Estate planning can be a tough topic, but James Bernicky of Bernicky Law Firm says it’s something people don’t like to talk about, but they should.
“My advice to people is to talk to someone about it, talk to your attorney, bring in your financial planner and your accountant, and have that discussion,” says Bernicky. He offers more legal advice in another edition of Legally Speaking: Truth or Myth?
The kids are off to college, no need to worry about an estate plan for them
MYTH! While a robust plan might not be necessary at this time for adult children who are still under the responsibility of their parents, it is better to be prepared. In the event of an emergency, it is important to have a clear plan in place.
An estate plan isn’t needed if the family already has a plan to divide assets
MYTH! An estate plan is a necessary legal step when deciding how assets are divided. Without a plan in place, if there is any dispute the matter will go to probate, which can be time-consuming and costly.
It is a good idea to find a will template online to cut down on time and cost
MYTH! An estate plan is not one size fits all. Everyone has a unique situation. An attorney can help to navigate a complete plan.
The final step in estate planning is signing the documents
MYTH! An estate plan or trust is not complete until all assets have been transferred into it. Bernicky gave the example of Michael Jackson, who completed an estate plan, but nothing had been moved into at the time of his death. No one had any claim to anything, because the trust did not have ownership.
630 Naperville Guest: James Bernicky, Managing Attorney – Bernicky Law Firm
