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The Legal Planning You Need to Do for Your High School Graduate

If you’re the parent of a high school graduate this year, congratulations!  You’ve put in a lot of time and effort toward their earning that diploma, and whatever their next step in life will be, you likely want to protect them just as much as you did while they were still in high school.

But before you pack that kid off to college or just an apartment across town, you need to know that when they leave, they will be taking some of the legal rights you had before they turned 18 with them. 

Once a child turns 18, they are no longer considered a child in the eyes of the law.  And you no longer have the legal right to access their health care, school, or banking records without their permission.  Here are some steps you should take before your child leaves the nest that will help ensure your peace of mind and their safety:

Create an advance healthcare directive.  Once your child is...

In our last newsletter, we shared the first part of our article on how to discuss estate planning with aging or sick loved ones.

If you didn’t read it yet, you can do so here.

Here’s the bottom line: learn to ask the right questions and then listen deeply. This may be a difficult topic for your loved one to discuss, so make sure you are bringing your curiosity, not answers, and then staying open to truly hear what your loved one wants. 

Ask your loved one what role they would like you to take, rather than assuming. And reassure your loved one that you have no expectations, but that you will be involved as much or as little as he or she desires.

If you need support on the right questions to ask, check out the Conversation Project. Their Conversation Starter Kit, available for free on their website, has a series of questions that you can use to begin the conversation about end of life care with your loved one. 

Be able to answer questions. If your loved one...

Someone you love is aging. Or maybe, facing a potentially terminal illness. And you know it’s time for them to think about end of life planning because the end of their life will impact you. 

So how do you broach this delicate topic when it feels so uncomfortable to acknowledge?

The first step is to acknowledge that it can be a difficult or uncomfortable conversation. Give yourself time to consider how you want to bring it up with your loved one.

Ideally, considering end of life matters would be something we regularly spoke about and got comfortable with before the end of life was near, but that’s not generally the case in our culture. 

You can change that going forward, and I’ll share an article next week with guidance for how to make end of life discussions a regular part of your family conversations. If you have been reading my articles all year, you will see that I make it a practice to speak plainly and openly about it.  

But, if you...

Since you’ll be discussing topics like death, incapacity, and other frightening life events, hiring an estate planning lawyer may feel intimidating or morbid. But it definitely doesn’t have to be that way. 

Instead, it can be the most empowering decision you ever make for yourself and your loved ones. The key to transforming the experience of hiring a lawyer from one that you dread into one that empowers you is to educate yourself first. This is the person who is going to be there for your family when you can’t be, so you want to really understand who the lawyer is as a human, not just an attorney. Of course, you’ll also want to find out the kind of services the lawyer offers and how they run their business.

To gather this information and get a better feel for who the individual is at the human level, we suggest you ask the prospective lawyer five key questions. Last week in part one we listed the first two of these questions, and here, we cover the...

Since you’ll be discussing topics like death, incapacity, and other frightening life events, hiring an estate planning lawyer may feel intimidating or morbid. But it definitely doesn’t have to be that way.

Instead, it can be the most empowering decision you ever make for yourself and your loved ones. The key to transforming the experience of hiring a lawyer from one that you dread into one that empowers you is to educate yourself first. This is the person who is going to be there for your family when you can’t be, so you want to really understand who the lawyer is as a human, not just an attorney! Of course, you’ll also want to find out the kind of services your potential lawyer offers and how they run their business.

To this end, here are five questions to ask to ensure you don’t end up paying for legal services that you don’t need, expect, or want. Once you know exactly what you should be looking for when choosing a planning professional,...

One of the biggest appeals of cryptocurrency, like Bitcoin, is that it is decentralized, unregulated, and anonymous. There are no financial institutions controlling it, and unless you tell someone you own digital currency, it remains a secret.

When it comes to estate planning, however, that kind of secrecy can be disastrous. In fact, without the appropriate planning protections in place, all of your crypto wealth will disappear the moment you die or become incapacitated, leaving your family with absolutely no way to recover it.

Indeed, we’re facing a potential crisis whereby millions—perhaps billions—of dollars’ worth of family wealth could potentially vanish into thin air unless you take action to protect your digital assets with estate planning. Fortunately, putting the appropriate safeguards in place is a fairly straightforward process for a Lawyer to assist you with completing.

The first step in securing your crypto assets is to let your heirs...

Even if you do not have an estate plan that you’ve created, the State has one for you. And it’s likely one you won’t like. If you live in Georgia, did you know that if you pass without a will your spouse and children will equally share your assets? Even if they are young kids! Minnesota and other states have their own version of where the money goes. It may be time for you to review the plan the State has for you and make more informed, empowered choices for your family.

If you have created an estate plan with a lawyer, or on your own, it may be time for a review and an update. Estate planning is simply not something you do once, set it and forget it. In the same way your life, the law, and your assets change, your estate plan must sometimes change as well.

Far too many people spend thousands of dollars on a plan, only to have it sit on a shelf getting stale, and then end up leaving their family with a huge mess they had invested time and money to prevent.

...

Young families face different estate planning needs and challenges than those who have had a long life behind them. While established families may be concerned about what will happen to their family when they pass on, young, growing families can be more focused on what is happening to their family in the present. And you even may find it hard to justify planning for an “estate” you haven’t yet established! 

But here’s the thing … if you have children, or anyone else you care about, you may not think you have an “estate”, but you do need estate planning.  If you want to ensure your loved ones wouldn’t be stuck in Court and/or conflict if anything happens to you, the only way to do this is to document a plan.

Here are a few estate-planning issues important for young couples to consider as soon as they start a family:

The Care and Custody of Your Children

If you die or become incapacitated before your children reach 18, they...

In the weeks before her death from ovarian cancer, author Amy Krouse Rosenthal gave her husband Jason one of the most treasured gifts a person could receive.

She penned the touching essay “You May Want to Marry My Husband” in the New York Times as a final love letter to him. The essay took the form of a heart-wrenching yet-humorous dating profile that encouraged him to begin dating again once she was gone. In her opening description of Jason, she writes:

“He is an easy man to fall in love with. I did it in one day.”

What followed was an intimate list of attributes and anecdotes, highlighting what she loved most about Jason. It reads like a love story, encompassing 26 years of marriage, three grown children, and a bond that will last forever. She finished the essay on Valentine’s Day, concluding with:

“The most genuine, non-vase-oriented gift I can hope for is that the right person reads this, finds Jason, and another love story begins.”

...

How often do you wish you knew more about your family? When we’re young, we don’t necessarily pay attention to the stories our elders tell us. Later in life, we often become interested in knowing who and where we come from.

We want to learn more about what makes us who we are, and we may even become interested in genealogy. This has definitely been something I have focused on more this last year and started an ancestry tree. Unfortunately, for many people, the resources that were there when we were younger have become faded memories and the people who could fill us in have already passed on. There are definitely things I wish I could ask my grandmother or grandfather. 

A common life lesson is to take large tasks and break them into smaller parts to make them achievable. This is the thought process behind my 2021 Legacy Journal Challenge.  In my Legacy Planning + Productivity for Moms Facebook Groups, we are enjoying journaling...