If you are wondering how to get your parent or parents to invest in an estate plan, start by asking yourself one simple question, why do you think they need an estate plan? The answer you come up with will usually dictate the conversation you should be having.

Let’s say for example, you don’t have any siblings and are expecting to be the sole heir of an inheritance. Let’s further suggest that your parents own a home valued at five hundred thousand dollars.

In our “perfect world scenario,” the home forever holds its value without complication.

As sole heir, you realize that if your parents do not have an estate plan, it will be left up to you to pay unnecessary taxes and to hire your own estate planning attorney to assist in probate proceedings.

How much would the taxes and legal fees amount to on a five hundred thousand dollar home?

Conservatively speaking, you are looking at giving up approximately twenty thousand dollars of your inheritance.

The good news is that in our scenario it isn’t too late to get your parent or parent’s to consult with an estate planning attorney.

Ah, but here is the rub …

Fast forward a little later. You’ve explained the scenario to your parents. Curious to know where the twenty thousand dollar estimate came from, they visited our website and read a past article entitled: Estate Plans are Worth the Expense. But even though they read the article (liked and understood it), they still decided not to move forward with having an estate plan drafted, let alone meeting an estate planning attorney.

Now what?

Fear not. All is not lost. How about you try putting your money where your mouth is?

After all, in our perfect scenario, you are the sole heir, and there are no complications – financial or medical – nor will there ever be any, save the eventual passing of your parents. Meaning, it’s you who really benefits the most from your parent’s having an estate plan. Therefore, why not consider paying a part of the estate plan cost? Heck, if it means you keep most of that twenty thousand, why not pay for all of it?

But here is the thing …

Even if you do convince your parents to have an estate plan drafted, you must realize the estate planning attorney’s loyalty is to the client (those whom the plan is drafted for), even if as in our scenario, you were the one who picked up the cost.

So what is the lesson here?

Maybe only this …

You can’t decide what another person does with their assets or money, but if you truly think a family member is in need of an estate plan – whether for financial reasons, medical purposes, or both – please encourage them to visit a qualified estate planning attorney for a free consultation.

If you have read previous articles, you’ve probably noticed our tendency to end articles the following way: if you would like more information on wills, trust or other estate planning options, please contact a qualified estate planning attorney.

Considering our readers are interested in estate planning, and are visiting a website dedicated to estate planning, it seems silly to include this statement. So, why do we do it?

We do it because a great many people see attorneys as being interchangeable. According to fictional television, any attorney can successfully represent themselves in a law suit, or defend a friend in a criminal case. As nice as that would be, it just isn’t true. There are too many areas of law. No attorney is qualified to give advice on all matters.

A personal injury attorney might work wonders for you should someone’s negligence cause serious harm. A family attorney might help mediate your divorce. And a litigating attorney might represent you once it’s discovered one of the aforementioned attorneys ruined your mom’s will and trust, while you as sole heir are left to pay a fortune in taxes and probate costs.

Breathe easy … that was just a clever illustration meant to make a not so subtle point. Kind of like this one …

You wouldn’t hire your dentist to perform foot surgery any more than you would hire your radiologist to perform plastic surgery. Therefore, you shouldn’t seek estate planning advice from your divorce attorney, any more than you should seek divorce advice from your estate planning attorney.

Choosing the right professional for the right job tends to lead to achieving the right result.

As always, if you would like more information about wills, trusts or other estate planning options … you know what to do.

If only Steig Larsson had an estate plan …

Steig Larsson was a Swedish writer and creator of the “Millennium Series” (a trilogy of novels whose titles include: The Girl with the Dragon Tattoo – The Girl who Played with Fire – and The Girl who Kicked the Hornet’s Nest).

So popular were Larsson’s novels that the “Millennium Series” was adapted into a trilogy of movies in his native Sweden. The first novel in the series, The Girl with the Dragon Tattoo was later adapted into a major motion picture in the United States as well.

Unfortunately Steig Larsson died of a heart attack five years prior to the release of the first film. He was fifty years old.

Larsson was survived by his father, brother and a long time girlfriend with whom he shared a home, Eva Gabriel.

Unfortunately, Larsson did not have a valid will or trust.

Here in lies the irony …

Larsson must have held some interest in estate planning prior to reaching literary success.

A will dating back to nineteen seventy-seven was discovered after his death. It bequeathed every asset Larsson owned at that time to his chosen political party. The will, however, had never been signed by a witness. And so, it was legally invalid.

As a result, Larsson’s estate endured a long, bitter, and expensive probate, which ultimately benefited his father and brother, both of whom Larsson had been estranged from for years. They shared ownership of everything, including half ownership of Eva Gabriel’s home.

Eva Gabriel on the other hand (Larsson’s partner of over thirty years) initially received nothing.

After additional and costly legal proceedings, the court changed its mind, and awarded Eva Gabriel sole ownership of the home she shared with Steig Larsson. This proved to be her only inherited item.

Whether it was Larsson’s intention to leave anything, everything, or nothing to Eva Gabriel, or to his father or brother for that matter, we will never know.

We would have known if he only had a valid, updated will. If he had a trust in addition to his will, his beneficiaries could have been spared incredible expense, excruciating drama, and the stress of probate.

As always, should you have any interest in obtaining more information on wills, trusts, or any other estate planning option, please consult a qualified estate planning attorney.

Choosing a “healthcare agent” might be one of the most important decisions you ever make.

An “agent” or “healthcare agent” is someone chosen by you to make medical decisions on your behalf, should you become incapacitated and unable to do so yourself. Depending on your particular needs and your particular estate planning documents, your agent might be able to assist at the end of life, making such decisions as whether or not to leave you on life support. – Or they might be able to make decisions during any medical procedure in which you find yourself incapacitated.

Regardless of your estate planning, whether you have a Living Trust, Healthcare Power of Attorney, HIPPA Authorization, or all the above – the big question is how do you go about choosing your healthcare agent?

There is no right or wrong answer in regards to who you designate, provided the person chosen is trusted by you to make decisions based solely on your wishes, morals, ethics, and intentions.

For this very reason, most people designate a family member or friend. Regardless of your choice however, simply appointing a person isn’t enough.

Agreeing to be your agent doesn’t guarantee the designee will make decisions which reflect your intentions. Your agent needs to know what is expected of them. By discussing with them your beliefs, fears and medical care preferences (in various situations), your agent will be empowered to make better decisions.

Conversations about personal beliefs, illness, and mortality can be difficult conversations to have. But these conversations are necessary if your agent is to properly represent you.

For more information on Living Trusts, Healthcare Power of Attorneys, HIPPA Authorizations, or any estate planning documents, please schedule a consultation with a qualified estate planning attorney.