Jennifer R. Lewis Kannegieter

Wills

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What are you leaving behind? Ethical wills and passing along more than money.

When we talk about estate planning we are generally talking about the business of transferring property and money upon death.  However, our most valuable assets often have nothing to do with trust funds or dollar signs.  Things such as family history; life lessons; personal values; old photographs, journals, or poems – these are the things that mean the most to us, and to our families.  Unless you plan ahead, there is a very good chance these things will be lost upon your death.

One way to preserve these things is by preparing an “ethical will” or “legacy letter.”  This is not a legal document or will in the normal sense of the word.  But it is a way for you to organize your thoughts and feelings and share them with your loved ones after you are gone.  For a great resource on ethical wills check out: http://ethicalwill.com/

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Minnesota Estate Planning Attorney Answers: Who Needs a Will?

While not everyone needs a will, most people could benefit from a will. You could use a will if:

  • You would not want your property divided according to your state’s intestacy laws
  • You would want to leave something to a person not recognized by your state’s intestacy laws (a non-marital partner, a stepchild, a best friend)
  • You or your spouse have children from another relationship
  • You have minor children and would like to designate a guardian to care for them
  • You have a beneficiary with special needs
  • You have specific wishes regarding how your assets are distributed
  • You would like to leave something to a charity.
  • You would like to establish some sort of trust upon your death
  • You have a substantial estate and could benefit from tax planning

If you need a will, Monticello based Minnesota Estate Planning Attorney Jennifer R. Lewis Kannegieter provides a variety of estate planning services for clients throughout the Twin Cities and Central Minnesota.  Contact Jennifer today.

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Do Your Family A Favor: Update Your Will, Share Your Wishes, and Plan Your Funeral.

The best thing you can ever give someone you love is peace of mind.  Stress and uncertainty can take a toll on all of us, the comfort and reassurance that comes from a loved one’s hug or kind words can go a long way of relieving the burden.

You may have noticed it has been awhile since my last blog post.  Life and a busy law practice sometimes gets in the way of blogging. For those of you who know me, you know that I spent the last part of July in Colorado with my grandparents.  My grandpa was ill and passed away.  I was there in those final days, and I was there to help my grandma with the arrangements that followed.

While ultimately everything went well (and we had a beautiful funeral service – a great tribute to a wonderful man), there are bound to be some bumps during any emotional crisis, and I could not help but feel (yet again) just how important it is to:

*Update Your Will.  Hire an attorney to draft it, and hire an attorney who will really take the time to explain the documents to you.  Make sure your documents are up to date and make sense to you.

The funeral home had requested my grandpa’s will, and we were told the personal representative would need to sign the papers authorizing cremation.  At one point my grandma did not think she was the personal representative.  She and I were going through the estate documents trying to make sense of them.  For a brief period time, things were feeling rather chaotic.

*Discuss Your End of Life Health Care Preferences.  Spending those last few days with my grandpa in hospice was difficult.  We were all prone to second guess the decisions that had been made.  When those feelings of self-doubt started taking over we were able to remind ourselves of those comments that had been made years ago on how he wished to live his life.

While you still can, share your preferences with your loved ones on how you would like to be treated.  What type of pain management would you want?  Would you want a feeding tube?  What quality of life is important to you?  And then get a Health Care Directive – put those preferences in a legal document and/or give someone else the authority to make decisions for you.

*Plan Your Funeral.  I don’t necessarily mean you have to plan every detail, or do an official pre-plan, but at least talk about what type of services you would like your family to have.  While we knew it was coming, and we had slowly started working on it, there was a “Now what?” moment.  How do you even get started planning a funeral?

Are there any special songs, prayers, poems, or Scripture you would like to have included?  A certain place you would like the services held?  A certain person to perform the service or give a eulogy?  Do you want to be buried or cremated?  If you are cremated, what do you want done with your cremains?  Talk to your loved ones about the funeral may be paid for and your expectations. (Let them know when it may be okay to go with the budget model and when you would expect them to splurge a bit).     

As a lawyer, I have to tell you how important it is to have the legal documents.  Your wishes may not be legally enforceable without the proper legal documents, and it truly is important to go through the proper channels to ensure your wishes will be followed.

But as a granddaughter, daughter, sister, wife, and friend, I cannot stress enough the importance of having these conversations, making the plans, and expressing your wishes.  Don’t think that having ‘The Talk’ once is enough.  “Dad told me once that he wanted ___” is totally different than “Dad always told me he wanted ______.”

That feeling of peace of mind your loved ones will have when they KNOW they are making arrangements and decisions according to your wishes is more valuable than anything else you can leave behind.

And if you know of anyone needing hospice care or funeral services in Colorado, I can not say enough good things about HospiceCare of Boulder and Broomfield Counties and Horan & McConaty.  Everyone we worked with was compassionate, caring, knowledgeable, understanding, and professional.  They did their best to make a difficult time a little bit easier.

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Summer 2009 Newsletter: Live for Today, Plan for Tomorrow

 My first ever newsletter came out yesterday.  Because I feel the main article contains an important message, I am including it here on the blog.  But don’t miss out on the next newsletter – subscribe today!

How will you Live for Today, Plan for Tomorrow?

“Live as if you were to die tomorrow. Learn as if you were to live forever.” – Mahatma Gandhi
 
In today’s fast-paced society we spend so much time running to and from work, school, soccer practice, music lessons, etc.  We never take a break to catch our breath.  We beat ourselves up over all those things we ‘need’ to do – clean the house, mow the yard, get the groceries… and we yearn for those things we ‘hope’ to do – read a book, take a vacation, start a new hobby…  We rarely find the time for those ‘hope to-do’s;’ we constantly put them off, telling ourselves “I’ll do that when the work is done and the time is right.”
 
And then something happens to make us realize how fragile life is; how unhappy we are running like mad, working non-stop, and never getting to those things we hope to do.  All too often it takes a tragedy, or near-tragedy for this realization to come.For me, this realization came when my grandfather got sick the end of May.  For months I had been telling myself that I would visit my grandparents someday when life calmed down, work was slow, and the money was there.  And then I realized that I ran the risk of someday becoming never, and I knew that I would never forgive myself for that.  So I bought the plane ticket, put the vacation on my calendar, and went to visit my grandparents.  My ‘need’ to-do list could wait, but I was not going to miss this opportunity.
And on my trip I (once again) vowed I would learn to live for today.  I would learn to prioritize, I would take the time to enjoy my life – appreciate the sunshine, spend time with my family, take my dogs for a walk.

Don’t wait for something drastic to change your life.  I want you to Live for Today.  Take a deep breath, smell those roses.  Stop beating yourself up over all those lingering ‘need to-do’s.’  The world won’t end if the housework goes another day (or more), and even if the world does end, would you even care?  Make time for those things that really matter to you – catch up with a friend over a cup of coffee, plan a family picnic, go visit a loved one.  Start getting around to some of those ‘hope to-do’s.’

But while I think it is important to Live for Today, I need to stress just how important it is to Plan for Tomorrow.  We all know that the two inevitable things in life are death and taxes.  There’s no avoiding them.  As difficult as it may be to think about, talk about, and plan for your own death (or the death of a loved one) – it really is necessary.

If you take the time now to plan, your family will know your wishes when the time comes.  Your wishes will be followed.  You will be able to name a guardian for your children, establish a trust and determine who will control the money and when your children will have access to the money.  You will be able to select the person responsible for handling your affairs.  Your estate can save time and money in the probate process.

If you fail to plan, your family will be left to pick up the mess.  Your wishes may not be followed.  Your family could engage in an emotional battle trying to figure out what you may have wanted.  The courts will be involved, making decisions for you.  You will have no say in a potential guardian for your children, how your assets are distributed, who will handle your affairs.  Your estate may end up in a long and expensive supervised probate process.

Plan now, save money later, and provide your family with reassurance and certainty.  Fail to plan now, spend more money later, and leave your family feeling overwhelmed and facing uncertainty.  Ultimately, it is your choice.  But to me the choice is simple.

How to Plan for Tomorrow

  • Talk to your family and friends.  Discussing wishes now may prevent disputes in the future.
  • Think about your wishes in regards to medical care and get a Health Care Directive.
  • Consider purchasing life insurance to provide for your family if you are no longer able to.
  • Review the beneficiary designations on bank accounts, investment accounts, and retirement accounts.
  • If you have a will, review it and consider updating it.  If you don’t have a will – now is the time!

Because the following could be considered advertising, and I don’t want to mess with the lawyer’s board, please accept the following disclaimer:  *Advertising Material*        

A ‘Live for Today, Plan for Tomorrow’ Special Offer
Because I want EVERYONE to Live for Today, Plan for Tomorrow, I have decided to offer a special discount on my Basic Estate Plan package.  My Basic Estate Plan package includes a will, health care directive, and power of attorney, as well as a copy of my very own Put Your Estate Plan Into Action: An Estate Organizer – everything you need to make things easier on your loved ones when the time comes.  This package is specifically designed for those with simple assets and distributions (i.e. no expected contests, no estate tax liability, no out of state property).  The Basic Estate Plan package normally costs $575 for a married couple with children, $525 for a married couple without children, $375 for a single person with children, and $325 for a single person without children.

The Live for Today, Plan for Tomorrow Special:
The longer you wait, the less you save…

Save $100 on a Basic Estate Plan in the month of July
($475 for a married couple with children, $425 for a married couple without children, $275 for a singe person with children, $225 for a single person without children).

Save $60 on a Basic Estate Plan in the month of August
($515 for a married couple with children, $465 for a married couple without children, $315 for a singe person with children, $265 for a single person without children).

Save $25 on a Basic Estate Plan in the month of September.
($550 for a married couple with children, $500 for a married couple without children, $350 for a singe person with children, $300 for a single person without children).

These special prices will be available to anyone who mentions the Live for Today, Plan for Tomorrow special offer when calling or e-mailing to request information – so spread the news!

These prices will also be used for any Will Parties scheduled for July, August, or September.  Can you think of a better way to spend an evening with friends, save some money, AND get your estate planning taken care of?  Availability for Will Parties will be limited – so schedule yours today!

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Selecting the Right Person Makes a Difference: Personal Representatives, Executors, and other Agents

One of the most important things in preparing your estate plan is naming the appropriate person to act as your Personal Representative (or Executor).  Some people feel there is a “right” person to name, by virtue of relationship, birth order, or proximity – these reasons can lead to disastrous results if the wrong person is selected.

A complete estate plan can require several different appointments – personal representative (executor), attorney-in-fact, trustee, health care agent.  These positions are very important and can be complex.  A Personal Representative (or Executor) is appointed in a will to handle the closing the estate.  Tasks include collecting and inventorying property of the estate, maintaining an estate checkbook to pay final bills, filing probate forms and handling the probate process, preparing final tax returns, and distributing the property in accordance to the will.  An attorney-in-fact is an agent named in a Power of Attorney (POA), this person can act on your behalf as provided in the POA, handling financial or other matters while you are still alive.  A trustee is the person in charge of handling the financial matters of a trust – paying valid bills, making distributions, investing where appropriate, completing required forms.  A health care agent is the person named in a Health Care Directive (also known as a medical power of attorney or living will).  The health care agent has the power to make all medical decisions for you should you not be able to speak for yourself.  These positions are more than honorary titles, they require hard-work and the ability to handle the tasks involved.

For your estate plan to work smoothly, you must appoint people who are right for the job.  Look for someone with the following characteristics:

  • Willing to accept the position -do not surprise someone with the appointment, he/she does not have to accept the job, so your estate will run smoother if you select a person willing to take on the task.
  • Responsible & Trustworthy – the person you name should be someone you would trust your life and your money to (because that’s what you are doing).  To prevent family harmony, and avoid future disputes, this person should also be trusted by other family members.
  • Organized – A Personal Representative or Trustee is in charge of a lot of paperwork and financial tracking.  The job will be much easier if he/she is a naturally organized person who keeps meticulous records for his/her own finances.
  • Focused – some of these positions could last for years.  Some tasks will require hardwork and a lot of follow up.  Make sure you name someone who will remain focused and get the job done.
  • Capable of handling the task – Some people just would not be up for the job, sometimes the emotions of the situation may prevent a person from getting the job done.  If your daughter is an emotional person anyways, she just may not feel up to the task of handling her parents’ estate.
  • Able to make a decision  – To some people, making a decision is difficult, if not impossible.  These people may be paralyzed by the burden of making certain decisions.  Do not name your son as your Health Care Agent if he will be unable to make the decisions you would want (such as when to remove life support) when that time comes.
  • Willing to seek and accept help – sometimes the position of Personal Representative or Trustee can be overwhelming.  You do not want to burden your loved ones.  Your nominated person should be willing to seek professional help from a lawyer or financial adviser, or accept offers of help from family, should the task get complicated.

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Wills for Heroes

Did you know that if you are a police officer, firefighter, or other first responder, you may be able to get free estate planning services? Inspired by the events of September 11, 2001, the Wills for Heroes Foundation was established to provide first responders and their spouses with simple estate planning services. The American Bar Association Young Lawyers Division has selected the Wills for Heroes Foundation for its 2007-2008 national public service project and several state bar associations have started Wills for Heroes programs. Check with your state bar association for more information. For information on Minnesota’s Wills for Heroes program, check out the Minnesota State Bar Association’s Wills for Heroes page.