Frequently Asked Questions
Have Questions? We have answers. Check out our most frequently asked questions below. If you don’t find an answer to your questions below, there’s a good chance that one of the many articles and videos in our Resources Section will have the answer you are looking for. If you still can’t find an answer, just email us at support@lifetimeplanners.com.
General
What does estate planning mean?
Estate planning involves the process of creating a plan that covers the transfer of your property at death. The primary document most often associated with this process is a will or living trust. Estate planning is for everyone, not just the wealthy.
What is probate?
It is the legal process where a decedent’s will is filed with the court systems and a personal representative named in the will (an executor) is appointed to manage the decedent’s estate, and the decedent’s estate is distributed to the beneficiaries named under his will.
Why is estate planning important?
Having a comprehensive estate plan in place can help you feel at ease about the future and of the welfare of your loved ones. It can help you achieve a variety of financial goals and objectives, including:
Providing support and financial stability for your spouse, family and children.
Ensuring that individuals you designate can make decisions on your behalf in the event of your incapacitation.
Preserving assets for future generations.
Supporting a favorite charity or other worthy cause.
Ensuring all of your assets, including those that pass by beneficiary designation (e.g., retirement accounts and life insurance policies), will be distributed according to your wishes.
Minimizing taxes and estate administration related expenses.
Do I need an attorney to make a will or a living trust?
No, you don’t. You can prepare these instruments yourself or use an online legal service like Lifetime Planners. You should consult with a licensed attorney if you have complex estate related issues and family dynamics.
What sets your services apart from other?
We believe that everyone should have access to affordable estate planning documents. We want to offer a service that is also available to you anytime, anywhere. Some services prove an “al la carte” approach where you can purchase any one or more individual documents that may not be in sync with your overall estate plan. Our service is designed to be holistic in nature, and the documents included in each plan have been methodically selected to create a “balanced” estate planned.
Do I have to complete the entire process on Lifetime Planners in one sitting?
No. Your information is saved automatically after completing each step. You can come back at anytime to complete the process and finalize your documents.
How long does the process take to complete before I can print my documents?
On average, it can take as little as 15 minutes to complete our self-guided questionnaire process, review your information and finalize your documents.
Will your plans work if I am in a same-sex marriage?
Yes, absolutely.
Can you make unlimited changes and revisions?
You can make unlimited changes and revisions before finalizing your documents. After your documents have been finalized and purchased, you will have 60 days to make certain revisions and edits to your documents. There is no addition cost to make these revisions.
Am I able to purchase just one document instead of the entire package?
Unfortunately, no, not at this time. Our service is designed to be holistic in nature, and the documents included in each plan has been methodically selected to create a “balanced” estate planned.
Can I name a charity in my Will or Living Trust Agreement?
Yes! We make it very simple to name a charity as a beneficiary in your documents.
I have questions about my documents and I don’t see an answer anywhere on the site. What do I do?
The fastest way to reach us is by send an email to: support@lifetimeplanners.com
Wills & Trusts
Do I really need a will?
In most instances, yes, absolutely! Whether you are young and just starting your journey or are retired and enjoying the rewards of your labor, it is important for every individual to have a will or some other type of estate planning document in place. With a will, you choose who will receive or benefit from your property, how much a beneficiary is to receive and when a beneficiary will receive his share. If you die without a will, your property may be distributed according to state law without any specific direction from you about who receives your assets.
What if I die without a will?
If you die without a Will, you die “intestate” and your property may be distributed according to your state law of intestacy without any specific direction from you (or any other family member). These laws are generally designed to reflect what most people want to happen, such as caring for immediate family. However, there’s no guarantee that the distribution of your assets will reflect your personal wishes.
Does my will have to be probated when I die?
It depends. Certain assets that pass by beneficiary designation (such as IRA, retirement accounts and life insurance) are typically “non probate” assets and are notsubject to probate. If your “estate” is named as the beneficiary, then it is very likely your will must be probated. Other assets such as real property, business interests, certain bank accounts, and investment accounts are common probate assets and its disposition is directed by your will (or living trust).
What should I consider before naming my executor and trustee?
You should give careful thought about whom you will be naming to serve as executor and/or trustee. A few questions you may ask yourself can include:
Is this individual honest and trustworthy?
Will this individual follow my wishes?
Will this individual have the time, commitment and competence to perform the required duties?
Are there state laws that might disqualify this individual?
How often should I update my will or living trust?
You should periodically review your documents to make sure it addresses your current circumstances appropriately. You may want to consider updating your documents for the following reasons:
You want to change beneficiaries or certain gifts you made under your current document.
If a beneficiary you named under your current document dies.
You move to another state.
You get married or divorced.
You have a child or adopt.
There is significant change in your financial status.
How will a living trust avoid probate?
If you set up a living trust and transfer your assets from your individual name to the name of your trust, then it can be possible to avoid a probate administration of your estate upon your death. Assets such as real property, business interests, certain bank accounts, and investment accounts (commonly described as “probate assets”) must all get transferred into your living trust to successfully avoid probate.
Is it difficult to transfer property into a living trust?
No, and your financial advisor, banker, insurance agent and other advisors can help you. Generally, you will need to change titles on real estate, investment accounts, bank accounts, CDs and similar assets. Tangible personal property such as jewelry, clothing and furniture (items that don’t have titles) can be “transferred” to your trust with a Bill of Sale.
Do I still need a will if I have a living trust?
Yes, you will need a “pour-over” will to “catch” any asset that you did not transfer into your living trust while you were living. Assets that are not transferred to your trust prior to your death will become a part of your estate. In order to get those assets into the trust after your death, you may have to probate your pour-over will.
How is a pour-over will different from regular will?
A pour-over will is created in conjunction with a living trust plan and is designed to transfer property into your trust (at death) that you didn’t transfer while you were living. With a pour-over will, the residuary beneficiary is commonly the trust, and the trust outlines the terms of how your property will be distributed (not the pour-over will). A traditional will outlines the terms of how your property will be distributed within the document itself.
Guardians
How do I name guardians for my children?
All of our estate planning packages include a Parental Appointment of Guardian that allows you to choose the individuals you wish to care for your minor children in the event you or your spouse pass early or become legally incapacitated and are unable to care for your kids. When selecting a guardian, its important you choose people who have a stable home environment, share your values and parenting philosophy, and are trustworthy to raise your children.
What is a legal guardian?
A legal guardian is an adult designated or appointed to care for a minor child in the event the parents are unable. Generally, guardians are appointed for children when the parents are deceased, incapacitated or some other circumstances have arisen where the parents are unable to care for them.
Who should I name as guardian for my children?
There are numbers things you should consider when trying to decide who you will name as the guardian for your children. Remember that a guardian will have the same rights, responsibilities and duties as a parent would have, and will make decisions about your child’s care and welfare. Here are a few things to consider when selecting a guardian:
Where does the potential guardian live? Does the potential guardian live in a house or small apartment? Would your children have to move far away from the friends and family members?
What is the potential guardian’s financial situation? Is the individual responsible with money?
Does the potential guardian have children of his or her own? Would you children fit into their family structure?
How well does the potential guardian know your children, and would your children be cared for in his or her home?
Does the potential guardian have any medical conditions that would preclude him or her from being a good candidate?