Q&A: My Parents Shut Down When I Try to Talk About Estate Planning. How Can I Help Them Open Up?

August 16, 2023
QUESTION Q: My parents shut down when I try to talk about estate planning. How can I help them open up? –Concerned Son   ANSWER A: Concerned, It can be difficult for some people to talk about estate planning because they don’t like to think about dying or may feel like the conversation is a…
Read More →

Q&A: Can you explain how the administration of a will works?

March 23, 2023
QUESTION Q: Can you explain how the administration of a will works? –Taking Care of Mom   ANSWER A: Dear Taking Care: In order for assets in a will to be transferred to a beneficiary, the will must first pass through the court process known as probate. During probate, the court oversees the will’s administration,…
Read More →

Q&A Can I leave my 401(k) to my minor children when I die?

February 27, 2023
QUESTION Q: Can I leave my 401(k) to my minor children when I die? –Pondering Parent   ANSWER A: Dear Pondering: Though you can technically name a minor child as a beneficiary of your 401(k), IRA, or other employment-sponsored retirement accounts, it’s never a good idea. Minor children cannot inherit the account until they reach…
Read More →

Q&A Do I need to create a new will if I move to another state?

January 29, 2023
QUESTION Q: Do I need to create a new will if I move to another state? –Curious Mover   ANSWER A: Dear Curious: Most states will accept a will that was executed properly under another state’s laws. However, there could be differences in the new state’s laws that make certain provisions in your will invalid.…
Read More →

Q&A: How do I include cryptocurrency in my estate plan?

December 28, 2022
QUESTION Q: How do I include cryptocurrency in my estate plan? — Crypto Owner   ANSWER A: Dear  Crypto, If you own cryptocurrency, you must leave detailed instructions for accessing it, and ensure that one or more trustworthy people know about your crypto and how to find these instructions. Since accessing crypto can be a…
Read More →

Q&A: What is the federal estate tax?

November 30, 2022
QUESTION Q: What is the federal estate tax? — Tax Planner   ANSWER A: Dear  Planner, The federal estate tax is a tax on the value of a person’s assets at the time of their death. If the total value of your estate is above a certain amount, known as the federal estate tax exemption,…
Read More →

Q&A: What estate planning should my child have in place once they reach adulthood?

October 30, 2022
QUESTION Q: What estate planning should my child have in place once they reach adulthood? — Proactive Parent ANSWER A: Dear  Proactive, Once your kid becomes a legal adult—which is age 18 or 21, depending on your state—many areas of their life that were once under your control will become entirely their responsibility. And if…
Read More →

Q&A: What is a pour-over will?

October 2, 2022
QUESTION Q: What is a pour-over will? — Prudent Planner   ANSWER A: Dear Prudent, For a living trust to function properly, you must first transfer the legal title of any assets you want to be held by the trust from your name into the name of the trust. Because it can be difficult to…
Read More →

Q&A: Can I tap into my retirement savings to pay for my child’s college education?

August 31, 2022
Q & A: QUESTION ______________________________________________________________________________ Q: Can I tap into my retirement savings to pay for my child’s college education? —Pondering Parent   ANSWER ______________________________________________________________________________ A: Dear Pondering: If your kids will need financial assistance, beyond student loans, to pay for their college education, it’s vital that the way in which you choose to save…
Read More →

Q&A: What is the “contestability period” on a life insurance policy?

August 1, 2022
Q & A: QUESTION ______________________________________________________________________________ Q: What is the “contestability period” on a life insurance policy? —New Beneficiary   ANSWER ______________________________________________________________________________ A: Dear Beneficiary: Most life insurance policies contain a contestability period. Such periods are typically between one to two years, and if the insured dies during this period, the insurance company can investigate the…
Read More →

Clarifying Questions

What is the Best Way to Save for My Child’s College Education?

Q: What is the Best Way to Save for My Child’s College Education? –Concerned Parent A: Dear Concerned: One of the best ways to save for your child’s college education, assuming the child will definitely go to college, is through…

What Property Can I Put In My Living Trust?

Q: What Property Can I Put In My Living Trust? – Planning For the Future A: Dear Planning: A living trust is, by definition, changeable while you’re still alive, you have the wiggle room to change your mind about what…

How Long Does an Executor Have to Distribute Assets From a Will?

Q: How Long Does an Executor Have to Distribute Assets From a Will? – Watching and Waiting A: Dear Waiting: In most states, a will must be executed within three years of a person’s death. The longer answer is, naturally,…

My dad recently passed and did not have a will, what should I do?

Q: My dad recently passed and did not have a will, what should I do? – Feeling Lost A: Dear Lost: First, make sure you have checked *absolutely* everywhere for a will. There’s a chance it’s hidden somewhere or was…

What is the Difference Between Living Will and Medical POA?

Q: What’s the difference between a Living Will and a Medical POA? – Thinking Ahead A: Dear Thinking: A Living Will and a Medical POA (Power of Attorney) are both “advance directives”—specific instructions about the type of medical care you…

I want my child to own my house when I die. Should I just transfer it now?

Q: I want my child to own my house when I die. Should I just transfer it now? – Pondering Parent A: Dear, Pondering: One thing to consider when transferring ownership of your home is the potential tax liability for…

Could I face eviction due to an out of date Will?

Q: Could I face eviction due to an out of date Will? -Renting Beneficiary A: Dear, Renting: It’s critical that you understand exactly what will happen after you become incapacitated or when you die, to ensure that the people you…

Under what circumstances can my will be contested?

Q: Under what circumstances can my will be contested? -Will Creator A: Dear Will: Anyone can contest a will for any reason, but that doesn’t mean they’ll be successful. If you think there is a chance that someone may contest…

How often should I update my estate plan?

Q: How often should I update my estate plan? -Prudent planner A: Dear Prudent: This question highlights a frequent mistake we see clients make with planning. Even if you put an effective plan in place, it can prove completely worthless…

Do I need additional life insurance if I have a policy through my employer?

Q: Do I need additional life insurance if I already have a policy through my employer? -Insurance Enquiry A: Dear Enquiry: Group policies offered by employers provide an easy and affordable way to obtain life insurance—but they often aren’t enough…

View More

PFL® firms in your area

Find your Personal Family Lawyer
Group 247

Everything you need to start planning today.

Use our PFL directory to find the right Personal Family Lawyer for you and the people you love.

Find your PFL