Welcome to the Kazi Law Firm! We are a boutique law firm steeped in Texas tradition personifying the warmth and congeniality consistent with southern hospitality. We believe in preserving integrity and professionalism with true Texan charm, staying true to our roots, while providing essential, affordable legal services to all. Located just north of Dallas, Texas in the rapidly growing suburb of Frisco; the Kazi Law Firm concentrates on contracts drafting and review, wills & estate planning, real estate law, landlord, tenant, mediation, and general business law needs.
Have you run out of things to do in quarantine? We all started this period of social distancing with a laundry list of tasks to accomplish – lofty goals to organize the pantry, tackle the ever-growing honey-do list of home repairs, catch up on some light reading, learn a new skill, or binge watch that show on Netflix that everyone’s been talking about. Well, now that you’re grown tired of that list, how about trying something unexpected, novel, completely out-of-the-box? Yes, you guessed it! I’m talking about ensuring your estate planning documents are in order. Let’s make the most of quarantine. Below are 4 easy methods to organize your affairs without ever leaving home.
Review your Beneficiary Designations:
When did your last review the beneficiaries named on your IRA, ROTH IRA, 401(k), or insurance policies? You can’t remember, can you?
Failing to review your beneficiary designations and ensuring that they correspond with your estate plan can lead to unintended and often, disastrous consequences. Consider these examples:
- Your son Noah is designated as the beneficiary on your life insurance policy. Sadly, however, Noah dies in a tragic boating accident before you. Stricken by grief, you forget to name a replacement beneficiary. Unfortunately, if you die without a named living beneficiary, that policy will need to be probated in court.
- After the birth of your first child, Jill, you purchase a $2 million life insurance policy and name her as the beneficiary. Several years later you have another child, Jonah, and decide to make a Will leaving everything equally to your two children. Caveat: if you don’t add Jonah as a beneficiary on the life insurance policy, Jill will get $2 million while Jonah will not be entitled to a dollar of that payout, after your death.
Please keep in mind that beneficiary designations can override the terms of your estate plan. This should be reason enough to review your named beneficiaries on a regular basis. We recommend that clients revisit their list annually.
Inventory your Assets:
Clients often ask us, “How will my family know where all my stuff is?” This is a valid and critical question. Your family may know where you live or what cars you own, but do they know the location of your safe deposit box key, you funeral plans, or who manages your 401(k)? If the answer is that they likely have no clue, let’s talk about drafting an inventory of your assets. We recommend that clients make a list of their valuables and where to find them.
- A description of the asset (e.g., the year, make, model, and VIN for a car)
- Where the asset is located (e.g., at which bank an account is held)
- Where the title, if any, can be found (e.g., where do you keep the deed to your house, title to your vehicles?)
- Information needed to access the asset (e.g., a password, key, or other security information)
- An approximate or best-guess value of the asset
Please keep in mind that creating the inventory list is the easy part of this exercise. Updating it regularly is the challenge. I would be remiss if I did not remind you that an inventory list will NOT convey those assets to the persons you want to convey them to. It is for reference only and is not a substitute for a Will or a Trust.
Create a Digital Estate Plan:
I know what you’re thinking…I don’t need one? That is probably not true. Do you have an email account? Do you have a Facebook profile? If so, you need a digital estate plan. In today’s high-tech world, we are all intertwined with the digital fabric of society, whether we like to accept it or not. Digital assets are everything that you have stored online or in digital or electronic form: social media accounts, photos, computer documents, email accounts, domain names, e-books, music, apps, etc. Similar to your other tangible assets, something has to happen to your digital assets after your death. Have you ever wondered:
- What will happen to your Facebook account after you die?
- Will your uploaded YouTube videos disappear?
- Who gets control of your e-mail account?
- Will your photos on Instagram be deleted?
- What will happen to your Twitter account?
- What about your accumulated airline miles?
The answer to all of these questions and more depends on your digital estate plan. Although some aspects of digital estate planning must be included or authorized in a Will or Trust, there are several exercises you can do on your own while in quarantine.
Virtually Consult with an Estate Planning Attorney:
From the safety and convenience of your own home, consult with an estate planning attorney over the phone or video conference. There truly is no better time to create your estate plan than now. Covid-19 has affected us all in various ways and has shed light on the importance of planning for the future. No one knows what tomorrow will bring, but working with an attorney today on your estate plan will bring peace of mind for years to come. Contact the Kazi Law Firm for your free, no-obligation consultation, whether you need to update an existing estate plan or draft an entirely new one.
I built my law practice on the premise of being a life raft in a sea of sharks. I want to be an advocate for those that have been wronged and are too intimidated to seek help. My firm is here to explore your options, guide you through your legal journey, and give you that safe space to ask questions! There’s no such thing as a stupid question…Only the ones you don’t ask. So, my question to my clients is not “do you have any questions?” But rather “what questions do you have?”
As always, the Kazi Law Firm is standing by to help you in your time of need. Don’t hesitate to contact us today. We specialize in real estate law, landlord-tenant disputes, immigration, and wills & estate planning. Family is at the core of our practice. Just as we treat our family with respect and understanding, we treat yours. Come join the Kazi Law Firm family today!
Why swim alone in shark-infested waters when you don’t need to?
