BERYS LAW | Business, Real Estate, Wills/Trusts

Talking to your family about estate planning is one of the most important conversations you’ll ever have—yet it’s also one of the most difficult. Discussing money, death, and future responsibilities can be uncomfortable, emotional, and even tense. However, avoiding the topic can lead to confusion, disputes, and unnecessary stress down the road. The good news? With thoughtful preparation and a compassionate approach, you can have a productive and peaceful conversation that brings clarity and peace of mind to everyone involved.

Start Early and Choose the Right Moment

Don’t wait until a health crisis or family emergency forces the conversation. Ideally, bring it up during a calm, low-pressure time when everyone is relaxed and open to discussion. You might introduce the topic around a family gathering or after a life event like a wedding, birth, or retirement—times when legacy and planning are already top of mind.

Let your family know in advance that you’d like to talk about estate plan...

When most people think of estate planning, they imagine writing a will or assigning beneficiaries to their financial assets. While that’s certainly part of it, estate planning encompasses much more—especially when it comes to your health. Health and estate planning are deeply connected, and taking care of one without considering the other can leave you and your loved ones vulnerable in times of crisis.

Planning for the Unexpected

Life is unpredictable. Accidents, sudden illnesses, or cognitive decline can strike at any time, regardless of age. That’s why health directives—like a living will or a healthcare power of attorney—are essential components of any comprehensive estate plan. These legal documents ensure your medical wishes are respected if you’re unable to speak for yourself, and they appoint someone you trust to make decisions on your behalf.

Without these preparations, your family may face confusion, conflict, or even legal challenges about what kind of care you should rece...

Estate planning is often associated with wills and trusts, but one of the most powerful and flexible tools in an estate planner’s toolkit is life insurance. Whether you're aiming to protect your loved ones, manage taxes, or transfer wealth efficiently, life insurance can play a critical role in achieving your goals. For individuals and families alike, understanding how to integrate life insurance into an estate plan is essential for long-term financial security.

Why Life Insurance Matters in Estate Planning

At its core, life insurance provides a tax-free death benefit to beneficiaries, ensuring financial stability for your loved ones after you pass away. Unlike many other estate assets, life insurance proceeds are typically paid out quickly, helping survivors manage immediate expenses like funeral costs, mortgage payments, or outstanding debts. For those with larger estates, life insurance can also offer strategic advantages in reducing estate taxes and preserving wealth across gener...

Estate planning involves several important decisions, and for those using trusts to protect and manage assets, appointing a trust protector can add an extra layer of oversight and security. While not always necessary, a trust protector can play a vital role in ensuring that a trust remains effective and adaptable over time. Understanding what a trust protector is—and whether you need one—can help you make smarter, more flexible estate planning choices.

What Is a Trust Protector?

A trust protector is a person or entity appointed to oversee a trust and ensure that it operates according to the trust creator’s (or grantor’s) intentions. Unlike a trustee, who manages the day-to-day administration of the trust and handles distributions to beneficiaries, a trust protector serves a supervisory role. Their powers and responsibilities are defined in the trust document and can vary widely depending on the grantor’s preferences.

Trust protectors are more common in irrevocable trusts, which are ...

In today’s digital age, our lives are increasingly intertwined with online platforms, from social media accounts and email to cryptocurrency wallets and cloud storage. While traditional estate planning focuses on physical and financial assets, the question of what happens to your digital assets after your passing is equally important. Without proper planning, these assets could be lost, inaccessible, or even misused. Estate planning for digital assets ensures that your online presence is managed according to your wishes and that your loved ones can access critical accounts when needed.

What Are Digital Assets?

Digital assets encompass a broad range of online accounts and electronic records, including:

• Social media accounts (Facebook, Instagram, Twitter, LinkedIn)
• Email accounts (Gmail, Yahoo, Outlook)
• Cloud storage (Google Drive, Dropbox, iCloud)
• Online banking and investment accounts
• Cryptocurrencies and digital wallets (Bitcoin, Ethereum, PayPal, Venmo)
• Digital subscription...

Estate planning is often associated with older adults or retirees, but the truth is, it’s never too early to start. Whether you’re just starting your career, building a family, or nearing retirement, having an estate plan in place ensures your assets, healthcare decisions, and loved ones are protected. While the ideal age to begin estate planning varies based on individual circumstances, experts recommend starting in your 20s or 30s. Here’s why estate planning matters at every stage of life and when you should seriously consider starting the process.

Why Estate Planning Matters

Estate planning is more than just writing a will—it’s a comprehensive strategy to manage your assets, healthcare preferences, and financial decisions if you become incapacitated or pass away. Without an estate plan, your family may face legal hurdles, unnecessary taxes, and disputes over your estate. By planning ahead, you ensure your wishes are honored and that your loved ones are protected from financial and...

Estate planning is an essential process that ensures your wealth is distributed according to your wishes while minimizing tax liabilities and legal complications for your heirs. One effective strategy within estate planning is gifting assets during your lifetime. This approach not only benefits your loved ones but can also offer financial and tax advantages. Below are some key benefits of incorporating asset gifting into your estate plan.

1. Reduction of Estate Taxes

Gifting assets during your lifetime can significantly reduce the overall size of your taxable estate. The IRS allows individuals to gift up to a certain amount per recipient each year without incurring gift taxes, known as the annual gift tax exclusion. As of recent years, this amount is $17,000 per recipient (for individuals) and $34,000 for married couples. By strategically gifting assets over time, you can lower the taxable value of your estate, reducing potential estate taxes upon your passing.

Discover:  How to Min...

Many people put off writing a will, thinking it’s only necessary for the wealthy or the elderly. However, the truth is that having a will is a crucial step in protecting your loved ones and ensuring your wishes are carried out after you pass away. Whether you have substantial assets or just a few possessions, a will provides clarity and security for your family. Here’s why you absolutely need one.

1. Ensuring Your Assets Go to the Right People

Without a will, your estate—everything you own, from your home and bank accounts to personal belongings—will be distributed according to state laws, which may not align with your wishes. If you want to ensure that specific people, such as your spouse, children, or even a close friend, inherit your assets, a will is essential. Otherwise, your property might end up in the hands of someone you did not intend to receive it.

2. Avoiding Family Disputes

When someone dies without a will, family members may disagree about who should inherit what. T...

Estate planning is often associated with families passing down wealth to their children, but it’s just as important—if not more so—for singles without kids. Without a clear estate plan, the state will decide how your assets are distributed, which may not align with your wishes. Whether you have substantial wealth or modest assets, here’s how to ensure your estate is managed the way you want.

1. Create a Will

A will is the foundation of any estate plan. It allows you to specify who will inherit your assets, such as close friends, extended family, or charitable organizations. Without a will, your estate will be distributed according to state laws, which may not reflect your intentions. If you have no immediate family, your assets could end up going to distant relatives you may not even know.

Read more: Do You Really Need a Will? Here’s Why the Answer is Yes

2. Choose an Executor

Your executor is responsible for handling your estate after you pass away. This includes paying debts, ...

Estate planning is not a one-and-done process. Life circumstances, legal changes, and evolving financial goals often necessitate revisiting and revising your estate plan. An outdated plan can lead to unintended consequences, such as disputes among heirs, unnecessary taxes, or your wishes not being honored. Below are ten key reasons to update your estate plan to ensure it remains relevant and effective.

1. Major Life Events

Life events like marriage, divorce, the birth or adoption of a child, or the death of a loved one can significantly impact your estate plan. For instance, a new marriage may require adding your spouse as a beneficiary or updating your will to include children from a previous marriage.

2. Changes in Assets

A significant increase or decrease in your wealth, acquiring new assets like a home or business, or selling valuable property necessitates an estate plan review. Ensuring that your new or existing assets are distributed according to your wishes is critical.

3...