ESTATE PLANNING: Beneficiary designations on real estate

Q: I have my bank accounts set up as payable on death to my children. Why can’t I list my home as payable on death also?

ESTATE PLANNING: Think before you give away the home

Q: What do you think about putting my home in my son’s name?

ESTATE PLANNING: Allow enough time to get it done

This past week, I got a call from a friend. She was getting ready to leave on a vacation the next morning and wanted to talk about the beneficiaries on her life insurance.

ESTATE PLANNING: Lapsed Bequests?

Q: My father recently sold his Illinois home and intends to move to Indiana. His will provides that his home goes to my brother. Since he sold his home, should he amend his will? Is there anything else he needs to worry about if he moves to Indiana?

ESTATE PLANNING: The perfect time to plan

How many of you knew that October is Estate Planning month? Alright, it’s not really estate planning month, but it should be because October is the perfect time to plan your estate.

ESTATE PLANNING: One copy of a will should suffice

Q: I want to give a signed copy of my will to each of my kids, but my attorney told me that I should only sign one copy. Why can't I sign more copies if I want them for my kids?

ESTATE PLANNING: Which funds to spend

Q: My son is the successor trustee of my trust. He also is on my bank account. Since he is the trustee and on the bank account, is it OK to leave the bank account titled as it is and not in the name of the trust?

ESTATE PLANNING: Powers of attorney can differ

Q: I took my mother's power of attorney to my bank but they wouldn't let me access her account because they said it only applied to health care. Why wouldn't they accept this power of attorney and what can I do about it?

ESTATE PLANNING: Death bed planning is common

Q: I'm having a surgery after the first of the year. If there are complications and it appears I may not make it, can my son use the power of attorney to close my bank accounts? That way he won't have to pay inheritance tax on the money. Is there any reason that he should not do this?

ESTATE PLANNING: Appointing an out-of-state resident in an estate plan

Q: I want to let my son handle all of my estate matters. However, he lives in Michigan. Will that be a problem? Should I ask a friend who lives locally to handle it?