Periodically Updating your Will

There are many tools available for estate planning.  One of the most important is the will.  One reason the will is so important is that it serves as a catch all for assets you may not have today and may acquire in the future.

A will allows you to express your final wishes and empowers the person or persons that you name to make sure your wishes are followed.  Not only can take care of the ones that you love from the grave but can give you peace of mind while you are living.  Just as important is the fact that you can save those that you love and leave behind from additional heartache when they have just suffered a loss.

One issue with a will is that for many of us treat it as a one and done proposition.  A will that may have served our needs five years ago can soon become dated as a result of a life change and not serve our current wishes.

Very few thing in life are static.  Your will should reflect your current life situation.  A question you should ask yourself is whether the will you prepared a year, five or ten years ago still does what you want it to.

Are the beneficiaries of your current will the same today?  Do you want your will to accomplish the same things?  Personally, my son was a minor five years ago but is now a productive adult.  It may not be necessary to have all assets go into a trust like they would have when he was a minor.

Certain life events may change your perspective and wishes from a will you created earlier.  Some of these include:

• Marriage
• Divorce
• Remarriage
• Birth of a child
• The need to create a trust for a minor or incapacitated child
• An increase or a decrease in wealth
• A desire for sentimental property to got to a certain heir

It is important that old wills are destroyed or marked invalid so the new will controls.  Litigation by interested parties can wipe out your hard work if perceived or actual beneficiaries are required to litigate.

The message here is make sure that you update your will as your life circumstances change.

Wesley Hill, JD CPA CFE

(404) 396-1716

The Hidden Value of an Attorney

Calling a lawyer and getting advice is usually not the norm. People generally call an attorney when they are in “crisis mode.”  This means a problem has arisen for which legal help is the only option.  These are things like an arrest, a divorce, a DUI or a lawsuit.. This makes sense to me.

I am reminded of the 2007 movie Michael Clayton, staring George Clooney where playing an attorney he referred to his role with the firm as a “fixer.”  This can be a necessary role for your attorney at some point, but I would like to view my profession as having more to offer.

Utilizing an attorney’s experience to help on the front end of certain decisions and transactions can save you both money and headaches. The law assumes that when we sign a contract we have read it and understand it.  As a result, you can be bound by it and oblige yourself for years to come. There is reason attorneys are often referred to as counselors.  We have the experience to help you avoid some mistakes and pitfalls but only if you allow us to assist you on the front end.

Below are a few examples of when it may be appropriate to call an attorney other than the obvious, listed above.  They include:

• Estate planning
• Drafting legal documents
• Reviewing contracts or agreements before you sign
• Drafting partnership agreements
• Tax planning expecially when a major event is occurring
• Determining how to title real estate
• Handling your own divorce
• Reviewing an investment opportunity

By the way, this is not an all inclusive list.  When something goes wrong, you will call your attorney.  Getting sound advice on the front end and protecting your interests proactively rather than retroactively will save you money and headaches down the road.

Wesley Kent Hill JD CPA CFE   (404) 228-8103

Estate Planning – Not An Indicator of Wealth

I must confess that even as an attorney, I often falsely perceive that estate planning is for the wealthy.  It seems like something that only a wealthy person needs to do.

Nothing could be further from the truth.  The only reason you would not have an estate plan it is if you are immortal or if when you die, you have no concern for anyone that may be affected by your death.  If you believe the first premise, legal advice is not the help you currently need.  If you do not care about what happens when you are gone and feel that the feeling is mutual amount your friends and family, you should probably rent the movie “It’s a Wonderful Life” to affirm that you do matter to those around you.

An estate plan may be very simple or very complex, depending on your current situation.  However, as your circumstances change, you estate plan, to be adequate must also change.

While an estate plan is much more than just drafting or having a will prepared, it is an important component. A will can be simple or complex but it is the driving force of your estate plan.  It allows you to control how your final affairs will be settled including who receives your property as well as who you entrust to settle your affairs.  We will discuss a will in more detail in subsequent postings.

You should remember that a will is not a document that will last forever.  It should be updated periodically, especially when certain life events occur.  The will you need in your twenties should be significantly different than the one you will need when you are in your forties and fifties.

Life events or changes make it prudent to examine or change your will/estate plan.  Examples include some of the following:

• Marriage
• Birth of a child
• Birth of a second child
• Buying real estate
• Divorce
• Remarriage
• Offspring from your remarriage
• Involvement in a business partnership
• Providing for a family member with a disability or an addiction

Realize that this is not a comprehensive list and consulting with your attorney will help you determine when your will should be updated as well as when to utilize more advanced estate planning techniques.

Reasons for advanced estate planning include not only reducing estate taxes but providing  safety and security for your loved ones.  Even more importantly, you reduce stress on your loved ones when they have lost someone that has provided stability for years or maybe a lifetime.

Please contact us at The Hill Firm, LLC if you do not have a will or would like to explore some of these issues in greater detail.  Call us at (404) 228-8103.

We are conveniently located at 1800 Peachtree St. NW, Atlanta, GA 30309 and would love to be assist you with your estate planning needs.

Do I Need a Will?

Everyone should prepare or have a will prepared.  It is important for many reasons but one of the most important is that it can assist those that you leave behind in settling your final affairs.  Dealing with the loss of a loved one is certainly difficult and having to jump through legal hoops is not what most of us wish for our loved ones.

A properly executed will communicates your wishes as they relate to your possessions after you die and who you want to have authority to carry out those wishes.  Within certain limits, you have the right to determine how your property is distributed when you die.  If you are married at the time of your death, the law has special provisions that give rights to a surviving spouse.

A simple will is often enough to take care of the basic provisions.  A quick review of your particular situation may reveal that you have issues that are more complex and require additional planning.  There are many examples but one could be a business interest that you want to continue after your death.  Another could be children from a previous marriage that you want to provide for in your will.

At a minimum, you should have a will and possibly more.  Seeing an attorney now could save money and additional heartache for your loved ones later.

Wes Hill, JD CPA CFE     (678) 994-4091