Liu Shair Law

It is National Estate Planning Awareness Week. Estate Planning is the process of documenting your wishes and plans for whom you would want to make your decisions in the event of your incapacity or passing, how you would want your assets to be distributed, and other related matters. Though any time of year is a good time to ask questions and explore Estate Planning, this week is especially dedicated to raising awareness of these important topics. It may be stressful to bring up these issues with others because of the sensitive and personal nature. It is vital that you find an attorney who you have confidence and comfort with while discussing your concerns and goals. There is plenty of information online about Estate Planning, but please be mindful of the source, whether it is current, and if it applies to your state (many issues are state specific). Our website has many blog posts on common topics and you are welcome to ask questions on this post. Please note that asking and answering questions on this post is meant to be purely informative, is not legal advice, and does not create an attorney-client relationship.

In one month I'll be giving another talk to Fremont Age Well Centers (South Fremont location on Wednesday, August 21 at 1:30 PM) on "Do I need Estate Planning and a Will?" Last year's seminar was well attended and we had a lot of great questions. If you are interested or know someone who is interested to attend, please feel free to send over this information: https://lnkd.in/ezqA5TRN

During the Estate Planning process, we create customized, comprehensive plans that cover our clients’ wishes should something happen to them. Clients must appoint someone to administer their wishes, which typically is a trusted family member, friend, or can also be a corporate trustee or private professional fiduciary. We always remind our clients that their appointed successor must know that there is an Estate Plan, that they have been nominated to play an important role, and where they can access the Estate Plan and other important documents. Is there anyone else that will know now or someday about your Estate Plan? This blog post seeks to answer these two questions. https://lnkd.in/g-HY_vjy

Last weekend, I spoke to a group of heart moms about the importance of Advance Health Care Directives for themselves (and also for adult children). It is vital that it is clear who can make your health care decisions for you, as well as what your wishes are in different situations. Several of the moms at the retreat have children whose children have had heart transplants. The gift of organ donation is so valuable and if you are willing to be a donor, those wishes must be clear. Your Advance Health Care Directive should detail this information, including if there are restrictions on the organs/body parts and for which purposes (e.g. transplant, therapy, research, education) you are willing to donate. Your loved ones need to be aware that you have an Advance Health Care Directive and be able to access a copy if they need to start getting involved. You can also give a copy with your doctor’s office so that they have a record for whom to contact if someone needs to make medical decisions for you.

This morning, a client who created her Estate Plan with me several years ago got back in touch. Her adult son was diagnosed with pancreatic cancer and has been given six months to live. My client is understandably distraught and felt stressed out about what she needs to do. I was able to discuss what she needs to consider and give her feedback based on her specific Estate Plan that was uniquely designed for her family's needs. She told me, "I knew I chose the right attorney" and that a huge weight was lifted off her shoulders after speaking with me. She also reminded me to enjoy my children because it goes by so quickly. My grandmother passed away from pancreatic cancer six years and one week ago. My client and I both cried. Though your attorney may not be the person you want to talk to all the time, it is vital that you trust your attorney and can reach out to them in times of need. Whether it is getting a refresher on how to fund assets to your trust, if you have moved out of state and need an introduction to an attorney in the new state, or to update on new circumstances, there are multiple reasons to maintain a relationship with your attorney and ensure your Estate Plan still fits your goals. Today's call was a stark reminder that we are in the business of relationships, peace of mind, and caring for others.

With a new year, people often have resolutions for goals they’d like to accomplish. We find that it is a popular time for families to get in touch about their Estate Planning. It’s great to start exploring this important process to protect and provide for your family. Here are a few tips as you are getting started: -Be open and honest with the attorneys you are speaking with about your goals, family dynamics, and needs so that you can ensure you are a good fit for each other. You want to find someone who you trust as Estate Planning is a commitment. -Consider who you would trust to manage finances, carry out your wishes, take care of minor children, or make health care decisions for you. Talk to those you are thinking to nominate to confirm they are comfortable being listed in your Estate Plan. -Give thought to whom you would want your assets to benefit and if there are particular concerns that need to be addressed (e.g. age of inheritance, special needs, particular wishes for certain assets). -Allocate time for meetings with your attorney to discuss the design of your Estate Plan. A thorough Estate Planning process requires several hours of meetings over a number of weeks to design, confirm wishes, go over drafts, and then implement. -Make a list of where your assets and accounts are located as you will need to fund the trust. It’s crucial that your trust is funded appropriately so that it works as intended and bypasses probate proceedings. You will also want to keep this list current for your trustee’s reference. Estate Planning is an investment of your time, energy, and money. It is also a vital way to protect your family and ensure your legacy is honored. Finding a good attorney you trust is the first step and then working together through the process to completion is the next part of the journey.

Our annual year end newsletter is out. This newsletter gives updates on the law, the firm, and reminders on keeping your trust funded. Happy holidays! https://lnkd.in/gniEzxXH