Delivering News and Updates on Wills, Trusts, and Estate Administration Matters
In this edition of our newsletter, learn about one way to protect a deceased loved one from identity theft, discover the importance of keeping beneficiary designations properly aligned (like the wheels on your car), explore plans perfect for your college-bound teen, view the surprising results of our last poll and be sure to vote in this month's poll, and get a peek at what other important information you might be missing out on from Privette Legacy Planning!
After two years of Covid-related travel restrictions, people are using this summer to travel far and wide, and a lot of that travel is happening outside of the United States. As you reach for your passport, let us remind you that, if a family member has passed, it is important to properly dispose of their passport to help prevent identity theft.

And, guess what? There's a department for that. The U.S. Department of State Consular Lost and Stolen Passport Unit (CLASP) is able to cancel the passport, update records to reflect that the individual is deceased, and even return the passport book to the family in case they want to keep the stamped pages or photo as a memento. If the family prefers to have the passport destroyed, CLASP will do that too.

In order to properly dispose of the passport, send the passport plus the individual's Death Certificate and a letter stating your request (especially with respect to destruction versus returning) to:


U.S. Department of State
Consular Lost and Stolen Passport Unit (CLASP)
CA/PPT/S/L/LE/CP
44132 Mercure Circle
P.O. Box 1227
Sterling, VA 20166-1227


CLASP can also assist you if you have lost a passport or a passport has been stolen. It's important to report the lost or stolen passport immediately to protect yourself from identity theft. Use their online tool and navigate to the "Report Lost or Stolen" tab. From there, you can choose how you would like to complete the process (online, by mail, or in person).

Finally, if you need a passport, you have another option aside from the Post Office. The Wake County Register of Deeds office began accepting passport applications in June. They have passport forms available and will also be able to take your official passport photo. Read the details here.
Some lawyers view estate planning as a transactional practice. When the estate plan is finished, so is the lawyer's work with the client. That is not the PLP way! Privette Legacy Planning is a relationship practice - a firm dedicated to building long-lasting relationships with clients. In other words, our work does not end when your plan is signed. For us, that's only the beginning! We offer a suite of services to help you stay connected and engaged with us, even after your plan is done. Taking advantage of these services is the best way to protect your family from the curveballs of life and to make sure you have the right people in place when or if tragedy strikes. We are highlighting a different service in each newsletter. Last month, we introduced the Family Round Table. This month is all about the Beneficiary Alignment.

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Beneficiary Alignment

Just like the wheels on your car need to be aligned as part of routine maintenance so, too, do your beneficiary designations!


The number one threat to your estate plan is an improper beneficiary designation form. That’s why we offer our Beneficiary Alignment service. The purpose of the Beneficiary Alignment is to make sure your beneficiary designation forms complement your estate plan, not contradict it. Beneficiary designation forms allow you to establish who will receive a particular asset (e.g., life insurance proceeds, remaining funds in retirement accounts, etc.) upon your death. The form is a contract between you and the provider. As such, assets are allowed to pass directly to the named beneficiary without requiring a Will or Trust, which is great unless:

  • your named beneficiary is deceased,
  • your named beneficiary is a minor,
  • your named beneficiary is your ex,
  • your named beneficiary is an estranged family member,
  • your named beneficiary is getting divorced,
  • your named beneficiary has filed for bankruptcy,
  • your named beneficiary is disabled and receiving government benefits,
  • your named beneficiary has alcohol or drug dependency issues,
  • your named beneficiary has money-management issues, or
  • your named beneficiary is your estate.

The above list doesn’t even consider the problems that arise when a beneficiary designation form is filled out incorrectly (e.g., percentages assigned to people do not add up to 100%) or is outdated (e.g., leaves out a child born after the form was initially completed). In short, there are countless ways an improper beneficiary designation form can wreck your carefully crafted estate plan.

Enter the Beneficiary Alignment. Rest easy knowing your attorney has thoroughly vetted your
beneficiary forms to make sure your designations match the distribution scheme of your estate plan. Any problem areas will be identified and discussed with you so you can make the necessary adjustments.

Imagine having a state-of-the-art alarm system installed in your home for your family’s protection and then never turning it on. How terrible would it be to discover that your home had been broken into and your valuables stolen? Your estate plan is the state-of-the-art alarm system. But if your beneficiary designation forms do not align with your estate plan, then the beneficiary designation is the thief that can rob your family of the inheritance you planned for them.

Don’t assume everything is as it should be! The risk to your family is too great to leave it to chance. Do not let all of your hard work in putting a plan in place go to waste. Call or email us today to schedule your Beneficiary Alignment!

Note: the purpose of the Beneficiary Alignment is not for the attorney to advise on the appropriateness of your estate plan or to discuss any recommended changes to the design of your trust or the structure of your Will. The Beneficiary Alignment assumes your existing estate plan accurately reflects your intent and your goals for your family. If you would like a comprehensive audit review of your estate plan, however, we are pleased to offer that as a separate service.
The College Core Four is the perfect starter plan for those newly-turned 18-year-olds and other young adults heading off to college campuses near and far this fall.

The package consists of a Durable Power of Attorney, Health Care Power of Attorney, HIPAA Authorization Form, and basic Will.

Call us today and we can have these documents done faster than you can say Pledge Week!

Your kids are your greatest legacy!
Let us help you protect them.
We're asking silly questions to let you know we know not to take ourselves too seriously (plus we're just plain curious). Respond below, then check out the results in next month's newsletter, where we'll also reveal staff favs (spoiler alert: one of us wonders if the movie will be as good as the book).
Which summer blockbuster is/was on your "must see" list?
Top Gun: Maverick
Jurassic World: Dominion
Thor: Love and Thunder
Minions: The Rise of Gru
Lightyear
Elvis
Where the Crawdads Sing
Other
We asked. You answered! Here are the results of the favorite frozen summer treat survey. We are most surprised that Italian ice beat out some of the other options!
Here are our favorites:

Amy: Goodberry's Peanut Butter Frozen Custard with Bananas
Sara: Cook Out's Strawberry Milkshake
Kim: Dairy Queen's Chocolate-dipped Vanilla Cone

If you've not yet subscribed to our blog, here's a sample of what you're missing. Be sure to subscribe to stay up to date on the latest!

Birds & Bees and Money Doesn't Grow on Trees: How to Talk to Your Kids about Your Estate Plan

The birds and the bees, stranger danger, peer pressure, texting and driving, school safety…the list of “things to talk to your children about” goes on and on. The topics only grow in complexity as children age, so that by the time they are teenagers or young adults, you are discussing things like integrity, accountability, work ethic, and the importance of saving for a rainy day. Parents often want to avoid talking with their kids about estate planning, but it's a much-needed conversation. Here's how to have the talk.
How to Prevent a Good Sale from Going Bad!

In North Carolina, title to real property (that is, real estate) vests in the heirs immediately upon the death of the property owner. Many people interpret this law to say that when Mama dies, her kids automatically inherit the house and can immediately sell it, no probate required. Not so fast, kiddos! That's not exactly the case. In actuality, the passing of title to the heirs is secondary to the right of the Personal Representative (also referred to as the Executor or the Administrator of the estate) to take possession of the land and to sell it to pay the debts of the estate. What does all of this mean for you? It means that if you are selling real estate after a loved one's death, you cannot afford to miss this timing rule!
Did you notice the new logo for our "In a Nutshell" newsletter?
We'd love to know what you think about it!
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Privette Legacy Planning www.leavealegacync.com