Estate Planning Tips for the New Year

Name a guardian for your children. The guardian named to have custody of the child does not have to be the same person named to be guardian of, or trustee of, the estate.

Review the named beneficiaries of your life insurance, IRA and pension plan. These are often overlooked and discovered when it is too late to correct.

Consider the need for a Qualified Terminable Interest Property Trust (QTIP). This is often used to protect the rights of inheritance of your children from a previous marriage.

Consider a contingent trust to manage the inheritance of a "young adult". Children inherit at age 18 unless a trust is in place which requires their inheritance to be managed for them until they achieve an older, wiser and more experienced age.

Review your existing Durable Power of Attorney for Health Care and Living Will to ensure the right people have a copy. Unless your family and physician have a copy, they probably won't know these documents exist and therefore they may not be be available to be used in an emergency.

Review your current will and other estate planning documents for necessary updates due to marriage, divorce, births or deaths which have occurred in the family.

If you have any questions or concerns about your existing estate plan, or if you wish to explore your need to create a formal and effective estate plan, contact Stark & Knoll at 330-376-330 and arrange to meet with one of the attorneys in our Estate Planning and Probate Group.

Stark & Knoll Co., L.P.A. 3475 Ridgewood Road Akron, Ohio 44333-3163
Phone: 330-376-3300 Fax: 330-376-6237

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