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6 REASONS TO UPDATE YOUR ESTATE PLAN LIFE IS DYNAMIC THE LEGAL NAVIGATOR MARCH 2024
If you already have an estate plan, you are on the right track. It’s estimated that 67% of people in the U.S. don’t have a will or plans if something happens to them. Without a will or directions, family members (or sometimes the state) are left to determine what to do with their assets in the event of death. However, even if you took the first step and had a plan drawn up, it doesn’t mean you’re done. You need to update your estate plan regularly, especially after you’ve experienced any significant life changes. According to professionals, you should review your estate plan annually or every few years to ensure nothing has changed. Are the correct people included? Did you undergo a major life change recently? Have you acquired more assets? Are your intentions still the same? Life is fluid and ever-changing, and here are some of the most important life changes that warrant an update to your estate plan. Children An estate plan will likely include your kids, both biological and adopted. It should be noted that stepchildren are not usually included unless they are specifically mentioned. Thus, any time a new child joins the family, your estate plan will need to reflect this, along with their chosen guardian. Marriage and Divorce If you’ve been recently married or divorced, this change in family dynamics is an essential update — especially after a divorce, to ensure your assets do not wind up in the hands of your ex-spouse, update your estate plan immediately! A Move to a New State Estate planning laws change across state borders; thus, a review of your estate plan is necessary if you have recently moved to a new state. You want to keep your estate plan compliant with all state laws. Even when laws change, an estate plan attorney can assist you in keeping your plan current.
Beneficiaries Has one of your beneficiaries recently passed away? Did you have a falling out with a beneficiary? Are you interested in adding someone to your plan? If you want to update your beneficiaries, do this right away. To care for your loved ones the way you prefer after you are gone, frequently check that your list of beneficiaries is current! Executors and Trustees If those whom you initially trusted to implement your plan after you passed away are no longer willing or able to carry out this job for you, it’s time for an update. You want to be sure everything is taken care of the way you want it to be. Assets Has the value of your estate vastly changed since you last reviewed it? Did you recently purchase a new vacation home? Have you sold your boat and/or motorhome? Any significant change to your assets will require a plan reassessment to review how your property will be distributed.
Your estate plan is an essential document that takes care of your loved ones when you can no longer. Keep it up to date to be sure you are doing your best for your family and friends after you are gone.
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Know Your Options to Help Protect Beneficiaries Asset Distribution Done Right
Discussions about inheritances are often delicate. However, the goal is to consider the unique circumstances of your children or other beneficiaries. You want to provide for loved ones without offending anyone in the process, yet some are more responsible with money than others, and you want to help them make the most of their inheritance. Here are a few suggestions to set your family up for success after you pass. No-Contest Clauses Employing a no-contest clause in your will can eliminate any potential in-fighting or contention to break away from your wishes. It automatically disinherits any contentious family members. If you know your kids enjoy bickering, then adding this no-contest clause puts them on notice to leave their bickering aside, especially in court. Preventing a long, drawn-out court
mess is a surefire way to take care of your family. It’s an easily added clause; you just have to choose to include it. A Living Trust Establishing a living trust is one way to delineate how you want your assets to be distributed after you pass, and you can revoke or change it at any time while you’re still around. You can set up a few different ways for the successor trustee to distribute assets from the trust, depending on your family circumstances: outright distributions, staggered, or discretionary. An outright distribution means beneficiaries receive assets without any protections — but an irresponsible recipient might squander the inheritance very quickly. The staggered distribution allows you to set the rules about how and when funds will be distributed or if any triggering events will play a role (turning 18, marriage, etc.).
The last option is to give your successor trustee discretionary power to distribute assets — they will decide when and what a beneficiary will receive. Choosing the Right Trustee Whichever distribution option you choose, selecting the right person or entity to be your trustee (an individual, a private fiduciary, or a bank) is crucial. They should be trustworthy and fair, especially if you grant them discretionary power. They’ll be in charge of making sure your assets are distributed according to your wishes — and their best judgment. Being firm in your care for others won’t make you the villain. Thankfully, you can share your legacy and assets according to your best judgment and discretion. You have several options and tools — just remember, you know your children best.
How George H.W. Bush Narrowly Survived WWII World War II was one of the darkest eras in human history. Many only survived because of guts, ingenuity, resilience, and luck. Former President George H.W. Bush — not to be confused
other couldn’t get out of the plane before it hit the water. The future president was the only survivor and was left floating in a raft roughly the size of an inner tube in the Pacific Ocean. Lucky for him, a submarine found him and pulled him aboard.
with his son, George W. Bush — was one such person. The elder Bush was a pilot during WWII, one of the most dangerous positions in the military. Twenty percent of U.S. pilots were severely injured or killed during the height
Recounting the story, he would later say that he felt responsible for the deaths of his crewmates. “I’m not haunted by anything other than the fact that I feel responsibility for the lives of the two people that were
of the war. On Sept. 4, 1944, Bush was assigned a bombing mission over Chichi Jima, a tiny island that lies southeast of the Japanese mainland.
killed,” he said to reporters. “Why the chute didn’t open for the other guy?”
While his story is tragic, he was lucky compared to the other mission survivors. In the infamous Chichi Jima Incident,
Flak hit his Avenger aircraft while en route, setting its engine ablaze and
filling the cabin with smoke. Unable to fly much farther, Bush and his two crewmates evacuated. After dropping four 500-pound bombs on their target, they flew the plane eastward over the ocean as it went down. They figured they’d rather risk the sea than be captured by the Japanese.
eight soldiers landed on the shore of the island and were taken prisoner. None of them survived the horrific torture inflicted upon them. In 1947, four Japanese officers who were stationed in Chichi Jima were executed for war crimes by a U.S. commission in Guam.
It’s impossible to comprehend the full scope of World War II. Bush’s story of bravery and survival gives us a glimpse into this historic event.
Bush jumped, hitting his head and ripping his parachute on the plane’s tail. Still, his parachute worked, but his crewmates weren’t so lucky — one died when his parachute didn’t open, and the
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BIGFOOT IS AN ENDANGERED SPECIES!?
A Washington County’s Unique Hunting Ban
Most people don’t consider the legality of Bigfoot hunting, but in Washington state, it’s part of the law. In Skamania County, it’s illegal to kill the mythological ape. Should someone murder the creature, they’d face a stiff penalty. Bigfoot — sometimes called Sasquatch — is an elusive ape-like cryptid said to roam the forests of North America. It allegedly has reddish-brown fur, a gorilla-like body, and its namesake big feet. Some claim Bigfoot is the “missing link” between walking apes and our ancestors, who walked on all fours. Most scientists dispute the claim, saying that any ancestor this old likely would’ve adapted or gone extinct. Bigfoot was first spotted in California in 1958, and most sightings since occur in Washington state. Per every 100,000 people, 9.12 sightings are in the Evergreen State. That’s a third more often than its neighbor Oregon, the runner-up at 6.06. If there were a Bigfoot capital of the world, it’d be in Washington. On April 1, 1969, the Skamania County legislature enacted Ordinance 1969-01, the first law prohibiting the killing of Bigfoot. Anyone convicted of murdering the cryptid would be classified as a felon and imprisoned for five years. While modified decades later, it set an important precedent: Bigfoot is a protected species.
Tourism picked up shortly after that. Bigfoot mania officially hit the U.S. in the 1970s as directors released films like “Sasquatch, the Legend of Bigfoot.” New Bigfoot enthusiasts started to visit Washington in droves, hoping to be the first to find proof of its existence. While locals appreciated the influx of cash from tourism, they didn’t appreciate the influx of guns from Bigfoot hunters. County legislatures enacted a new ordinance in 1984. It further clarified the regulations on Bigfoot and designated the ape as an endangered species. As such, hunting Bigfoot with the intent to kill is illegal. However, the ordinance softened the penalty for hunting Bigfoot, lowering the penalty for poachers to a year in prison or a fine of up to $1,000.
Every law has some logic; no matter how frivolous it may seem, there’s a reason why lawmakers went through the trouble. While this law may seem unnecessary, it
protects “Bigfoot” and the Skamania County citizens alike.
TAKE A BREAK
IRISH PANCAKES Inspired by TheKitchyKitchen.com
Start your March mornings off with a seasonal flair by making these traditional Irish pancakes! Thick yet crispy, these pancakes are a sweet way to fuel your day.
Ingredients
• 2 cups all-purpose flour • 1/2 tsp baking soda • 1/2 tsp kosher salt
• 1 tbsp white sugar • 1 large egg, beaten • 1 cup buttermilk • 2 tbsp unsalted butter, divided
Directions
1. In a bowl, sift the dry ingredients together. Set aside. 2. In a skillet, brown 1 tbsp of butter. 3. In a separate bowl, mix the beaten egg, buttermilk, and browned butter. 4. In a constant stream, add the wet mixture to the dry ingredients while stirring. Do not over beat! 5. Heat a skillet over medium-low heat. Add 1 tbsp of butter, stir until the skillet is coated, and then add a few large dollops of batter (about 3 inches wide) to the pan. Do not overcrowd. 6. Cook 4–5 minutes a side, until golden brown and cooked through. Serve with butter, jam, and syrup.
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INSIDE THIS ISSUE
Why It’s Important to Update Your Estate Plan
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Why Bigfoot Is a Protected Species in Washington Irish Pancakes Ensure Your Assets Are Distributed Wisely A Former President’s War Story
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3 Pet Hero Stories
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Jack, Togo, and Bandit Went Above and Beyond 3 FURRY HEROES
Sometimes, heroes come sans cape but with fur, paws, and a keen sense of smell. We’ve heard the stories of police dogs, bomb-sniffing dogs, and the German shepherd Trakr, who found the last survivor on 9/11. But even untrained pets and strays can be heroic. Meet Jack, a stray dog in New York City known for scavenging through dumpsters. One early morning, his routine search for food took a life-saving turn. Behind one of these dumpsters was a baby, wrapped in a blanket, vulnerable and alone. Instinctively and with remarkable gentleness, Jack picked up the baby in the blanket with his teeth. Whether guided by fate, an extraordinary sense of purpose, or just because it was the closest open business, Jack took the baby to the hospital. The nurses tried to shoo him away when he first ran through the sliding doors. One nurse, noticing the bundle in the dog’s
mouth, was able to get close enough to retrieve the baby. Thanks to Jack, the baby received life-saving medical attention. In the 1920s, the remote town of Nome, Alaska, grappled with a deadly diphtheria epidemic. Children were dying, and the icebound city was inaccessible by plane or boat in the winter. The only way to deliver the needed antitoxins was by dog sled on the Iditarod Trail. Balto, a Siberian husky, received most of the fame, but Togo, another husky, led the team across the most treacherous part of the journey. These dogs delivered life-saving medicine in time and saved many of Nome’s children. Cats can be heroes, too, as proved by a calico cat who lived up to his name in the most unexpected way. One night in Mississippi, intruders were trying to break into a home. The house cat, Bandit, sensed the danger and sprang into action.
The cat’s relentless scratching and tugging at its owner’s blanket finally woke him. Then Bandit led his human downstairs to discover the attempted break-in, which also scared away the intruders. Bandit proved that size and species don’t matter in heroism. In moments of crisis, these four-legged heroes rose to the occasion, not for glory or reward but out of pure love and loyalty. They are potent reminders of the courage and selflessness that animals are capable of.
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