Support

Legal Review: Estate Planning 101

Kerri Castellini is a trusts and estates lawyer who is based in Washington, DC, with Price Benowitz LLP. Kerri offers assistance with various types of estate planning and development techniques.

When most people think of estate plans and wills, they often visualize an older adult making those plans. Many of us feel uncomfortable when it comes to discussing end of life decisions and it is common for people to delay putting their wishes down on legal pen and paper.

But the reality of it is, is that accidents and illnesses can strike at any time and having a solid plan in place not only ensures that our wishes are carried out, but also helps alleviate the pressure these types of situations can have on our loved ones. It is also critical to have plans in place if you have young children.

If a person dies without a will and they have minor children, then the state makes the decision of who will be the children’s legal guardian. The probate court will make the decision over how your assets will be divided among your survivors, regardless of what type of relationship – good or bad – you had with them.

In order to avoid family fighting, and the legal probate process, many people decide to set up living trusts. Other people decide to put assets in their children’s name before they die, however, many attorneys advise against this because – unlike a living trust – you lose all control over your own money.

In addition, while gifting your assets during your lifetime may avoid probate, it often results in the requirement of filing a gift tax return, and exposing the asset to your children’s creditors. A good example of this is putting your home in your child’s name, but they later file for bankruptcy.

It is also critical to make sure that you periodically check the beneficiaries you have on any financial accounts to make sure that these are coordinated with your estate plan.

This is especially true if you have gone through a life event, such as a divorce. Whoever is listed on the accounts is the person who will receive the funds, despite who your will may have listed.

Other issues to consider addressing in your will include granting your personal representative the authority to handle your digital assets. Many people also provide provisions in their wills to address who should care for pets.

Attorneys also often recommend that individuals include an advanced directive or a power of attorney for medical treatment in their estate planning, which designates who they want to be able to make medical decisions for them in the event they become incapacitated and are unable to do so for themselves.

In a discussion about estate planning, Trust and Estates attorney Kerri Castellini commented, “It is never too early to sit down with a probate attorney and legally document exactly how you want your estate to be divided, and to prepare for your own incapacity.”

Recent Stories

3910 14th Street, NW “Dear PoPville, Anejo at 14th and Randolph now has a window doing breakfast tacos and burritos. I ordered the platanitos and bacon tacos and they were…

This week’s question is inspired by Ryan, who wrote: “I knew Yellow was popular but not wait in a line 20 deep popular” There’s always lines at La Tejena in…

808 7th Street, NW Cava Smava… Lot’s of progress since we last checked on Feb. 1st. LFG:

photo by angela n. You can talk about whatever is on your mind – quality of life issues, a beautiful tree you spotted, scuttlebutt, or any random questions/thoughts you may…

Calling all bookworms, thrill-seekers, supporters of the arts, and ping-pongers at all skill levels! Sign up for Paddlestar Galactica, the ping-pong tournament supporting 826DC’s youth writing programs.

826DC is a local nonprofit that offers free writing programs, homework help, and publishing opportunities for DC students ages 6-18, in our Columbia Heights writing center and in learning spaces across the city.

Paddlestar Galactica helps keep writing education 100% free and accessible for all of our students! It’s also extremely fun.

This year’s games will be Saturday, April 27th, 1 PM to 4 PM at SPIN DC. It’ll be a chaotic afternoon of ping-pong, costumes, terrible Battlestar Galactica puns, and good cheer. We’d love to have you join us!

Read More

Submit your own Announcement here.

Well-Paid Maids, the only certified living-wage cleaning service in the DMV, has added a new service to its online booking menu: office and building cleanings.

This includes offices, building lobbies, shared amenity spaces and more throughout D.C., Arlington, Alexandria and more.

Unlike so many other cleaning services, you can feel good booking Well-Paid Maids to clean your office or building. Cleaners get paid a starting wage of $24 an hour. Plus, all employees are offered health, dental, vision and life insurance; 24 paid days off per year; 100% employer-paid commuting costs; and more.

Read More

Submit your own Announcement here.

Vakili Band at Pie Shop!

Three band rock n rolll lineup at DC’s Pie Shop! Vakili Band with “if you know, you know” DC rockers, Lot 18, and the many minds and songs of artist Kind of Christine.

“If you love Vakili Band like we

×

Subscribe to our mailing list