Halloween is just around the corner, and it seems as though everywhere you look, there are fall festivals, pumpkins, scary costumes, and stores full of festive décor. For a lot of us, it is our favorite time of the year. However, horror movies and haunted houses are one thing—the real scary moments in life are another. 

Estate planning can help you through life’s scariest moments, such as illness and injury, death, divorce, and even happy-scary times like marriage, new births, and other major changes. This article will walk you through how estate planning can help you prepare for huge events in your life.

Illness and Injury

Illness and injury are perhaps the two most common items on this list of life changes, and that’s a shame, as neither are very pleasant. Luckily, estate planning can help you through these tough periods of your life, even if you’re not well enough to handle them yourself. Here are some legal tools that can aid you if you’re sick or injured:

• Financial Power of Attorney. This trusted individual is someone that you handpick and appoint to manage your financial affairs in the event that you’re too incapacitated to do so yourself. 
• Healthcare Power of Attorney. Much like the financial power of attorney, this person is someone you trust with decision-making. Except, instead of financial decisions, your healthcare PoA helps you with healthcare-related issues, talking to doctors, nurses, long-term-care facilities, and more on your behalf. 
• Healthcare Directive. A healthcare directive communicates your wishes to doctors and nurses in the event that you’re too sick to do so yourself. This is an intensely personal document, often consisting of DNR orders, religious views and preferences, and similar requests. 

Death

Alas, death comes for us all—as the old saying goes, death and taxes are the two unavoidable burdens in life. One of estate planning’s primary goals is to distribute assets responsibly after you die, and having documents like a last will and testament can help you do so.

A last will and testament is a final expression of your will. This legal document appoints an executor and lets the court know where your assets should be distributed and to whom. A trust, on the other hand, does not have to go through the probate process, as it is an immediate transfer of property title to a trustee for the benefit of a beneficiary. 

Whichever legal document you choose, you don’t want to DIY it. Hire an attorney to draft your estate plan in order to ensure no technicalities are missed and all documents comply with the law.

Divorce and Marriage

When you get divorced, you will want to immediately revise your estate plan. You won’t want your ex-spouse listed as a beneficiary on any legal documents and changing that in your plan is a must-do. On the reverse side, the same goes for marriage. You’ll want, in this case, to add your spouse into your estate plan wherever applicable. Both of these major life events require you to take a second look at your estate plan. 

New Births 

When new members are added to the family, that is a cause for celebration. It is also a cause to call up your estate planning attorney. A new birth might mean a new heir, and you don’t want him or her to feel left out in your will.

The rule of thumb is that you should update your estate plan every three to five years or after a major life change like the ones listed above. Life can throw curveballs at you, but estate planning will help you keep your eye on the ball. Call WFP to draft your estate plan today. 

Cryptocurrency has really taken off in the past ten years, and coins like Bitcoin, Litecoin, Ethereum, and many, many more majors, minors, and exotics have become mainstream as a form of digital currency. Crypto assets are assets, and that means that they have a purpose and a place in your estate plan, if you own them. In this guide, we’ll talk about the basics of cryptocurrency in estate planning. 

Legal Developments

Cryptocurrency is far newer than, say, money or stocks. These assets have been around for centuries, and land and property have been around for even longer. Crypto, by comparison, is very, very new. This means that crypto laws, protocol, and regulations are changing every day, and this changing nature is why it is important to contact an attorney to handle your digital asset affairs. A licensed attorney will ensure that you are properly following the law and not missing anything unintentionally that could get you in trouble later. 

There are a lot of advantages to crypto, though the digital coins come with their downsides, too. Crypto can offer protection from inflation, and it is decentralized, self-governed, and private. Currency exchanges are easy to conduct and, depending on what you are buying, crypto coins are often the most cost-effective way to transact and conduct business. This guide will walk you through some of the basics of estate planning and cryptocurrency. 

Providing Access

One of the most important things to consider when you are estate planning with crypto is to ensure that your executor (the person distributing your assets after you die in accordance with your will and other documents) knows what crypto assets you hold and how to access them. Forbes released a report recently that said that accessing crypto is the “most difficult component” to this entire process.

Investors need passwords, access codes, digital keys, and more to access their assets. They are notoriously private about these personal codes, but that privacy should not be overdone; otherwise, you risk losing everything when you die, your tokens going permanently un-invested and unused.

Writing down, on paper, your crypto keys, passwords, and all the information about how to access your tokens in a must-do. Explain the type of assets, access controls, and key locations for this digital currency. PINs, multi-signature, passphrases, time-lock requirements, and more should all go on this document. When you’re done, make copies. Store these papers in a lockbox at your bank or somewhere equally as secure.

What is Recommended? 

Crypto experts in this emerging field have come up with some recommendations for estate planning with digital assets. These include: 

• Making two copies 
• Storing the copies in separate secure locations 
• Keeping your list updated frequently 

Many states have enacted laws that allow executors to manage crypto and other digital assets in the same way (or similar to, at least) that traditional assets are managed. This can help executors, who often feel the urge to sell off crypto quickly. Executors won’t feel as much backlash from heirs if currency values drop, as they won’t have sold the coins.

But again, all of this is moot unless crypto keys and other access instructions are given. A court order is impotent if you cannot access the digital assets. If you do not leave clear instructions for your executor to access your keys, you could be setting your heirs up for legal ramifications, such as a lawsuit. 

This new field might be a little confusing to you, as laws change every day. Contact an attorney to learn more about how you can protect this asset in your estate plan. 

In addition to being “Spooky Season,” we mustn’t forget that October is also Breast Cancer Awareness month. The fight against breast cancer is still ongoing all around the world, and research is ongoing every day to find new treatments and, hopefully, a cure for this illness. Around 288,000 new cases of breast cancer will be diagnosed by the end of 2022, according to the American Cancer Society. Sadly, in 2022, around 43,250 women will, unfortunately, die from this life-threatening disease. 

Around one in eight women will develop breast cancer in her lifetime, underscoring the importance of getting regular mammograms to stay ahead of the disease. Breast Cancer Awareness Month reminds us to think about the people we love. Luckily, there are legal tools to help us do just that. 

Estate Planning and Illness

Estate planning is very important, especially if you have a chronic or acute illness. Estate planning allows you to protect your assets and transfer them to designated heirs after you die. But, that aspect is just one small part of this expansive legal field. There are also useful tools and documents that can help you if you are incapacitated and/or sick. Here are three main ones below, but this list is far from extensive. 

Power of Attorney

A power of attorney is a trusted individual (whether part of your family or not) who you appoint to manage your financial and/or healthcare affairs in the event that you become too incapacitated to do so yourself. Your power of attorney will make key decisions relating to your healthcare, and they will communicate with doctors, nurses, banks, and whoever else in order to keep your affairs in order. 

Some traits of a good power of attorney include: 

• Understanding. Your power of attorney should understand what their duties are and how to execute them. He or she should know when to ask for help when necessary. You want a PoA who knows what they don’t know.
• Communicative. You want a power of attorney who can communicate and collaborate constructively and effectively with lawyers, accountants, medical staff, and others. If your “trusted individual” is notoriously belligerent or hard to deal with, they won’t be the best choice. 
• Trustworthy. You’re entrusting this person with major life decisions. You want to know that they have your best interests at heart at all times. 
• Logistics. You’ll want a power of attorney who lives nearby or, at least, who is able to be a constructive presence when needed. 

Healthcare Directive

Much like a power of attorney, your healthcare directive comes into effect when you are too incapacitated to voice your own wishes yourself. That said, this directive is its own document, far separate from a PoA document. The directive outlines your wishes to doctors and nurses when you’re not able to tell them these on your own. Examples of wishes can include Do-Not-Resuscitate instructions, religious views, and other personal, important orders. 

Guardianship

If you have minor kids, you do not want to forget to include guardianship papers in your estate plan. If you die, who will take over your parenting duties? Your proposed guardian should, first of all, be on-board with their appointment. They should be someone you trust, who can take care of your kids’ day to day needs and nurture them. 

The Main Goals 

The main goals of estate planning include minimizing expenses legally, distributing assets responsibly, and maintaining control while living. It is this third goal to which this article references: the ability to keep as much control as you can over your life, even if ill. 

Though we never want to think of the worst-case scenario, Breast Cancer Awareness Month reminds us that we have to keep our estate plans in place in order to ensure that, in the event of illness, our loved ones are protected. Contact an estate-planning attorney today to help you set up your plan.

Fall is here! Well, almost. Though it is still pretty hot out there, fall is upon us. After all, most stores have already begun putting out their Halloween decorations, much to spooky-season-lovers’ delight. We’re only a few weeks away from pumpkin spice and horror movies.

​With the arrival of this new season, it’s important to make sure that you’ve revised your estate plan, if necessary. In this guide, we’ll talk about why revising is vital, and we’ll give you information on life changes that might require you to add an additional tools to your estate planning toolbox. While the rule of thumb states that you should review your estate plan every three to five years, sometimes, you have to revise it sooner than that time frame.

What Happens If You Don’t Revise?

​If you don’t revise your estate plan, this mistake can lead to people being left out. There might be a would-be heir that gets nothing because he or she wasn’t included in your will. On the reverse side, people might be included who shouldn’t be, including exes, individuals with whom you’ve had a falling out, the deceased, and more. It makes everything easier come probate (should your estate have to go through this process) if your plan is up-to-date.

​There are several life events that should trigger you to contact your estate planning attorney for a meeting. These include divorce, death, marriage, new births, and illness. We’ll go through each below, giving examples of how they could change your estate plan.

Divorce

​Divorce is the legal end of a marriage. It brings with it a lot of challenges, no matter how amicable this split might be (and it’s rarely that amicable). When you and your ex-spouse get divorced, you need to remove him or her from your estate plan. They also need to be removed as a beneficiary from any insurance or retirement policies you may have. When you talk to your lawyer, he or she will help you “scrub” your estate plan to ensure that you remove your ex-spouse.

Death

​Death is similar to divorce in that someone deceased also needs to be removed from your estate plan. Though the law won’t recognized dead or divorced parties in certain estate planning documents (it will treat them as void), it’s a good idea to keep your plan updated, so as to avoid confusion and give your estate the best chance possible at moving through probate quickly and efficiently. The deceased, though you might feel more fondly about them than your ex-spouse, need to also be “scrubbed” from your estate plan when you meet with your attorney.

Marriage & Births

​On a happier note than divorce or death, marriage and new births mean new heirs and potential beneficiaries. If you’ve welcomed someone new to the family, he or she needs to be added into your estate plan. You don’t want to wait to make this change, lest you pass before you add them and, as a result, they get left out (it happens more often than you think). Act quickly to add new family members into your will and other documents.  

Illness

​Illness (and injury) is another reason you’ll want to take a new look at your estate plan. There are many documents in an estate plan that deal with illness and end-of-life care, including a:

Though your estate plan should include these documents, if it doesn’t, you’ll need to draw them up with an attorney. Even if you have these in place, it is always a good idea to review them to make sure they are correct. As with all of the life changes in this article, you always want to ensure your estate plan is a correct reflection of your life today.  Visit our website to reach out and learn more. 

The numbers show that cryptocurrency is a huge market. No matter how you feel about the prospects of this digital, decentralized, anonymous currency, there is no denying that crypto coins are a huge part of today’s economy. The global cryptocurrency market cap, as of August 1st, 2022, is $1.06 trillion. $112 billion is traded per day, and 65% of coin owners own Bitcoin. A $22 investment in Bitcoin in 2012 is worth $1 million today.

​There are upsides and downsides to owning crypto. Advantages include protection from inflation, privacy, no attachment to banks, easy to exchange, and cost-effectiveness. More and more businesses are accepting cryptocurrency as payment. Though the market is volatile, it’s easy to see why many coin owners swear by this form of currency.

​More than 300 million people own cryptocurrency, and that means that this digital currency is a big part of estate planning for some individuals. Your estate includes your assets, and crypto is an asset for millions. Because it is an asset, that means that it can be included in an estate plan.

Crypto & Estate Planning Today

​The cryptocurrency market is evolving rapidly, and the law is still trying to catch up. Crypto does create challenges in estate planning. The virtual asset is anonymous, and it might not be easily identifiable for heirs. Additionally, Bitcoin transactions require a private key. Each wallet has a private key and public address, but, otherwise, there is little personal information attached to it. Access is not as easy as with other assets (a house or car, for example).

​Does that make it impossible to include Bitcoin and other currencies in an estate plan? Not at all. There are even cryptocurrency trustee services, and these services are the subject of this article.

Cryptocurrency Trustee Services

​Trusts can own cryptocurrency, and, in fact, it is sometimes recommended that a trust be the primary estate planning tool because trusts afford privacy that wills do not. Wills have to go through probate, a public process. Because cryptocurrency assets are accessible only through passwords, PINs, and other private information, it’s best to keep this sensitive data out of the public eye. In a cryptocurrency trust, the donor transfers legal title to the cryptocurrency to a trustee. At the donor’s request or signal, the trustee transfers the cryptocurrency to the beneficiary.

​Here are some things to think about if you have a trust that owns crypto:

If any of this is confusing, don’t worry. It’s a new field, and the law is still evolving to catch up. Contact an attorney today about setting up a cryptocurrency trust.

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