Blog - Michael Bailey Law, LLC

What Are The Silliest Things People Do to Mess Up Their Estate Plans?

There are a lot of ways to do estate planning wrong, and more than one way to do it right. But, there are certainly more ways to make mistakes in an estate plan, and some of the mistakes I have seen have been downright silly. I have seen people who wait too long to start an estate plan, so it cannot be completed, or others who wait too long to … [Read more...]

Take Your Child to Work Day – And Why It Benefits You

A couple of weeks ago, my son’s school had their annual “Take Your Child to Work” day. On this day, children are encouraged to not attend a day of school, but rather go with a parent to the parent’s place of work. I believe the idea is to get the school aged children to understand what a work day looks like and to understand a bit more about how … [Read more...]

If I Have a Will, Does That Mean My Family Avoids Probate?

The short answer to this question is NO! A will does not avoid probate. Probate is actually the legal process designed to implement wills and get the assets of the deceased person to the named beneficiaries. The probate process is exactly how a will is supposed to be proved, carried out, and administered. However, having a will does help with … [Read more...]

If I Add My Child to My Bank Account, Does That Solve Estate Planning?

Although this question requires a more involved answer, which I will discuss below, the simplest answer takes just one word: NO! Adding a child to a bank account can be part of the solution to estate planning, but it isn’t the only step you should take. Adding a child to a bank account as a co-owner solves one problem: who gets the remaining … [Read more...]

Why My Office Has A Wait And Why That’s Not A Bad Thing For You

The short answer to this question is, I am not sure. People sometimes tell me why they are willing to wait 10 to 12 weeks to meet with me and get started on their estate plans, but not everyone does so. I do have a few ideas based on what some people tell me. I am certainly thankful and grateful people are willing to wait the necessary time to … [Read more...]

What’s Your Yearly Fee For Creating An Estate Plan?

I get asked this question all the time. I can tell people have either been talking to other attorneys, or read about yearly maintenance fees charged for estate plans on the internet, so I understand where the question comes from. Let me be clear: I do not charge yearly fees or yearly maintenance fees. I know that other attorneys charge … [Read more...]

Can My Attorney Write An Estate Plan For Someone Living In Another State?

I don’t get asked this exact question all the time, but I do get different versions like: “Can you write a will for my parents? They live in Wyoming.” or “Can you write a trust for my mother who lives in California?” Often those asking the questions are clients of mine, who have relatives that live out of state. The clients are happy with what I … [Read more...]

Why AI Has Not Replaced Estate Planning Attorneys

I hear a lot in the news about AI (Artificial Intelligence) and how AI is going to replace most jobs. I am not entirely sure if that is the case, but I am sure AI will change many things about the current jobs we work, including mine. I suppose that AI will change things for the better and for the worse, but I am not sure that AI is quite ready … [Read more...]

What Is The Difference Between Estate Planning and Estate Administration?

I get calls all the time from people who tell me about a relative who recently passed away. The callers will usually tell me that they found me on the internet, or they were referred by a financial planner, or other person, who said I could help them. These callers often tell me about how they need someone to help them carry out the instructions … [Read more...]

Can You Transfer a House With a Mortgage Into a Trust?

The simplest answer to this question is yes, but that simple answer may not always be true. As I have mentioned in other blogs, there is not just one type of trust. Transferring houses or other real estate into a trust is normally a fine thing to do, especially when transferring a house into a revocable trust, which is the most common type of … [Read more...]