Having an estate plan in place can do more than determine who gets your assets at the end of your life. It can also provide important protections for your loved ones and peace of mind for yourself.

The Law Office of Justin S. Eppler, LLC, has a reputation for compassionate, attentive guidance for those in Anchorage and beyond who are uncertain how to proceed with planning for the future. We understand the uniqueness of each family, and we’re ready to assist you in creating an estate plan that meets your goals.

What Does an Estate Plan Include?

Your estate plan won’t look like everyone else’s and should be designed to grow and change as your life changes. However, the fundamental elements of most estate plans are these:

• Will: Designates who receives your assets and who represents your estate at probate.

• Trust: Holds ownership of some of your assets, allowing them to pass to your heirs according to your instructions without the wait of probate.

• Powers of attorney: Authorizes trusted individuals to make medical and financial decisions for you if you’re unable to do so.

• Medical directive: Provides written instructions for your treatment preferences if you become seriously ill, including when to discontinue life support.

You may also wish to include other elements in your estate plan, such as the following:

• Guardian and conservator designations name someone to manage your day-to-day decisions and finances if you’re unable to handle those tasks.

• Pet trusts set aside funds to provide for the care of any pets you leave behind at the end of your life.

At the Law Office of Justin S. Eppler, LLC, you’ll find a lawyer who will listen to your concerns and assist you in devising a plan that suits your circumstances.

What Happens If You Don’t Have an Estate Plan?

Without an estate plan, your assets are distributed according to state laws, often leading to outcomes you wouldn't choose. In the absence of a will or trust, the court decides how your property is divided, who cares for your minor children, and how debts are settled. This process can be lengthy, expensive, and stressful for your loved ones. Additionally, not having an estate plan increases the likelihood of family disputes and financial complications. Creating an estate plan helps you make sure that your wishes are followed and provides peace of mind for both you and your family. Here are some consequences of not having an estate plan.

• Intestate distribution: Your assets will be distributed according to state intestacy laws, which may not align with your wishes.

• Court-appointed guardianship: The court will decide who takes care of your minor children, possibly leading to unwanted guardianship.

• Lengthy probate process: Your estate may face a prolonged probate process, causing delays and additional costs for your heirs.

• Increased legal fees: The absence of a clear plan can lead to higher legal fees and administrative costs for your family.

• Potential family conflicts: Without clear directives, your family may experience disputes over asset distribution, leading to lasting divisions.

• Lost opportunities for tax minimization: You may miss out on strategies to minimize estate taxes and protect your wealth for future generations.

Why Is Regularly Updating Your Estate Plan Important?

Life is constantly changing, and your estate plan should reflect those changes. Major events like marriage, divorce, the birth of a child, or acquiring significant assets can impact how you want your estate managed. Regularly updating your estate plan makes sure that your wishes are current and legally binding. Failing to review and revise your plan could result in unintended beneficiaries or outdated directives, leading to legal complications for your heirs. 

By keeping your estate plan up to date, you can better protect your assets, achieve family harmony, and avoid costly probate or legal issues down the line. Here are some essential reasons to regularly update your estate plan.

• Life changes: Adjust your plan to account for major life events, such as marriage, divorce, or the birth of children.

• New assets: Include any new assets, such as properties, investments, or business interests acquired since your last update.

• Beneficiary designation revisions: Confirm that beneficiary designations on accounts and policies align with your current wishes.

• Legal complication avoidance: Reduce the risk of disputes and complications that can arise from outdated or unclear directives.

• Changes in laws: Stay informed about changes in estate planning laws that could affect your plan and adjust accordingly.

• Changes in guardianship needs: Update guardianship provisions for minor children as family dynamics change, allowing for their best interests to be met.

What Are Some Estate Planning Special Considerations for Blended Families?

Estate planning for blended families requires extra care to be mindful of fairness and prevent disputes. You may need to balance the interests of a current spouse with children from a previous relationship. Without clear directives, state laws may distribute assets in ways that conflict with your wishes, possibly favoring one party over the other. Consider using tools like trusts to safeguard your spouse’s financial security while protecting children’s inheritances. 

Additionally, updating beneficiary designations and addressing guardianship for minor children are crucial steps. With careful estate planning, you can create a balanced plan that respects the needs of all family members. Keep the special considerations below in mind.

• Open communication: Discuss estate planning goals with all family members so everyone understands your intentions.

• Clear asset distribution: Clearly outline how assets will be divided among your spouse and children from previous relationships.

• Guardianship arrangements: Designate guardians for minor children, considering both biological and step-parents in your decisions.

• Trusts for children: Utilize trusts to protect the inheritance of children from previous marriages while providing for a current spouse.

• Regular updates: Regularly review and update your estate plan to reflect any changes in family dynamics or financial situations.

• Beneficiary designations: Check that beneficiary designations on life insurance policies and retirement accounts align with your estate plan to avoid conflicts.

How Can You Safeguard Your Digital Assets in Estate Planning?

In today's digital age, safeguarding your digital assets is a crucial aspect of estate planning. Start by creating a comprehensive inventory of your online accounts, including social media, email, and financial platforms. Designate a trusted individual to manage these accounts after your passing. 

Consider including specific instructions in your estate plan about how you want your digital assets handled, whether it’s deleting accounts, transferring ownership, or memorializing social media profiles. Additionally, make sure your passwords are stored securely and accessible to your designated representative. By planning ahead, you can protect your digital legacy and make it easy for your wishes to be honored.

Reach Out to Our Attorney Today

Call today or use our online form to contact us with your estate planning questions in Anchorage, Alaska. Whether you live in Fairbanks, Juneau, Wasilla, or Palmer, we’re eager to help you create a plan that provides peace for you and security for your loved ones. Our experienced estate planning attorneys are committed to understanding your unique needs and goals, to make sure that your assets are protected and distributed according to your wishes. 

From drafting wills and setting up trusts to providing guidance on powers of attorney, we offer comprehensive services to meet all your estate planning needs. Don’t wait—reach out to the Law Office of Justin S. Eppler, LLC today to get started on your personalized estate plan.