choose whether you want meat or veggie, mild or spicy sausage. You get to exclude ingredients your family members may be allergic to. You even get to decide if you want to share your lasagna with someone else. And you get to decide when to cook the lasagna, whether you want it to be eaten tonight or assembled, frozen and saved for another day.

It’s entirely possible that you don’t think the State’s recipe is gross and you wouldn’t change a thing. But you won’t know that until you know the details of the State’s plan and how those details pertain to you, your assets, and your family. Or, it could be that you think the State’s recipe is completely gross and you want to pick one that you and your family like. Either way, know what you want to create and be clear on how to do it, and do it correctly. Luckily, we can help.

How We Help You Get it Right

We’ve seen too many families suffer negative, yet unnecessary, consequences after a loved one dies. And if you haven’t experienced it yourself, chances are you probably will. But with the proper education, beginning with correcting the misconception that estate planning and the documents involved are one and the same, we believe we can break the cycle of strife.

As a Personal Family LawyerⓇ Firm, we start with education so you are clear on what the State’s plan is for you, and what you can do to create your own plan that aligns with your values, your goals, your family, and most importantly, that it works when you need it to.

We call it Life & Legacy Planning, and once you’ve created your Life & Legacy Plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected. Book a call with us today to learn more.

Use this link to schedule a complimentary 15-minute consultation.

This article is a service of a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. Are you ready to protect your loved ones and legacy? Check out my next presentation.

Have you jumped on the AI bandwagon yet? If so, you’ve probably used it to make your life easier. AI can be incredibly helpful, especially when the stakes are low. Need a personalized meal plan or an exercise routine? AI can handle that. But when it comes to estate planning, some people use AI for what they believe to be a simple and cost-effective solution.

The allure of Do-It-Yourself estate planning through AI is strong, especially when you think your situation is simple and straightforward. You may also think you don’t have much money, and so your circumstances aren’t complicated. Both of these beliefs are extremely common – and rarely true.

Here’s the truth: estate planning is not just about creating a set of documents, and it’s almost always more complicated than you think. To do it effectively, it must be personalized to fit you, your family dynamics, and the specific types of assets you have. But unless you’re an expert, you don’t know how your personal circumstances apply to the law and your values – or how your estate plan should be structured to fit the law and your values. AI cannot do any of this. And if you get it wrong, there are legal (as well as financial) consequences. You need a human to guide you; a human who understands you, your family, your assets, your wishes and desires, and how all these things work together with current law.

So before you’re tempted to use AI for your estate plan, ask yourself the following three questions. Then consider your answers before turning to AI or any other free or cheap legal service. If you’ve already done your estate plan, these questions are important for you, too.

Question No. 1: What Matters?

First and foremost, who or what matters most to you? When you’re creating a legal plan for what happens if you become incapacitated and when you die, the place to start is by getting clear on what matters. Is it the money you’ve worked hard to earn, or is it the people around you and the relationships you’ve nurtured? Most likely, it’s the people.

Think about this. How are you affected when a loved one passes away? You’re probably filled with grief, and their absence leaves a void in your life. While their money can ease financial strain, it’s the memories and the love you shared that truly matter (this is their “legacy”). Your loved ones will feel the same way after you’re gone. What will your legacy be?

Imagine that your family is left to deal with a big legal and financial mess after you’re gone, all because you didn’t create an estate plan or created one that failed. Are you ok with that being your legacy? Does it matter to you that people will need to spend time away from work and their lives to manage your affairs? And what if they ended up fighting or estranged? Does that matter to you?

What about your assets? Does it matter to you if your estate has to pay unnecessary taxes, or that your assets get lost and turned over to your State’s Department of Unclaimed Property? Or do you care about supporting a cause you believe in, or supporting a family member who needs help?

When you create a Life & Legacy Plan with our office, you gain the power to influence these outcomes in a way that AI cannot do. But first get clear on what truly matters to you.

Question No. 2: What’s It Worth?

Once you’re clear on what matters, the next question is: what are those things worth? How important is it to ensure your family’s relationships are preserved, for example? How important is it that your assets don’t get used to pay taxes when there’s an option to give them to your loved ones? It’s critical to know not only what’s important, but how important it is, so you know how much time, energy, attention, and money to dedicate to it.

One of the main reasons people may use AI to draft their estate plans is that they think estate planning is simple. However, estate planning is much more complex than most people realize. Even licensed attorneys who practice estate planning often find themselves overwhelmed by the intricacies of the law, which changes regularly and varies from state to state. AI is a one-size-fits-all approach that doesn’t take into account the complexities. So if you rely on AI, you’re leaving a lot to chance. Is it worth it to you to take a chance on what matters? There is no wrong answer here; it may be yes or it may be no. The key is that you’re being true to yourself.

Question No. 3: Is AI Actually Cheaper and Easier?

And now we’re at the third and final question: is AI or Do-It-Yourself legal really cheaper and easier than working with an expert? If the program makes a mistake in your estate plan and your family ends up in court, embroiled in conflict, with relationships irreparably broken, was it worth the supposed savings? What if your assets were lost to the government, eaten up by unnecessary taxes, or depleted by lawyers’ fees and court costs due to litigation?

When you weigh the potential costs—financial, emotional, and relational—against the upfront savings you might achieve by using AI, the true worth of those things that matter to you becomes clearer. You see that estate planning is about much more than just money; it’s about protecting the people you love and ensuring your legacy is honored as you intend.

You and Your Family Deserve More Than a Quick and Cheap Fix

The way to ensure that your plan works when you and your loved ones need it to, and saves you and your family money, is by working with me to create a Life & Legacy Plan. With my Life & Legacy PlanningⓇ process, I’ll guide you to get clear on what matters, then together we’ll create a complete plan that honors your wishes and creates a loving legacy at a price that fits your budget. When it comes to something as important as your estate plan, it’s worth taking the time to do it right. Your legacy deserves more than a quick fix—it deserves the thoughtful attention of someone who understands your unique situation and can help you navigate the complexities of the law to achieve your goals.

As a Personal Family LawyerⓇ Firm, we understand that estate planning isn’t just about the documents you sign or the money you leave behind. It’s about ensuring that the people and things that matter most to you are protected and honored in the way you intend. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your legacy preserved.

Click here to schedule a complimentary 15-minute consultation to learn more.

This article is a service of a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. Are you ready to protect your loved ones and legacy? Check out my next presentation.

Labor Day, observed in the United States on the first Monday in September, is not only the unofficial end of summer but also a celebration of the contributions and achievements of American workers. Originating from the labor movement and the quest for better working conditions, Labor Day also provides an opportunity to think about your personal labor or the work you’ve put into building your life. Your home, your family, your career – these all came about from hard work! So, as you’re firing up the grill or relaxing by the beach this Labor Day, I invite you to reflect on everything you’ve worked hard for throughout your life. In fact, let’s do it together.

Reflection No. 1: Remember When?

Do you remember your first job? It may have been babysitting for a neighbor or mowing lawns when you were a kid. Or, maybe you had a part-time job in high school in the evenings and on weekends. As you grew up and became a young adult, how did it feel to have that first taste of independence? Pretty good, probably! For the first time, you were able to decide what to do with your time and money, and that felt extremely empowering, right? You may have also worked hard for this financial independence, with a full schedule balancing classes, homework, extracurricular activities, and a part-time job (Can you even imagine doing that now? Where does the energy go, anyway?!).

But your hard work didn’t stop there. Even if you did not have a part-time job with financial independence as a young person, you probably still worked hard. You worked hard in school to get good grades, or you worked hard at sports or playing a musical instrument.

There are many different types of work, and one thing they all have in common is the sense of pride and accomplishment when you see the results. That feeling is hard to beat and so worth all the blood, sweat, and tears.

So before we move on, take a minute to remember. Remember your accomplishments as a young person and how you felt as you tasted independence for the first time. What’s coming up for you that you’d want to share with your kids or nieces and nephews so they learn from your experience?

Reflection No. 2: In the Thick of It

As you grew into the adult you are now, your work evolved. You may have spent many years in school completing a degree program. And you probably got that first “real” job, whether you went to college or not. Another first in your life was when you had a full-time job making full-time money – but also with full-time adult responsibilities.

During this phase in your life, you may have bought your first home and had children. You may have also taken on debt – in the form of a mortgage or a school loan. If so, you’ve no doubt worked hard to make your payments in full and on time.

This is the stage of life where you’re in the thick of it. You may even feel like all you do is work – even if it’s work you aren’t being paid for. But isn’t this a wonderful time, too? If you have children, you work hard to teach them what they need to know to become successful adults. You also support them financially to ensure they have all they need in life. And when you see them grow into adulthood, you see the results of all your hard work for them as they become caring, compassionate, productive members of society.

You’ve undoubtedly worked hard if you start a business during this time. You probably gave most of your time, energy, and attention (and maybe even money) to make your dream a reality. You’ve worked hard to create jobs for other people who need them. You’ve created a solution to a problem that didn’t exist before you came along.

Now, take a moment to think about what you’ve accomplished with all your hard work. Have you enriched other people’s lives? Have you supported the people you love most to grow into their full potential? Have you created something in the world that wasn’t there before? What else? Think about not only the tangibles, like creating a business or succeeding in a demanding career, but also the intangibles, like the love you give and receive.

How do you feel as you reflect on your life at this stage? Has all the hard work been worth it? What do you want to pass on to the people you love?

Reflection No. 3: What Happens Next?

As you become older – and wiser – your work shifts again. At this stage, you may retire from a career or become ready to exit a business, and if you have children, you’ve seen them in their own careers and have their own families. Now is the time to truly enjoy all the fruits of your labor. It’s also time to think about what happens next.

Assuming you live long enough to reach this stage of life, what can you do to ensure that all the hard work you spent throughout your life isn’t wasted? What can you do to make sure that when you’re gone, the assets you’ve worked hard for don’t get lost and turned over to the Department of Unclaimed Property, subject to the claims of creditors or squandered by irresponsible heirs?

More importantly, what work can you do to ensure your family doesn’t end up in court and conflict with each other, potentially resulting in irretrievably broken relationships? After all the time, energy and attention you’ve put into those you love, you don’t want to see this happen. So the work here involves making big decisions and documenting those decisions and communicating them well with a Life & Legacy Plan.

A Life & Legacy Plan is a complete estate plan that ensures your life’s work isn’t lost, wasted or results in a mess for the people you love. It ensures your hard-earned assets are passed to those you want in the way you want when you’re no longer here, and it ensures your wishes are honored if you become incapacitated. A Life & Legacy Plan also preserves the family relationships you’ve worked to cultivate by keeping your family out of court and conflict. Finally, a Life & Legacy helps you pass on what matters most: your legacy.

Before you think, “Legacy? That doesn’t apply to me. No one is ever going to put my name on a hospital wing!,” I want to stop you right there. Legacy isn’t just for the rich or philanthropic; that’s a misconception. Legacy is the way you’re remembered. And you can control your legacy with a Life & Legacy Plan. When you work with me, not only will we ensure your assets are distributed and used the way you want, but we’ll also capture the fruits of your life’s work in the form of a Life & Legacy Interview. My clients tell me that this is their favorite and most meaningful part of the process, bar none. Book a call with me using the link below to learn more.

Warning! Life Doesn’t Always Go as Planned So Don’t Wait Until It’s Too Late

Ideally, you live to make it through each of the stages above, but it’s possible you may not. I’m not trying to scare you but it’s important for us to remember that death is a part of life. The one thing we don’t know is the exact time death will find us. If we don’t face it before something happens, we leave the people we love with a big, expensive, time-consuming mess. The sooner we face our mortality and plan for the inevitable, the greater the chance your legacy will be one of love. And, you’ll likely start making even better choices about the use of your resources during your life – hence, why we call it Life & Legacy.

Estate planning is for everyone, including you, no matter your stage of life. In fact, you already have an estate plan; you just may not know what it is. If you haven’t created your own plan, specifying your wishes and outlining how you want it all to go if you become incapacitated or when you die, your State has one for you. And chances are, it’s not what you want. When you create your own, you get to override what the State has planned for you. You get to determine how you want your life’s work remembered on your terms. After how hard you’ve worked, don’t you deserve it?

How We Help Secure Your Life’s Work

Your life’s work is a testament to your dedication, perseverance, and love. From your first job to your current achievements, you’ve built a legacy worth protecting. This Labor Day, as you reflect on your journey, consider how you want that legacy to endure. Take control of your future and protect what matters most by creating a comprehensive Life & Legacy Plan with us. Book a consultation call today to learn how we can tailor a plan that honors your life’s work and ensures your legacy lives on. Let’s work together to secure your family’s future and celebrate the fruits of your labor for generations to come.

Use this link to schedule a complimentary 15-minute consultation to learn more.

This article is a service of a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. Are you ready to protect your loved ones and legacy? Check out my next presentation.

You’ve worked hard to build your assets and secure your family’s future. Like many responsible adults, you’ve named beneficiaries on your retirement accounts, life insurance policies, and maybe even your banking and investment accounts. It feels good to know you’ve put something in place for your loved ones.

But here’s the truth many financial advisors, CPA’s, and even other lawyers won’t tell you: relying solely on beneficiary forms for your estate plan can lead to unintended consequences and potential financial disasters for your loved ones. While beneficiary designations serve a purpose, they’re far from a comprehensive estate planning solution. Let’s explore why beneficiary designations alone fall short and the risks you may be unknowingly taking with your family’s financial future.

The Dangers of Naming Minor Children As Your Beneficiaries

You love your children and want to ensure they’re cared for if something happens to you. Naming them as beneficiaries on your accounts seems like a straightforward way to achieve this goal. However, this approach can backfire spectacularly when your children are minors.

You create a legal and financial quagmire when you designate a minor as a beneficiary. Financial institutions can’t simply hand over large sums of money to children. Instead, the court will likely appoint a guardian to manage the funds. This process can be time-consuming, expensive, and may not align with your wishes.

Even more concerning is what happens when your child reaches the age of majority, typically 18 or 21, depending on your state. At this point, they gain complete control of the inherited assets. Ask yourself: Is your 18-year-old ready to manage a six or seven-figure life insurance policy? What about your retirement account? For most young adults, the answer is a resounding no.

Imagine your child receiving a windfall at an age when they’re still learning to navigate adult responsibilities. They might make impulsive financial decisions, fall prey to manipulative friends or partners, or simply lack the maturity to handle sudden wealth. By relying solely on beneficiary designations, you’re potentially setting your child up for financial mismanagement or even exploitation.

There is a much better way to ensure your children receive their inheritance at an age (or ages) you deem appropriate: a Life & Legacy Plan. With our Life & Legacy Planning process, we support you in providing for your child’s needs while protecting the assets until they reach a more appropriate age to manage them independently. This approach ensures your hard-earned money supports your child’s long-term well-being rather than funding a brief period of reckless spending.

When a Beneficiary Dies Before You

Life is unpredictable, and tragedy can strike at any time. While it’s uncomfortable to contemplate, your named beneficiaries may predecease you or die with you in an accident. This scenario can throw your estate into chaos if you’ve relied entirely on beneficiary forms.

When a named beneficiary dies before you, the fate of those assets becomes uncertain. Some accounts may have provisions for contingent beneficiaries, but many people neglect to name backups. In other cases, the asset may revert to your estate, potentially subjecting it to probate – a time-consuming and potentially expensive legal process you likely wanted to avoid by using beneficiary designations in the first place.

The situation becomes even more complex if you and your primary beneficiary die simultaneously or in quick succession. In such cases, determining the order of death can have significant implications for how your assets are distributed. Without a comprehensive estate plan in place, your assets may end up going to unintended recipients or getting tied up in lengthy legal battles.

A Life & Legacy Plan, however, can provide clear instructions for various scenarios, including the death of beneficiaries. By establishing a will or trust, you can create a chain of inheritance that accounts for multiple contingencies, ensuring your assets are distributed according to your wishes regardless of the circumstances.

The Risks of “Set-It-and-Forget-It” Planning

Life is dynamic and filled with changes, both big and small. Your financial situation evolves, relationships shift, and laws change. Yet, all too often, people treat beneficiary designations as a “set it and forget it” solution. This static approach to estate planning can lead to severe problems down the line.

• Consider how much can change over the course of a few years or decades:
• You may divorce or remarry, dramatically altering your family structure.
• Children grow up, and your relationship with them may change.
• Your financial situation could improve significantly, making previous designations inadequate.
• Tax laws and regulations around inherited assets may be revised.
• You might develop new philanthropic interests or want to include charitable giving in your legacy.

If you don’t regularly review and update your beneficiary designations, they may no longer reflect your current wishes or circumstances. It’s not uncommon for people to unknowingly leave substantial assets to ex-spouses or estranged relatives simply because they failed to update their beneficiary forms (in fact, check out my blog for a recent article about this).

In addition, beneficiary designations don’t allow for the nuanced distribution of assets that many people desire as their wealth grows. You might want to establish conditions for inheritance, protect assets from creditors, or provide for family members with special needs. These complex wishes simply can’t be accommodated through standard beneficiary forms.

On the other hand, a Life & Legacy Plan is designed to adapt to life’s changes. Regular reviews with my office ensure your plan evolves with you, reflecting your current situation and desires. This means your assets go to the people you want in the way you want, and your plan works when you and your loved ones need it.

The Peace of Mind That Comes From Careful Planning

To truly protect your legacy and ensure your wishes are carried out, you need a Life & Legacy Plan, rooted in education about what would happen to you, your family, and your assets if you become incapacitated and when you die. From there, we craft a plan together that reflects your wishes, works when you need it to, and fits within your budget. This might include a will, one or more trusts, powers of attorney, and healthcare directives, in addition to carefully considered beneficiary designations. When we complete your original Life & Legacy Plan, you’ll have peace of mind knowing that it will:

• Protect minor beneficiaries and ensure assets are managed responsibly;
• Provide for multiple contingencies, including the death of beneficiaries;
• Minimize taxes and avoids probate when possible;
• Reflect your values and complex wishes for asset distribution;
• Adapt to changes in your life, finances, and the legal landscape.

Don’t leave your legacy to chance or expose your loved ones to unnecessary financial risks. Your family’s future security is worth the time and financial investment in proper planning. Remember, a truly effective estate plan is a living document that grows and changes with you, providing peace of mind today and security for generations to come.

Know, too, that if you’ve already created your Life & Legacy Plan with me, keep an eye out for reminders to review and update your plan. If you know that you need to update your plan before we remind you, don’t hesitate to call us immediately.

How We Help You Create the Right Plan For Your Needs

As a Personal Family LawyerⓇ Firm, we help you create a Life & Legacy Plan so that your loved ones stay out of court and conflict and have a plan that works when you need it to. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your assets protected. We’ll also touch base regularly to ensure your plan and beneficiary designations stay updated over time, taking the burden off your shoulders to make changes to your plan when needed. After all, you have enough to worry about each day.

Click here to schedule a complimentary 15-minute consultation to learn more about how we support you:

This article is a service of a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy Planning® Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning® Session.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. Are you ready to protect your loved ones and legacy? Check out my next presentation.

Imagine discovering thousands of dollars that belong to you, only to be told you can’t have it. This frustrating scenario became a reality for a woman named Dale Benerofe, a Georgia resident, when she found $23,000 in unclaimed property from her deceased parents. Her tragic story sheds light on a little-known issue that affects millions of Americans: unclaimed property.

In this article, you’ll discover what unclaimed property is, how to find it, and why proper estate planning could have ensured Ms. Benerofe received her inheritance. But before we dive into her story, let’s get clear on what unclaimed property is, and how it could impact you and your family.

What Is Unclaimed Property?

Unclaimed property refers to financial assets that have been abandoned or forgotten for a specific period, typically three to five years. The financial institutions can’t hold on to your money indefinitely. If no one comes forward to claim the assets, the law requires these assets to be turned over to the state for safekeeping.

Typical forms of unclaimed property include:

• Forgotten checking or savings accounts
• Uncashed dividends or payroll checks
• Abandoned stocks, bonds, or brokerage accounts
• Unclaimed life insurance proceeds
• Refunds and trust distributions
• Forgotten certificates of deposit and annuities

Often, these assets end up unclaimed because someone dies and their loved ones have no idea that the assets exist. And, it’s far more common than you may think, to the tune of approximately $60 billion across the US.

Consider your personal reality for a minute. If something happened to you tomorrow, would your family know exactly what you have and where to find it? Are you certain they wouldn’t miss something? If you’re like most people, the answer is no, you aren’t certain. What you are likely certain about is that your family would overlook some of your assets if you were to become incapacitated or die tomorrow. And, if they did, those assets could either disappear entirely or end up in your state’s department of “unclaimed property.” According to the National Association of Unclaimed Property Administrators, approximately one in seven Americans has some form of forgotten property owed to them. As of this writing, the total amount of unclaimed property nationwide is between $50 billion and $70 billion. You read that right. Billions of dollars. With a sum that high, it’s easy to see how it’s possible you, too, may have unclaimed property belonging to you.

What the Process Looks Like

Finding out if you have unclaimed property can be an arduous process. Even though you can search online, you’ll go through many steps before (or if) you can receive your money. Here’s what the process looks like:

Step 1 – Check multiple states. Conduct a search in your current state of residence and any other states where you’ve lived, worked, or conducted business.

Step 2 – Search variations of your name. Try different spellings and include your middle name or initial to ensure a thorough search. If your name has changed over the years, you must also check your former names. Again, search all variations of your name in states where you’ve lived, worked, or conducted business.

Step 3 – File a claim. If you find property owed to you, you must file a claim form (usually online) with the state holding your assets. You’ll need to file a form in every state where your assets are held; there is no one-form-to-rule-them-all.

Step 4 – Gather documentation to prove your identity and the identity of your loved one(s). Be prepared to provide documentation to prove your identity and your right to the property. This may include proof of address (at any address you’ve lived), proof of name change, or proof of marriage or divorce. You’ll need to provide similar documentation for your loved ones if you have a claim to their property.

Finally, be patient. Depending on the state and the complexity of your claim, the claim process can take weeks, months, or even years.

A Real-Life Experience and Cautionary Tale

Even if you take the above steps to find the property and make a claim for it, you may not be able to receive the money rightfully owed to you. This is what Dale Benefore’s story can teach us.

Ms. Benefore discovered $23,000 that had belonged to her parents and should have been passed on to her after their deaths. She was surprised and excited because that sum would have made a significant difference to her and her family. So, in May of 2023, she filed a claim for the money with the State of Georgia’s Department of Revenue. As requested by the State, she provided her parents’ death certificates and other documentation proving their deaths. However, when the department requested her father’s driver’s license, she couldn’t provide it. It had been long gone.

As of this writing – more than a year since Ms. Benefore filed her claim – she’s still fighting for her money. She’s frustrated, saying the process has been time-consuming and disheartening, and that this is not what her parents would have wanted for her. In a news interview, she claimed her “mom would be livid” if she knew what Benefore has been through.

The Easy Way to Ensure Your Assets Aren’t Lost

There’s an easy solution to this problem and a way to ensure no assets get lost and turned over to the government. It’s called Life & Legacy PlanningⓇ, and it’s the type of estate planning I do. A well-crafted Life & Legacy Plan includes a comprehensive inventory of assets that stays updated over time so your loved ones know exactly what you have when something happens to you. If her parents had had a Life & Legacy Plan, Ms. Benefore would have received the $23,000 years ago, without the time and stress of fighting with the State of Georgia.

My Life & Legacy Planning process starts with education about what would happen to the assets you have, and how you want them distributed after you die. From there, we’ll go through the many options available to you so you can pick the right plan that works for you and your family.

We work with you throughout the planning process to create a thorough inventory of your assets that’s kept private (and maintained and updated throughout your life) until your family needs it. With a Life & Legacy Plan, you have peace of mind knowing that your loved ones can’t access your money while you’re alive (unless you want them to), but they’ll also be able to get to it easily after you’re gone. No worrying about losing your hard-earned money to the government.

And if you’ve already created your Life & Legacy Plan with us, you already know how important it is to keep your asset inventory updated, so keep an eye out for our reminders to review and update your plan. However, if you know now that you need to update your plan due to a life change or a change to your assets, don’t hesitate to call us right away.

Ready to Secure Your Assets? We Can Help

There is way too much money in the State Treasury Departments not to take notice. But by reading this article and educating yourself, you’re already on the path to protecting your assets for your loved ones. We can guide you the rest of the way.

As a Personal Family LawyerⓇ Firm, we help you create a Life & Legacy Plan so that your plan works when your family needs it to. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected. It’s the last and greatest gift you can give to those you love most.

Click here to schedule a complimentary 15-minute consultation to learn more:

This article is a service of a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy PlanningⓇ Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy PlanningⓇ Session.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. Are you ready to protect your loved ones and legacy? Check out my next presentation.

Imagine this: You’re in your twenties, just starting your career. You fill out a form at work, naming your live-in significant other as the beneficiary of your retirement account. You start contributing to your retirement account, and it begins to grow. Fast forward 28 years – you’ve long since ended that relationship, lived a full life, and then died. But you never changed that beneficiary designation, and now that ex-partner is entitled to your million-dollar retirement nest egg while your family is left with nothing.

Sound far-fetched? It’s not. This is precisely what happened in a high-profile lawsuit involving Margaret Losinger and her former boyfriend, Jeffrey Rolison, and his estate and Proctor and Gamble, the Company he worked for during those 28 years.

Here’s a closer look at this shocking real-life story, the lessons we can learn, and how having a trusted advisor at every stage of life can protect you from making a million-dollar mistake like this or any other mistakes that you just might be overlooking.

What Happened?

In the 1980s, Jeffrey Rolison dated Margaret Sjostedt, and the two lived together. Rolison worked at a Procter & Gamble (P&G) plant, where he signed up for a profit-sharing and savings plan. In 1987, he listed Sjostedt as the sole beneficiary of his retirement account. The relationship ended two years later, and both moved on. Sjostedt eventually married, taking on the last name Losinger.

Rolison, however, never updated his beneficiary designation on his retirement plan. In 2015, Rolison passed away at age 59, single and childless, with no will and no guidance on who should inherit his assets. His retirement account, which had grown to $1.15 million, was still designated to Losinger, nee Sjostedt.

Rolison’s brothers, Brian and Richard, were shocked when they learned that Losinger was the beneficiary of Rolison’s retirement account. They believed their brother wouldn’t have intended for his long-ago ex-girlfriend to receive his retirement savings. The brothers filed a lawsuit against P&G and Losinger in 2017, trying to get the money directed to Rolison’s estate.

On April 29, 2024, an appeals court issued an order, ruling that Losinger was entitled to the money. After fighting for four years, Rolison’s family lost their claim, the million dollars in Rolison’s retirement account, and all the legal fees and court costs invested in the fight. Because we have no doubt you wouldn’t want this to happen to your family, read on …

Why Even “Simple Estates” Require Trusted Guidance

Before we go on, I’ll clarify what estate planning is, how beneficiary accounts factor in and why you likely need the guidance of a trusted advisor, even if you think you don’t have an estate, your estate is “simple” or you don’t really need an estate plan.

What estate planning is. Many people consider estate planning something only needed by the wealthy or the elderly. As you can see from this case, that’s just not true. Rolison wasn’t wealthy when he chose to name Losinger as the beneficiary of his retirement account. And he probably wasn’t wealthy when they broke up. Nevertheless, not having an estate plan or the trusted guidance he would have needed to know what he needed, he ended up making his ex-girlfriend a wealthy woman and cost his siblings quite a lot of time and money in the process.

At the most basic level, estate planning is about ensuring all of your assets pass to the people you want, in the way you want, with the right guidance and support to ensure that happens with the least effort, cost and mess possible. And, it’s about ensuring that if you become incapacitated, your wishes are known, honored and able to be followed with the least amount of cost and most amount of privacy possible.

Most importantly, estate planning is about your choices and your freedom. So, how important is it to you that you have a say in what happens to you, your hard-earned assets, and your loved ones when the time comes? If it’s important, you need an estate plan. It’s truly as simple as that. Otherwise, the government gets to decide on your behalf. When you create an estate plan, your wishes override the government’s plan for you and your loved ones.

How Beneficiary-Designated Accounts Factor Into Your Estate Plan

Beneficiary-designated accounts – like retirement accounts or life insurance – are part of your estate plan. Beneficiary designations override the government’s plan for you, and they also override whatever you might have written in your will or trust, if you created one.

From the case I shared here, we learn that Rolison did not have a will, but it would not have made a difference even if he had. Beneficiary designations come before any will or trust, even if you made the designations years ago.

Beneficiary forms are powerful documents. They alone determine who gets your retirement accounts, life insurance policies, and bank accounts, often taking precedence over your will. If you filled out a beneficiary form years ago and haven’t updated it, the person named on that form will likely receive the assets, regardless of your current wishes. So the biggest takeaway from the Rolison/Losinger story is that beneficiary accounts are an integral part of your estate plan and should be reviewed on a regular basis. This is why we include a review of all of your accounts, your beneficiary designations and an inventory of all of your assets – plus we have updating programs for ongoing review – in all of our Life & Legacy Plans.

Why You Need Regular Reviews of Your Accounts and Beneficiary Designations

Rolison’s case highlights the fact that it’s easy to forget about your beneficiary designations, especially if they were filled out years ago. However, the case also tells us that neglecting to update your accounts can lead to unintended consequences and legal battles for your loved ones.

In Rolison’s case, his brothers argued that P&G failed to adequately inform him about his beneficiary designation. They claimed the company provided insufficient warnings when it changed service providers and in its monthly statements. However, most companies do not remind you to review and update your beneficiary accounts. When was the last time your bank reminded you to review the beneficiary designations on your checking account (if ever)? What about your life insurance company? And if not, have you taken it upon yourself to check your beneficiary designations regularly? Your life is busy enough. Is this a priority?

If not, it should be. In its decision, the court stated that it ruled in favor of P&G and Losinger because the responsibility for keeping beneficiary information current rests on the individual.

How Accountability Makes All the Difference

Your life is busy. Sometimes, just making it through the day with all your responsibilities can be a challenge, right? Probably the last thing on your mind is planning for your death and incapacity. And maybe the second-to-last thing is reviewing and updating your beneficiary accounts. You’re probably thinking you can do it later.

But the truth is this: “later” could be tomorrow. We all know we will die; we just don’t know when. Death doesn’t care about your age or how busy you are. I’m not saying this to scare you. It’s a fact, and I want you to be prepared so that what happened to the Rolison family won’t happen to yours. Death doesn’t have to be scary. When you plan for it, you’ll find that you can live your life with more purpose and peace of mind, knowing you’ve done the right thing for your loved ones.

If this sounds good to you, know that having a trusted advisor who is there for you throughout your lifetime can make all the difference. That’s why my Life & Legacy PlanningⓇ process includes regular check-ins and reviews of your plan, including your beneficiary accounts. The best part is you never have to think about it on your own! Unlike most lawyers who do estate planning, I will remind you on a regular basis to update your plan – and keep you accountable for doing so. I’ll also be there for you as life changes so your plan reflects your current wishes. Together, we’ll make sure your family inherits your accounts, not an ex-girlfriend you dated 40 years ago.

We Do the Heavy Lifting So You Don’t Have To

When it comes to planning for your death and incapacity, we do the heavy lifting for you, freeing you to concentrate on your responsibilities to your family, your work, and yourself. As a Personal Family LawyerⓇ Firm, we help you create a Life & Legacy Plan so that your loved ones stay out of court and conflict and that your plan works when you need it to. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, your property protected, and your plan updated throughout your lifetime.

And if you’ve already created your Life & Legacy Plan with us, keep an eye out for our reminders to review and update your plan. If you know now that you need to update your plan due to a life change, don’t hesitate to call us right away.

Click here to schedule a complimentary 15-minute consultation to learn more:

This article is a service of a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy PlanningⓇ Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning SessionⓇ.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. Are you ready to protect your loved ones and legacy? Check out my next presentation.

For the last few weeks, we’ve discussed celebrities and how they planned for their deaths. We started with the King of Pop, Michael Jackson, so ending our 4-part series with the King of Rock, Elvis Presley, seems fitting.

You may be wondering why I’ve chosen to talk about a man who’s been dead since 1977. The reason is that a recent case involving Graceland shows how bold scammers can be. This case is a wake-up call for anyone who owns property or stands to inherit it. So, let’s jump into this bizarre tale to uncover what you can learn about protecting your assets from the unscrupulous actors around you.

How It Went Down

You might think that a well-known property like Graceland would be untouchable, but that didn’t stop a mysterious company from trying to steal it. A group calling itself Naussany Investments and Private Lending claimed that Graceland’s owners owed them millions from an old loan. They even set a date to auction the property to the highest bidder. But there was just one problem – the whole thing was a scam.

Riley Keough, Elvis’s granddaughter and the current owner of Graceland, quickly fought back. She filed a lawsuit, saying her mother, Lisa Marie Presley, never borrowed money from this company or put Graceland up as collateral. The courts agreed, stopping the sale just in time. Keough’s swift action got the attention of the Tennessee Attorney General’s office, which then turned over the case to the FBI, and a federal investigation is pending.

Unfortunately, there’s been a rise in these types of scams, and they aren’t just targeted at the rich and famous. Scammers are adept at taking advantage of those of us who have never had a top-10 hit. A Wall Street Journal article published on June 3, 2024, breaks down a typical scenario, which is on point:

“Here’s how it works: A fraudster targets your house and assumes your identity, using tactics similar to identity thieves to acquire your personal information and create fake IDs. He or she then tries to sell it to an unsuspecting buyer by executing a forged deed in your name. An alternative scam is to submit a mortgage application in your name to get cash out of the house.”

Often, people don’t find out this has happened until the sale is complete and by then, it may be too late to get the property back. Or at least it would be very time-consuming and costly. Some people cannot fight back because they don’t have the financial resources to do so. The results can be utterly heartbreaking.

If it can happen to Graceland, it can happen to you. So, how can you spot these scams before they spin out of control?

Red Flags You Can’t Ignore

When you’re dealing with property, loans, and estate planning, keep your eyes peeled for these warning signs:

Paperwork problems: In the Graceland case, the documents had all sorts of issues. Dates didn’t match up, signatures looked fishy, and the notary said she never met Lisa Marie Presley. Always read the fine print and question anything that looks off. You should also consult with a lawyer immediately if you suspect something fishy. A lawyer can confirm your suspicions and help you take action right away.

Ghost companies: According to the news articles, Naussany Investments was hard to pin down. They had no real address, just P.O. boxes, and weren’t registered as a business anywhere. Before you deal with any company, especially for something as important as a loan, do your homework. Look them up online, check with the Better Business Bureau, and don’t be afraid to ask probing questions.

Timing: The scammers waited until after Lisa Marie Presley passed away to make their move. Be extra cautious about any claims against a deceased person’s estate – fraudsters often target families when they’re most vulnerable.

Steps You Can Take to Protect Yourself

Know that you can take proactive action to protect yourself and your loved ones, before you notice red flags. Here are some practical steps to ensure your property is protected:

Keep good records: Make sure all your important documents are organized and easy to find. This includes property deeds, mortgage papers, and any loans you’ve taken out. If someone makes a false claim, you’ll have the proof to fight back as quickly as Riley did. Regular review and updates of these documents are crucial.

Be skeptical: If something sounds too good to be true, it probably is. Be wary of unsolicited offers or demands, especially if they come with pressure to act quickly.

Stay in the loop: If you’re inheriting property or managing it for someone else, know what’s going on. Are the taxes paid? Is there a mortgage? The more you know, the harder it is for scammers to pull a fast one. The reason Riley Keough was able to take action quickly enough to stop the sale was because she was paying attention.

You also want to make sure someone else is paying attention to your affairs in case you become incapacitated. In last week’s article, we discussed what can happen if you become incapacitated and you haven’t planned for it. If you missed it, here’s a sneak peek: it took months for Jay Leno to be able to manage his wife’s financial affairs once she was unable to herself. And as we’ve seen with the Graceland case, months could mean the difference between keeping your property and losing it. If you haven’t planned for your incapacity, book a call with me using the scheduling link below, and let’s talk about how we can get that taken care of for you.

And this brings us to the most important thing you can do to protect yourself. Incapacity planning isn’t enough. You need a solid and thorough Life & Legacy Plan.

A Solid Estate Plan is the Key

Having a solid estate plan creates a legal framework that’s much harder for fraudsters to penetrate. The type of planning I do, called Life & Legacy PlanningⓇ, is solid and thorough. It covers all possible scenarios so you and your family are prepared for anything that can happen after your death or during your incapacity. It includes an inventory of all your properties and other assets, so you know exactly what you have, and your loved ones will also know if they need to step in and help. A Life & Legacy Plan also includes regular reviews and updates so your plan stays current with changing laws and circumstances, closing potential loopholes that scammers might exploit.

Finally, we can help you ensure your loved ones know about these risks and are familiar with your estate plan. As we’ve learned from Elvis’s estate, the more eyes watching out for fraud, the better.

How We Help You Not Fall Victim to a Scam

Scams are on the rise and the best time to protect yourself is now. As a Personal Family LawyerⓇ Firm, we help you create a Life & Legacy Plan so that your loved ones stay out of court and conflict and have a plan that works when you (and they) need it to. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected.

Click here to schedule a complimentary 15-minute consultation to learn more:

This article is a service of a Personal Family Lawyer® Firm. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Life & Legacy PlanningⓇ Session, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy PlanningⓇ Session.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. Are you ready to protect your loved ones and legacy? Check out my next presentation.