footballs on wall

Turn on ESPN, put on your jersey, and stock with fridge with a cold beverage…the College Football Playoff National Championship is this Monday, January 13, 2020. (The game kicks off at 8 p.m.) While reading up on the stats and predictions for a tiger showdown between the LSU Tigers and Clemson Tigers in New Orleans’ Mercedes-Benz Superdome, I couldn’t help but make a connection with estate planning. Goalposts to estate planning goals may seem like a stretch, but hear me out.

 

Football is a complex game—the field is full of moving parts and competing strategies; it’s a game of inches where just a few missteps or right moves can make a huge difference. Estate planning works the same way. Here are just five of the surprising similarities between estate planning and the game of football:

1. Your Clock Will Indeed Run Out

Just like every football season eventually comes to an end, your (hopefully long and healthy) season will also come to a close. When it does, you need a special kind of playbook for the rest of your team…AKA an estate plan. In this analogy, an experienced lawyer is a great coach who is going to help you put plans in place for when the game changes unexpectedly or the stadium lights turn off for the last time. And, just like so much can change over the course of a season, a lot will happen over the course of your lifetime. That’s where annual reviews and revisions after significant events fit in.

While it is often difficult for people to ponder their unavoidable exit off their own fictitious field, preparation for what happens after your season is over can be one of the most comforting aspects of financial and legal planning.

2. The Main Players

Let’s take this analogy a bit further and put some estate planning terms into football speak.

Estate – An estate is a whole playbook, containing the following documents: your will; health care power of attorney; financial power of attorney; disposition of personal property; and final disposition of remains. (Click on the link preview below to delve deeper.)

Will – A will deals primarily with the distribution of assets and care for minor children. You need to make certain the will is well-drafted, solid, and can stand up in court. Keep in mind though, important assets such as life insurance policy payouts, retirement assets, and investment accounts may well contain beneficiary designations that trump your will.

Trust – You have lots of different options with this player. A trust can dictate how your assets will be dispersed, the timeline and manner in which they are dispersed, and who’s overseeing the process.

3. You Must Make Mid-Season Starting Lineup Adjustments

Just as a coach may switch up who’s starting partway through the season, you may need to make adjustments to your estate plan as things inevitably change over the course of your life. Big events like marriage, birth of a child/grandchild, moving to a different state, a large change in financial status, divorce, and other significant changes are a good reason to review your “playbook.”

4. No ‘I’ in Team

Your loved ones and close friends are all a part of your team; part of being a strong team player is including them on the plays you’re making. Discuss important aspects of your estate plan with the people it involves to avoid any confusion or conflict when it comes times for them to carry out your wishes. For instance, if you have minor children (under age 18) you’re going to want to establish legal guardianship if the worst happens and you’re no longer around to care for them. You’ll want to discuss with your chosen guardians ahead of time to make sure they’re willing and available to carry out the responsibility.

5. Final Score

football on field

 

There are probably at least a few more good football analogies I could tie into the conversation of why you need an estate plan, but the most important takeaway is that you never know when the game is going to change. So, you need to have your “playbook” written out ASAP. The best place to start is with my free, no-obligation Estate Plan Questionnaire. You can also shoot me an email or give me a call at 515-371-6077 to discuss your situation (or football).

update estate plan blank page

The great thing about your estate plan is that once you have one, it never expires. However, it does need to be kept current with your life as well as applicable laws. Why? Keeping your estate plan updated and current is simply a smart part of planning. An outdated estate plan could more easily be challenged in probate court or create unnecessary tensions between your loved ones.

Because of this, I advise Iowans to review estate plans on an annual basis. Simply check in with your lawyer, and other professional advisors, every year or so. Some clients like to do this around the first of the year, others choose to do so on an easily remembered date like a  birthday or anniversary. Others pick a random date. Any date will work, just stick with it every year.

Seek the help of a professional advisors to update your estate plan, most especially when you undergo a major life change. A few of the most prominent examples:

  • You get married or divorced.
  • A birth or death occurs among your family  or other beneficiaries of your estate.
  • A person you chose to be a guardian, trustee, or executor dies or becomes critically disabled and unable to fulfill their responsibilities.
  • There is a change in the value and/or kind of property you own. Examples of this could be receiving an inheritance of some kind or right-sizing as retirement age approaches).
  • You move to another state or country, or you acquire significant property in another state or country. (A common example of this is buying a second home, like a condo in Mexico or lake house in Minnesota).

Any of these changes require careful (re)analysis of your estate plan.

If you have experienced any major life changes (including one not listed here), don’t hesitate to reach out to me at any time. If you’re not quite at this stage yet and first need the important key documents that comprise an estate plan, get started with my free, no-obligation Estate Plan Questionnaire.

Estate planning is one of those pesky things you know you absolutely should do, but it tends to get pushed to the bottom of your continuous to-do list. Even the best plans to make this the year of finally getting your estate plan in order, life happens and things can get hectic. Unfortunately, when you or your loved one needs an estate plan the most, such as in the tragic situation of unexpected disability or death, it’s not readily available.

Together, we’re going to make this year your most prepared one yet! In the spirit of a fresh start, a new year and a new decade, here are six resolutions to set you up for estate plan super success.

Overcome Your Excuses.

It’s understandable why I often hear the same excuses from folks who should have an estate plan (aka everyone older than 18, regardless of age, debts, assets, and marital status), but don’t. Procrastination is a natural part of human nature, especially when you’re putting off perceived conversations on uncomfortable topics like money, death, and taxes. Yet, most people, once they learn the benefits which accrue to a completed estate plan, initial discomfort fades. So, let’s eliminate the three most common excuses:

Not enough time or too busy.

Let’s be honest, there’s never enough time. There never will be. The (sometimes cruel) irony of estate planning is that it’s there for you and your family when you’ve literally run out of time. You’ll be happy to know the bulk of time needed for an estate plan (if you work with a professional…and you should) is thinking about and communicating, what you want to happen with your assets upon passing. Who do you want to be your named as beneficiaries? Who do you want to serve as guardians to your kids? Also, you’ll need to consider carefully who you want to be your financial and health care agents in the case of disability.

(Note that such communicating can be easily done through a tool like my estate plan questionnaire.)

I don’t know where to start.

As excuses go, this has some validity but is easily quashed with a few tools that are available to everyone for free. First, read my post on all the basics of estate planning to get familiar with the six key documents. Second, fill out my free, no-obligation estate plan questionnaire. Truly, estate planning (at least my process), is just five easy steps from start to finish.

It’s too expensive to make an estate plan.

There’s no one-size-fits-all for estate plans. Therefore, costs will depend on your estate’s size, complexity, and your goals. I’ll be completely clear on the exact costs upfront, and that’s a guarantee. This is a major reason why filling out the estate plan questionnaire is such an important first step. Through your completed questionnaire, I can tell what you need, make a recommendation, and give you an exact price.

Keep in mind that it will almost certainly be more expensive for your family and loved ones if you die intestate (without a will). It will not only cost them monetarily, but also, much worse, emotionally as well, the process can be shockingly slow, tedious, and create unnecessary conflict.

man writing down ides in notebook

Organize your digital asset information.

Think of all the information pertinent to your personal and professional life and the finances that you have on your computer. Think of all the important data that’s held entirely in online accounts. Often things like your email accounts, online banking, and storage accounts, for example, are referred to as digital assets. Access to these digital assets will be important for your chosen executor or trustee to handle and settle your estate. A solid estate plan will account for these digital assets and specify who you want to have access to all this data information in order to transfer/settle/close accounts appropriately. Additionally, you’ll want to have a separate, secure document or account (like LastPass, for instance) that lists your all accounts and their login information.

Be Resolute with Revisions

If you already have an estate plan, do a happy dance! You are way ahead of about 60% of the population, which doesn’t even have a basic will (or trust) in place.

While estate plans never expire, they do need to be updated and kept current. If you have a major life event, it may well warrant revisiting your estate plan.  Such life events include marriage or divorce if you establish residency in a new state, the birth of a child, the loss of one of your beneficiaries/executors, or if your financial situation changes significantly.

Speaking of change, remember too that state and federal laws are perpetually changing and when certain rules change, so too must your estate plan. For instance, under the new tax law passed in 2017, the changes to the federal transfer tax exemptions could impact decisions as to if a certain type of trust is applicable. Again, this is where an experienced professional estate planner, whose job it is to stay up on these policy changes so you don’t have to, is beneficial.

Check your Marks

The Gordon Fischer Law Firm Ultimate Estate Planning Checklist makes it easy to visualize your completion rate of all the important documents and related tasks. It’s easy to read, a handy dandy cheat sheet of items to accomplish to get you from zero to superhero in no time.

Estate Planning Checklist GFLF

Plan for an Impact

There is a multitude of ways to practice impactful charitable giving. One incredibly easy way is to name charities near and dear to your heart as beneficiaries in your estate plan. The resolution here? Think about what charities you would like to give to, how much (a figure or percentage), and, if you already have an estate plan, review it. If it doesn’t include your chosen charities, it’s time for an update!

Transform Talk into Trust

When making estate planning decisions it’s important to discuss said decisions with your family (and others included in the plan). Communicating in advance and ensuring your loved ones fully understand the “what” and “why” means there’s a significantly better chance your wishes will be respected and executed fully as you intended. The worst-case scenario in estate planning is litigation over what the deceased (or critically disabled) individual wanted. For instance, if you have an end-stage medical condition, the last thing you want is family fighting over your health care power of attorney or living will. These conversations can be challenging, but ultimately should be conducive to a peaceful transition of assets, reduction of tension between beneficiaries, and a clear understanding of what was communicated and recorded.

Creating an estate plan that achieves your goals is a resolution you can DEFINITELY keep this year (even if that low-carb diet resolution doesn’t quite make it past January). The time it takes is nothing in comparison to the time it will save your loved ones in time, money, and stress! Plus, the peace of mind that comes with knowing your affairs are in order if something were to happen is invaluable. This is your year to be prepared. Let’s get started. Contact me at any time via email (gordon@gordonfischerlawfirm.com) or phone (515-371-6077) and in the meantime fill out the estate plan questionnaire.

Estate planning is all about strategy—leaving the right assets and inheritances to the right beneficiaries; timely distributions of the estate; and avoiding as many taxes and fees as possible. Another strategic move is deciding whether you and your spouse should use the same lawyer, or whether you should each have your own lawyer.

If you are married, please note you have the option of hiring separate attorneys for your estate planning needs.

Though the goals of most married persons are the same when it comes to wills, trusts, and estate planning, some married individuals (especially individuals who have children from prior marriages) have differing views on the ownership of property and beneficiaries, and naming executors, trustees, and guardians.

Likewise, some married individuals have private information they do not wish to share with their spouse — information that may be essential to the estate planning process that would have to be disclosed to the attorney and, therefore, disclosed to the spouse if I am representing both spouses.

Additionally, sometimes married individuals have “awkward” questions they wish to ask the attorney — questions they would not be comfortable asking in the presence of their spouse, such as how a divorce might affect their estate plan.

By obtaining separate attorneys, you would be able to:

  1. share in confidence any secrets or private information with your attorney that may be important to the estate planning process;
  2. ask in confidence whatever questions you may have; and
  3. receive completely confidential advice and counsel. 

If represented jointly, you will be waiving and losing all three of the above rights with respect to your spouse.

If you decide to obtain separate attorneys, this firm would be pleased to represent either one of you separately. If you are married and decide you would like this firm to represent both of you, then complete this Estate Plan Questionnaire jointly (please do not fill out two separate forms).

Joint Representation

 

Two brides in white wedding dresses

For many married couples, joint representation is a likely choice. The benefits are obvious; joint representation can be cost-effective and can be more efficient since you can work together on a single Estate Plan Questionnaire in preparation to meet with the estate planning lawyer. Another advantage is that the joint representation somewhat forces open and honest communication between you as a couple as you make decisions on beneficiaries (such as children and grandchildren), executors, and disposition of property.

It’s important for your lawyer to avoid conflicts of interest, so they can uphold and respect your attorney-client privilege. If you choose to have joint representation you may waive the conflict of interest clause so that you may be represented together. Or, of course, you can seek separate legal counsel and not sign such a clause.

This communication is critical if you opt for joint representation. Without it, disaster can strike mid-meeting with the lawyer if couples disagree about which child is most responsible in terms of estate execution or how much of a trust fund each beneficiary should receive at age 18.

Individual Representation

 

couple holding hands in green space

There are times when it is best for each spouse to seek separate legal counsel. One such time is when there are different interests that are at odds with each other. For example, if one or both people have children from a previous marriage/relationship that will be named as beneficiaries. There can be conflicting interests between stepparents and stepchildren when it comes to the estate. Additionally, if you both have your own individual estate planning lawyer, you may have more freedom to voice individual concerns, without having to audit your opinions in accordance with your partner’s desires.


Have questions? Need more information? A great place to start is by downloading my Estate Plan Questionnaire, or feel free to reach out at any time; my email is Gordon@gordonfischerlawfirm.com and cell phone is 515-371-6077. 

tenancy by entirety

When you create an estate plan one of the key benefits is that you’re dictating how you want your executor to distribute your assets when you pass away. An estate planning-related question I’ve gotten over the years is: “What about the house? Doesn’t my spouse just get the house straight away?” It’s true, many people do co-own real property (like a house) with their spouse. But, different types of concurrent estates (meaning co-ownership by two or more people) afford different rights to said co-owners.

So, the short answer to that commonly asked question about the house is: it depends.

house under tree

Tenancy by Entirety

One type of co-ownership is called tenancy by entirety. This type exists only between spouses, and they hold the property (like a house) as one legal entity. If one spouse passes away, the surviving spouse takes the whole–becomes the sole owner–of the property.

This means the property would pass outside of probate, making for a simpler answer to the aforementioned “what about our house?” question. So, if something different was written in the deceased spouse’s will, this tenancy by entirety situation “wins” out. The same goes for if the spouse died intestate (without a will) and there’s no messing with which of the heirs-at-law gets what.

Another benefit is that the property is usually exempt from one spouse’s individual debts and liabilities. This means that a creditor couldn’t seize the property from the innocent spouse who is not legally responsible for the other spouse’s sole debts.

However, while this “special” concurrent estate come with the benefit of right of survivorship, there are certain limitations that come with it as well.

Spouses can choose to sever, mortgage, transfer, or sell the tenancy by the entirety, but neither can do so acting alone; both have to be in agreement.

It should also be noted that divorce terminates the tenancy by entirety.

Not in Iowa

Iowa does NOT recognize tenancy by entirety, but these 26 other states do. So, if you’re sharing this info with loved ones or if you co-own property in one of those states, you’ll want to speak with an experienced estate planner about how this type of concurrent estate fits in with your estate planning goals.

What about other types of concurrent estates?

There’s much more that can be said on this phrase and I’d be happy to consult with you personally.

If this post wasn’t exciting enough for you and you want to learn even more about concurrent estates, you’re in luck! We’ll talk about tenancy in common and joint tenancy in the next couple posts.

Want to make certain your assets, including big ones like land or a house, pass how and to whom you choose? Schedule a free consult at your convenience and get started on my free, no-obligation estate plan questionnaire.

Flag in field with sun

“True heroism is remarkably sober, very undramatic. It is not the urge to surpass all others at whatever cost, but the urge to serve others at whatever cost.” -Arthur Ashe

On Veterans Day and every day, I want to say a heartfelt thanks for our veterans’ sacrifice and service. I work with many veterans on estate planning and in nonprofit-related work, and it’s always an honor. There are not enough “thank you’s” in the world to express my gratitude for what they have done for our country.

Veterans Day flags

As a veteran your story is important. Your legacy is important. To preserve that legacy of strength and service, you need an estate plan to ensure your property and assets are distributed to your loved ones and favorite charities in accordance with your wishes.

So, in an attempt to express my gratitude I would like to offer 25% off the cost of an estate plan package to all Iowan active duty or retired service members. The discount will be honored through 11/30/2019. Contact me via email or by phone (515-371-6077) to discuss your estate planning needs.

What does an Estate Plan Include?

There are six documents that should be part of most everyone’s estate plan.

  1. Estate planning questionnaire
  2. Will
  3. Power of attorney for health care
  4. Power of attorney for finances
  5. Disposition of personal property
  6. Disposition of final remains

You should keep these documents updated and current. (Here are a few common “big” events that necessitate estate plan revisions.) Also, don’t forget about assets with your beneficiary designations. For most Iowans, that’s good – six documents, keeping them current, and also remembering about those assets with beneficiary designations.

American flag on chair

Cost of an Estate Plan

Because I want every Iowan to have an up-to-date estate plan I’m very transparent with the cost of an estate plan that takes into full consideration YOUR situation. (This is why you need an experienced estate planner to draft your documents.) Speaking very generally, an estate plan from my Firm usually costs a single person about $790, and a family about $990. So, with this Veterans Day discount, that’s a saving of about $197.50 for singles to $247.50 for a family.

Estate Planning Process

I write about my process at length, but it’s just five steps! Seriously, it’s not that painful. My clients report back to me that they have such relief and peace of mind when it’s completed.

Contact

If you’ve been making excuses or have an extremely outdated estate plan now’s the time to check it off your list (and get a discount while doing so!).

How to get started? Contact me by the end of the month (11/30) via email (gordon@gordonfischerlawfirm.com) or phone (515-371-6077) and fill out my free Estate Plan Questionnaire.


DISCLAIMERS

The “Veterans Day discount” is only applicable for estate plans created by active or retired veterans (and their spouses). Availability of the discount ends after November 30, 2019 at which point the prospective client must have contacted Gordon Fischer Law Firm and indicated an intention to make an estate plan.
Veterans Day discount merely relates to pricing and in no way creates an attorney-client relationship, nor any other kind of professional relationship. The Veterans Day discount does not create a contract or agreement of any kind.
Gordon Fischer Law Firm, P.C. retains full and total discretion as to who it chooses to serve as clients and why. Gordon Fischer Law Firm, P.C. retains the right to refuse service to anyone it so chooses.
The Veterans Day discount may not apply to individuals or families with a high net worth of around/more than a million-plus dollars. (You still need an estate plan, very much so, but it necessarily needs to be more “complex” to adequately account for all assets.).
give thanks table with autumn leaves

Thanksgiving weekend is chock full of traditions for families from parade watching and football playing to pie eating and Black Friday shopping. One less obvious activity you should add to the weekend roster is a discussion on estate planning. America’s second favorite holiday, where family and friends come together from near and far, to eat good food and spend quality time together is a prime opportunity to make sure your loved ones have a plan for the future in the case of unexpected death or incapacitation.

thanksgiving table

Now, I don’t recommend questioning your uncle if he has a living will over the turkey table. But, after the food coma wears off, gather your loved ones around in a comfortable spot and strike up a conversation about how estate planning is important for everyone. That includes your brother who has young kids, your mom who donates regularly to the local food bank, and even your cousins who are obsessed with their dogs…there’s a place in estate planning for all of them. Here are a couple tips to make the discussion a success as great as pumpkin pie.

Give the Best Advice at the Table

No one around the family table should be to disclose who they have named as heirs. That could be awkward depending on who’s in the room. (However, discussing your donative intentions should happen privately with beneficiaries and fiduciaries included in your estate plan.) But, you should pass along the great advice that estate plans should be reviewed at least annually and always after a major life event like a birth, death, marriage, divorce, or moving across state lines.

Explain Why Estate Planning is Essential

The benefits of estate planning are numerous and estate planning can be tailored to meet each individual’s unique needs and goals. But, you don’t have to get too into the weeds. Leave that part to the estate planner who’s job it is!

If anyone needs convincing to get started on their estate plan ASAP, simply explain that estate planning is an opportunity to take action as opposed to passing the burden to family members to figure out what to do with their stuff, how to access important accounts/information, and slog through the tedious intestate probate process. Estate planning can create chaos and even incite litigation between heirs over the deceased’s estate. Just like Thanksgiving traditions create a lasting memory, estate planning is your opportunity to leave a lasting legacy.

Offer to Help

Estate planning can sound intimidating to someone who’s never gone through the steps before. Offer to help by recommending an experienced estate planning attorney they can trust.

Pass Along Something Tangible

Want to pass along something beyond just words? You can also share this handy dandy checklist and free, no-obligation Estate Plan Questionnaire.

thanksgiving table

Encouraging all the people you care about to articulate their wishes is truly something to be thankful for! If you or any of your loved ones want more information feel free to contact GFLF for a complimentary consult.

Gordon Fischer at desk

How much does an estate plan cost? It’s an important question that you’ll rarely get a straight answer to. Fortunately, you can easily find the answer (specific to my services) here on this rate sheet.

All parties benefit from transparent information regarding costs. You’re writing an estate plan so there are no surprises regarding your assets after death. Certainly, the last thing you want is to be surprised at the cost of estate planning documents while you’re living!

Cost of an estate plan as an issue

When I talk with folks who want to complete an estate plan, but are procrastinating, a common concern that comes up is cost. People are concerned (and rightly so) about how much money they must fork over for an estate plan. So, no matter what lawyer you hire to draft or update your estate plan (and you do indeed need a lawyer to have this done right) make sure they’re completely upfront with you about what it will cost.

One Size Does NOT Fit All

There is no such thing as a “one-size-fits-all” estate plan. Estate plans—their terms, coverage, ins, and outs—depend on a myriad of individual circumstances and indeed preferences.

clothes on hanger

This is why filling out an Estate Plan Questionnaire (EPQ) is such an important first step. You can gather the important and relevant information, all in one place, and think through some of the decisions you must make when building your estate plan. Plus, I can see from your EPQ what you might want and need to meet your planning goals. Once you complete the EPQ, you and I meet for a free one-hour consultation.

Let’s Talk About Your EPQ

In the free, one-hour consultation, we’ll talk about your estate planning situation I usually meet clients in my office, but I’ve also met folks at coffee shops, restaurants, hospitals, and their houses. (I do make house calls!) Regardless of place, we’ll walk through your EPQ and I’ll listen carefully as you describe your intentions. I’ll answer your questions and address your concerns. Once we are both satisfied understand each other, I’ll give you my estate planning recommendations. I’ll tell you in plain language what I think you need and why I think you need it. I’ll also tell you the exact cost. As you can see from my fee schedule above, I use a flat fee approach. So, you’ll get a 100% reliable figure.

Only Then, My Bill

It is important to note I don’t bill you until the end of this process. Only once you have a fully executed estate plan (i.e., signed, notarized, witnessed), only then will I provide you my bill for services. And again, because I work on a flat fee basis, the bill will exactly match the figure I provided you earlier. Some clients write a check on the spot, and we’re done. Other folks want to pay along with all their other bills, so they pay me later. You may take the estate plan documents without paying. I trust you’ll pay me.

change and wallet on table

So, now the cost of an estate plan has been demystified, why not take control of your future and set your family and friends up for a smooth transition of all your assets in the case of illness, incapacitation, or death? As stated before, a great place to get the ball rolling is with my free EPQ. Also, feel free to reach out at any time by email, gordon@gordonfischerlawfirm.com, or on my cell, 515-371-6077.

slayer rule

In honor of Halloween, I thought it appropriate to explain the ominous-sounding principle of the slayer rule. [Cue a full moon, bats, and a high-pitched cackle here.]

It’s a plot you may come across in murder novels or movies: someone kills someone else in order to inherit money, a house, artwork, or anything else of assumed value. Or, in some cases, the intent might not specifically be an inheritance, but nevertheless, the “slayer” will inherit as a result of the other’s death.

This scheme hits at very core of what most people think is unfair and unjust–why should someone who cuts another’s life short be entitled to benefit from their criminal act? This is why most states have adopted “slayer statutes.”

For example, Iowa adopted such a law (Iowa Code § 633.535) in 1987. It says primarily:

A person who intentionally and unjustifiably causes or procures the death of another shall not receive any property, benefit, or other interest by reason of the death as an heir, distributee, beneficiary, appointee, or in any other capacity whether the property, benefit, or other interest passed under any form of title registration, testamentary or nontestamentary instrument, intestacy, renunciation, or any other circumstance. The property, benefit, or other interest shall pass as if the person causing death died before the decedent.

Note that states differ as to specific provisions and different factors like considerations of an insanity defense, and whether or not a slayer’s heirs are also disinherited. The information in the blog post is meant to speak generally. For slayer rule specifics, it’s important to consult with an experienced attorney in the jurisdiction in question.

Main Principles of the Slayer Rule

Generally speaking, the principle of the rule is that an estate plan beneficiary cannot inherit any property, fiduciary appointment, or power of appointment from a testator who the beneficiary intentionally and feloniously kills. The rule also applies if the beneficiary kills someone else (besides the testator) who had to die before they could inherit. In the case of an estate planning document (like a will), the entire will is interpreted by the court as if the slayer died before the testator. (This causes the gifts to said slayer-beneficiary to lapse.)

What if there is no will? The slayer rule still applies. So in the case of non-probate transfers (like a trust or a checking account with a beneficiary designation) the slayer could not inherit. The same goes if the slayer is an heir at law set to inherit under the state’s intestacy laws.

What Kind of Killing Triggers the Slayer Rule?

Typically the killing must be: 1) intentional; 2) felonious; and 3) without legal justification, like valid self-defense. Murder and some forms of manslaughter (such as voluntary manslaughter) tend to fulfill these requirements. Negligent homicide and involuntary manslaughter typically won’t qualify, as the slayer lacks the required element of intent.

For example, let’s say Anna has a son named Billy. Anna’s husband (Billy’s father) had passed away previously and Billy was set to inherit his mother’s entire estate under her will. Billy loved his mom and liked to make sure she still got out and did fun things in her older age. One night Anna and Billy go out to dinner and order some wine. Billy drinks a bit too much, but because his mother’s eyesight is impaired, Billy still chooses to drive his mother home even though he’s impaired. The car crashes and Anna, unfortunately, dies as a result, but Billy lives. Even if drunk driving is a felony in the jurisdiction, Billy lacked the intent element as there’s no evidence that shows he intended to kill Anna. Thus, the slayer statute would not prohibit Billy from inheriting Anna’s estate.

Does There Have to be a Trial and a Conviction?

For the slayer rule to come into play, there doesn’t need to be a criminal trial or a criminal conviction. It is enough for a civil litigation court to find the slayer responsible for the other’s death by a preponderance of the evidence. Interestingly enough, even if an alleged slayer is acquitted of a crime, it does not stop the civil court from applying the slayer rule and barring the inheritance.

That said, if there is a final, unappealable criminal conviction finding the killing to be intentional and felonious, it would establish all the requirements of the slayer rule. There would be no other need for other proof because such a criminal conviction requires proof beyond a reasonable doubt.

 Smart Estate Planning 

Of course, the odds that the slayer rule will apply to most of our estates is (thankfully) extremely rare. But it’s analogous to a more common situation — the beneficiary dying before the testator. An issue that then complicates donative intent is if the testator fails to or doesn’t have time to update their estate plan and there’s no remainder (or back-up) beneficiary to inherit instead. When working with an experienced estate planner it’s a wise idea to name secondary beneficiaries, as well as “back-up” will executors or trust trustees. That way distribution or administration of your hard-earned assets is not left up to the court.

Questions about the slayer rule or other somewhat obscure estate planning laws? Need to get started on your estate plan? Don’t hesitate to contact me for a free consult!

goodbye blue

It’s the saddest day of the year. You all know what I am talking about: the last day of National Estate Planning Awareness Week.

Here in Iowa, the weather this weekend was bright and shiny in that perfect fall day kind of way. Almost as if the universe itself was celebrating NEPAW 2019.

All good things come to an end, we sure had fun, didn’t we? We took a deep dive into the history of estate planning itself. Estate planning, in some form or another, has been an important aspect of societies in the world for hundreds and hundreds of years. In almost every society folks wanted to pass along their assets to the people they care about and want to provide for.

We were reminded of the importance of powers of attorney. In particular, everyone should have a power of attorney for health care, a legal instrument that allows you to select the person that you want to make health care decisions for you, if and when you become unable to make such decisions for yourself.

We delved into a hypothetical situation that is fairly improbable (but it can and does happen) regarding the death of a buyer or seller during sales of real estate.

The ultimate estate planning checklist makes it easy to visualize your completion rate of the important documents and estate plan-related tasks. It’s an easy-to-read, handy dandy cheat sheet of items to accomplish to get you from zero to hero in the estate planning world.

While we’ll have to wait a whole year until the next National Estate Planning Awareness Week, let’s always choose to be aware of the importance of estate planning regardless of the day. With a quality estate plan crafted by an experienced lawyer, every single day of our lives can be like a day of National Estate Planning Awareness Week!

Here are three things you can do to keep the spirit of National Estate Planning Awareness Week alive regardless of the date on the calendar:

  1. If you don’t yet have an estate plan, get one. NOW. Filling out my Estate Plan Questionnaire is a great and easy way to start the process.
  2. Talk to your family, friends, colleagues, and others, about your own estate planning experiences. If it was easier and less expensive than you thought it might be, share that info. If having six basic documents, brought you great peace of mind, tell them so.
  3. Subscribe to my free e-newsletter, GoFisch, delivered to your inbox every month. It’s chock full of helpful information and may be the least boring legal newsletter ever.

I’d love to talk with you (even if you’re not as disappointed to see National Estate Planning Awareness Week pass as I am). Contact me by phone or email at any time to discuss your estate planning situation and goals.