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Even if you put a totally solid estate plan in place, it can turn out to be worthless for the people you love if it’s not regularly updated.

Estate planning is not a one-and-done type of deal—your plan should continuously evolve along with your life circumstances and other changing conditions, such as your assets and the law.

No matter who you are, your life will inevitably change: families change, laws change, assets change, and goals change. In the absence of any major life events, we recommend reviewing your estate plan annually to make sure its terms are up to date.

Additionally, there are several common life events that require you to immediately update your plan—that is, if you want it to actually work and keep your loved ones out of court and out of conflict. With this in mind, if any of the following events occur, contact us, your Personal Family Lawyer® right away to amend your plan.

1) You get married: Marriage not only changes your relationship status; it changes your legal status. Regardless of whether it’s your first marriage or fourth, you must take the proper steps to ensure your estate plan properly reflects your current wishes and needs.

After tying the knot, some of your most pressing concerns include naming your new spouse as a beneficiary on your insurance policies and retirement accounts, granting him or her medical power of attorney and/or durable financial power of attorney (if that’s your wish), and adding him or her to your will and/or trust.

2) You get divorced: Since divorce can be one of the most stressful life events, estate planning often gets overshadowed by the other dramatic changes happening. But failing to update your plan for divorce can have terrible consequences.

Once divorce proceedings start, you’ll need to ensure your future ex is no longer eligible to receive any of your assets or make financial and medical decisions on your behalf—unless that’s your wish. Once the divorce is finalized and your property is divided, you’ll need to adjust your planning to match your new asset profile and living situation.

3) You give birth or adopt: Welcoming a new addition to your family can be a joyous occasion, but it also demands entirely new levels of planning and responsibility. At the top of your to-do list should be legally naming both long and short-term guardians for your child. Our Kids Protection Plan offers everything you need to complete this process for free right now.

Once you’ve named guardians, consider putting estate planning vehicles, such as a revocable living trust, in place for your kids. These planning tools can make certain the assets you want your child to inherit will be passed on in the most effective and beneficial way possible for everyone involved. Consult with your Personal Family Lawyer® to determine which planning strategies are best suited for your family situation.

4) A loved one dies: The death of a family member, partner, or close friend can have serious consequences for both your life and estate plan. If the person was included in your plan, you need to update it accordingly to fill any gaps his or her absence creates. From naming new beneficiaries, executors, and guardians to identifying new heirs to receive assets allocated to the deceased, make sure you address all voids the death creates as soon as possible.

5) You get seriously ill or injured: As with death, illness and injury are an unavoidable part of life. If you’ve been diagnosed with a serious illness or are involved in a life-changing accident, you may want to review the people you’ve chosen to handle your healthcare decisions as well as how those decisions should be made. The person you want to serve as your healthcare proxy can change with time, so be sure your plan reflects your current wishes.

6) You relocate to a new state: Since estate planning laws can vary widely from state to state, if you move to a different state, you’ll need to review and/or revise your plan to comply with your new home’s legal requirements. Some of these laws can be incredibly complex, so consult with us to make certain your plan will still work exactly as you desire in your new location.

7) Your assets or liabilities change significantly: Whenever your estate’s value dramatically increases or decreases, you should revisit your estate plan to ensure it still offers the maximum protection and benefits for yourself and your loved ones. Whether you inherit a fortune, take out a new loan, close your business, or change your investment portfolio, your estate plan should be adjusted accordingly.

8) You plan to buy or sell a business: If you plan to sell a business, you can engage in estate planning strategies to avoid almost all of your capital gains taxes, if you revisit your estate plan ahead of time. And, of course, if you are buying a business, you’ll want to ensure your plan is updated to take into account your succession plans for the new business.

For every business you own, you should consider creating a buy-sell agreement and/or a business succession plan to protect both your business and your family in case something happens to you. In your estate plan, you can not only decide who will take over your role as the company’s owner should something happen to you, but you can also provide him or her with a road map for how the business should be run in your absence by creating a comprehensive business succession plan.

At the same time, you should consult with your Personal Family Lawyer® to take advantage of the numerous tax-savings opportunities that may be available when you buy or sell your business. The tax laws are constantly changing, so you should consult with us to amend your estate plan to achieve the maximum level of tax savings possible in light of the latest changes to the tax code.

Outside of not creating any estate plan at all, one of the most common planning mistakes we encounter is when we get called by the loved ones of someone who has become incapacitated or died with a plan that no longer works because it has not been properly updated. Unfortunately, once something happens to you, it’s too late to adjust your plan, and the loved ones you leave behind are forced to deal with the aftermath.

Keeping your estate plan updated is so important, we’ve created proprietary systems designed to ensure these changes are made for all of our clients, so you don’t need to worry about whether you’ve overlooked anything like your family, the law, and your assets change over time. Be sure to ask us about these systems during your visit.

Furthermore, because your plan is designed to protect and provide for your loved ones in the event of your death or incapacity, as your Personal Family Lawyer®, we’re not just here to serve you—we’re here to serve your entire family. We take the time to get to know your family members and include them in the planning process, so everyone affected by your plan is well-aware of what your latest planning strategies are and why you made the choices you did, along with knowing exactly what they need to do if something happens to you.

As your Personal Family Lawyer®, our estate planning services go far beyond simply creating documents and then never seeing you again. We develop a relationship with you and your family that lasts not only for your lifetime but for the lifetime of your children and their children if that’s your wish.

Plus, we support you in not only creating a plan that keeps your family out of court and out of conflict in the event of your death or incapacity, but we will also ensure that your plan is regularly updated to make certain that it works and is there for your family when you cannot be. Contact us today to get started.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. If you’re ready to create a comprehensive estate plan, contact us to schedule your Family Wealth Planning Session. Even if you already have a plan in place, we will review it and help you bring it up to date to avoid heartache for your family. Schedule online today.

Civil disputes between two parties can be settled in litigation (i.e., court) or through arbitration. The two processes are quite different, so thoroughly understanding them both is essential when facing a business conflict.

In litigation, two parties resolve their conflict in court with the assistance of a judge and/or jury. Litigation is adversarial by nature. It can also be costly, involving attorney and court fees. It can also be time-consuming, as the parties must wait for the court to hear the case before a decision can be made. It is important to note as well that litigation is public and held in a courtroom. Because judges and juries are assigned by the court the parties do not control who hears the case.

The parties gather and submit evidence in a process called discovery which can take several months. The good news is in litigation the parties typically have a chance to appeal the ruling if necessary.

Do a Google search for “online estate planning documents,” and you’ll find dozens of different websites. From Legal Zoom® and Willing.com to Rocket Lawyer® and Willandtrust.com, these do-it-yourself (DIY) planning services might seem like an enticing bargain.

The sites let you complete and print out just about any kind of planning document you can think of—wills, trusts, healthcare directives, and/or power of attorney—in just a matter of minutes. And the documents are typically quite inexpensive, with many sites offering simple wills for $50 or less.

At first glance, such DIY planning documents might appear to be a quick and inexpensive way to finally cross estate planning off your life’s lengthy to-do list. You know planning for your death and potential incapacity is important, but you just never seem to have time to take care of it.

And even if you realize your DIY plan won’t be as good as those prepared by a lawyer, at least it can serve as a temporary solution, until you can find time to meet with an attorney to upgrade. These forms may not be perfect, you reason, but at least they’re better than having no plan at all.

However, relying on DIY planning documents can actually be worse than having no plan at all—and here’s why:

Creating a plan using online documents, can give you a false sense of security—you think you’ve got planning covered, when you most certainly do not. DIY plans may even lead you to believe that you no longer need to worry about estate planning, causing you to put it off until it’s too late.

In this way, relying on DIY planning documents is one of the most dangerous choices you can make. In the end, such generic forms could end up costing your family even more money and heartache than if you’d never gotten around to doing any planning at all.

At least with no plan at all, planning would likely remain at the front of your mind, where it rightfully belongs until it’s handled properly.

Many people don’t realize that estate planning entails much more than just filling out legal forms. Without a thorough understanding of how the legal process works upon your death or incapacity, you’ll likely make serious mistakes when creating a DIY plan. Even worse, these mistakes won’t be discovered until it’s too late—and the loved ones you were trying to protect will be the very ones forced to clean up your mess.

The whole purpose of estate planning is to keep your family out of court and out of conflict in the event of your death or incapacity. Yet, as cheap online estate planning services become more and more popular, millions of people are learning—or will soon learn—that taking the DIY route can not only fail to achieve this purpose, it can make the court cases and family conflicts far worse and more costly.

Online planning documents may appear to save you time and money, but keep in mind, just because you created “legal” documents doesn’t mean they will actually work when you need them. Indeed, if you read the fine print of most DIY planning websites, you’ll find numerous disclaimers pointing out that their documents are “no substitute” for the advice of a lawyer.

Some disclaimers warn that these documents are not even guaranteed to be “correct, complete, or up to date.” These facts should be a huge red flag, but it’s just one part of the problem.

Even if the forms are 100% correct and up-to-date, there are still many potential pitfalls that can cause the documents to not work as intended—or fail all together. And without an attorney to advise you, you won’t have any idea of what you should watch out for.

Estate planning is definitely not a one-size-fits-all kind of deal. Even if you think your particular planning situation is simple, that turns out to almost never be the case. To demonstrate just how complicated the planning process can be, here are 4 common complications you’re likely to encounter with DIY plans.

To be considered legally valid, some planning documents must be executed (i.e. signed and witnessed or notarized) following very strict legal procedures. For example, many states require that you and every witness to your will must sign it in the presence of one another. If your DIY will doesn’t mention that (or you don’t read the fine print) and you fail to follow this procedure, the document can be worthless.

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Family dynamics are—to put it lightly—complex. This is particularly true for blended families, where spouses have children from previous relationships. A DIY service cannot help you consider all the potential areas where conflict might arise among your family members and help you plan ahead of time to avoid it. When done right, the estate planning process is actually a huge opportunity to build new connections within your family, and we’re specifically trained to help you with that. In fact, that’s our special sauce.

We’ve all seen the impact of families ripped apart due to poor planning. Yet, every day we see families brought closer together as a result of handling these matters the right way. We want that for your family.

Lots of people believe that creating a will is sufficient to handle all of their planning needs. But this is rarely the case. A will, for example, does nothing in the event of your incapacity, for which you would also need a healthcare directive and/or a living will, plus a durable financial power of attorney.

Furthermore, because a will requires, it does nothing to keep your loved ones out of court upon your death. And if you have minor children, relying on a will alone could leave your kids vulnerable to being taken out of your home and into the care of strangers.

Given all of these potential dangers, DIY estate plans are a disaster waiting to happen. And as we’ll see next week, perhaps the worst consequence of trying to handle estate planning on your own is the potentially tragic impact it can have on the people you love most of all—your children.

If you’ve yet to create a plan, have DIY documents you aren’t sure about, or have a plan created with another lawyer’s help that hasn’t been reviewed in more than a year, meet with us. We can ensure that your plan will work exactly as intended if something should happen to you. Contact us today to learn more.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. If you’re ready to create a comprehensive estate plan, contact us to schedule your Family Wealth Planning Session. Even if you already have a plan in place, we will review it and help you bring it up to date to avoid heartache for your family. Schedule online today.

Legendary hip hop artist DMX—born Earl Simmons—passed away on April 9 at age 50 after suffering a massive heart attack a week earlier at his home in White Plains, New York. The heart attack was reportedly triggered by a cocaine overdose on April 2, which left the rapper hospitalized in a coma. After a week of lingering in a vegetative state, his family made the decision to remove him from life support.

As we reported last week in part one, although DMX was wildly successful in both music and movies, the rap icon experienced serious legal and financial problems, along with frequent issues with drug addiction throughout his career. Having fathered 15 children with nine different women, DMX’s money issues largely stemmed from unpaid child support, but he also failed to pay income taxes, and both of these issues would land the rapper in prison and rehab on more than one occasion.

The combination of child support payments and back income taxes also left DMX deeply in debt. In fact, some estimates put DMX’s net worth at the time of death at more than $1 million in the red. However, as with other famous musicians, DMX’s overall net worth also included extensive recording and publishing royalties—valued at an estimated $17.7 million—so even though DMX’s estate will have to pay off his massive debts, there will likely be a fairly significant sum left for the late rapper’s children to inherit.

That said, on top of his failure to manage his finances, DMX also failed to create an estate plan. And as we’ll see below, this lack of planning has already ignited a court battle among the late rapper’s many potential heirs. Even worse, the rap icon’s lack of planning will likely mean that his fiancée, Desiree Lindstrom, the mother of DMX’s 15th child, son Exodus Simmons, will most likely inherit nothing from her late fiance’s fortune.

Although Desiree and DMX were in a relationship for seven years and raising their son together when he died, the two were never married. In an attempt to establish a claim to his estate, shortly following DMX’s death, Desiree petitioned the New York Supreme Court in an attempt to be legally declared his “common-law” spouse. But the court denied her request, which isn’t surprising given that New York hasn’t recognized common-law marriage since 1933. Had her request been approved, state law would give Desiree priority to control DMX’s estate as its administrator .

In light of the court’s ruling, Desiree will likely have zero say in how DMX’s estate is managed, and unless his other children consent, she likely won’t inherit any of his money either. And seeing that a court battle is already brewing among DMX’s oldest children over the administrator role, it’s doubtful that Desiree will be at the top of their minds when it comes to dividing up their late father’s assets.

Just a month after DMX’s death, five of his adult children petitioned the Westchester County Surrogate’s Court seeking to be named administrators of their late father’s estate. According to the New York Daily News, the first filing was made by DMX’s daughters Sasha Simmons and Jada Oden on May 10, while DMX’s three adult sons with Tashera Simmons—Xavier, Tacoma, and Sean—filed their petition to be appointed administrators on May 10.

Because DMX was unmarried and died without a will, New York law stipulates that his assets are to be equally divided among his 15 children. However, it’s unclear just how much wealth there will be to go around after all of DMX’s debts to the IRS and other creditors are paid off.

In their court filings, his daughters estimated the worth of DMX’s estate at less than $50,000, while his sons put the value at less than $1 million. Media reports of DMX’s net worth at death also vary widely, but they all show him deeply in the red. Celebrity Net Worth, for example, puts his net worth at negative $1 million, while MoneyInc estimates his total net worth was a whopping $10 million in the red.

If DMX was so deeply in the hole, you might wonder why his children would be in such a rush to be named administrator of his estate. While each of DMX’s children stand to inherit an equal share of his assets under the law, his older kids are likely vying for the administrator role in order to gain control over the estate’s future earnings.  Upon his death, Billboard estimated that DMX’s total music and publishing royalties were worth $17.7 million, and given the rap star’s popularity and extensive catalogue, those assets are likely to steadily increase in value as the years go by.

Whoever is eventually appointed to administer DMX’s estate will not only be paid a commission, but more importantly, that person will also be in charge of making all of the estate’s future business and financial decisions. Furthermore, the administrator will also be in charge of reviewing and approving the claims of competing heirs. With such power and money on the line, it’s not surprising so many of DMX’s children are jockeying for the administrator role.

Unfortunately, as we’ve seen with both Prince and Aretha Franklin, such family disputes can last for years, tearing the family apart, costing the estate millions in legal fees, and exposing the family’s private lives to tabloid headlines. And in the end, the court may decide to avoid causing a family squabble by appointing a neutral third-party administrator to manage DMX’s estate, leaving a total stranger in control of his life’s work.

The saddest part of this whole situation is that virtually all of the conflict, expense, and trauma that DMX’s loved ones are likely to endure could have been easily prevented with straightforward estate planning. Using revocable living trusts, for example, DMX could have ensured that his children and fiancée would have immediate access to his assets upon his death or incapacity, avoiding the need for court involvement altogether and keeping the contents and terms of his estate totally private.

At the same time, using special asset protection trusts, DMX could have named a person, or persons, of his choice—rather than a person chosen by the court—to manage his music and publishing assets upon his death, thereby ensuring DMX’s artistic legacy is honored and preserved in the exact manner the rap legend would want. Furthermore, DMX could have used asset-protection planning to minimize his tax liability and shield his recording and publishing royalties from creditors in order to maximize his estate’s future revenue potential and guarantee his loved ones a source of income for generations to come.

Finally, DMX’s story highlights the vital importance of incapacity planning. Estate planning is about more than planning for your eventual death; it’s also about planning for a potential incapacity from accident or illness.

In DMX’s case, his incapacity was brought on by a cocaine-induced heart attack, and he lingered in a coma for a week before being removed from life support. Because he didn’t have any planning in place, DMX’s mother, Arnette Simmons, was reportedly put in charge of making all of DMX’s medical decisions, including the ultimate decision to remove him from life support. And as we reported last week, this is the same woman who is said to have abused DMX when he was a child.

While DMX reportedly reconciled with his mother in recent years, he may have preferred to have someone else—like his fiancée Desiree—in charge of making life and death decisions for him. Additionally, although DMX’s mother and children were reportedly cordial with Desiree while he was hospitalized and did allow her to visit him, because they weren’t married, his family could have just as easily denied Desiree the right to see DMX during his final days. DMX could have prevented all of this with proper estate planning.

Through a medical power of attorney, DMX could have granted an individual of his choice, such as his fiancée, Desiree, the immediate legal authority to make decisions about his medical treatment in the event of his incapacity. And with a living will, DMX could have provided detailed guidance about how his medical decisions should be made during his incapacity. Such guidance could include instructions for everything from who should be allowed to visit him in the hospital and what kind of food he would want to specifying if and when he would want life support removed.

While advance healthcare directives like medical power of attorney and a living will are the foundation of any incapacity plan, for truly comprehensive incapacity planning, your estate plan may also require other planning vehicles, such as a durable financial power of attorney and living trusts. Meet with us, your Personal Family Lawyer® for support in putting in place an incapacity plan that’s right for your particular situation.

Regardless of your financial status, planning for your potential incapacity and eventual death is something you should take care of immediately, especially if you have children. As we saw with DMX, you never know when tragedy may strike, and through estate planning, you can save your family from needless disputes, expense, and embarrassing public exposure.

Beyond just passing on your material assets to your loved ones when you die, estate planning is also critical to ensure you’ll be properly cared for in the event of your incapacity from illness or injury. And when done right, estate planning doesn’t just help you plan for incapacity and death, but makes your life better as well by giving you the peace of mind of knowing you’ve made the right legal and financial decisions for yourself and those you love.

Whether you already have an estate plan created or nothing at all, meet with us, your Personal Family Lawyer®,to discuss the specific planning strategies best suited for your asset profile and family dynamics. With our guidance and support, we can ensure that your loved ones will stay out of court and out of conflict no matter what. Contact us today to schedule an appointment.

This article is a service of Christine Faulkner, Personal Family Lawyer®. We do not just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

Proper estate planning can keep your family out of conflict, out of court, and out of the public eye. If you’re ready to create a comprehensive estate plan, contact us to schedule your Family Wealth Planning Session. Even if you already have a plan in place, we will review it and help you bring it up to date to avoid heartache for your family. Schedule online today.

Limit employee access to company computers and servers containing sensitive customer data to only those team members who actually need it. This is most often done with password protection and password sharing applications. Password sharing apps, like LastPass, allow you to share passwords with your team without actually displaying those passwords across cyberspace.

Beyond electronic access, also limit physical access to computers, servers, and other devices that store such data. This can mean installing access controls, keeping hardware in secure off-site locations, and/or storing devices in locked rooms and cabinets when the office is not in use. Be sure to also inventory all devices that store client data to ensure they haven’t been stolen or misplaced.

Anti-virus software, firewalls,  intrusion prevention systems, anti-subversion software—these security systems and others like them should be used to protect your company’s server and computers. The key is to add as many layers of security as possible, since hackers are likely to move on to an easier target, if your network and devices are particularly well defended.

And don’t forget to regularly install updates and upgrades to your security software, so you’ll be defended against the latest viruses and malware. Regularly check your software vendors’ websites and the U.S. Computer Emergency Readiness Team’s (UC-CERT) site to stay up-to-date on the latest threats, vulnerabilities, and patches.

Web hosts are businesses that host your website and data on their own off-site servers. These servers tend to be fairly extensive and may host hundreds—and even thousands—of websites on the same machines. There are numerous web host businesses out there, but they come with varying levels of server-side protection, including things like security cameras, different types of anti-virus and anti-spyware systems, and hard-wired firewalls.

Be sure you select a web host that offers a high level of security, especially against cross-side server attacks, which involve hackers who open a fake account with the company to access other websites on the same host server. For enhanced protection, use a virtual private server (VPS), which partitions your website from other sites that share the same server.

For maximum protection, open a private server account in which your website and data are maintained on your own separate server. This option is pricey, but still a lot cheaper than getting fined and/or sued for a data breach.

While your normal IT guy or gal may be able to offer you a minimal level of protection, it may be best to hire a seasoned security professional to monitor your company’s server and computer activity. These experts will be specifically trained in the latest trends in hacking and other electronic infiltration methods, offering the most effective safeguard for your customer information.

However, these IT security professionals are quite expensive, so as your Creative Business Lawyer®, we’ll help you think through the risk and reward of hiring one and advise you on whether your company requires such an investment or not.

If your computers or servers are hacked and your data is compromised and/or stolen, immediately contact your customers to let them know. Not only will this allow clients to take steps to protect themselves, like closing their vulnerable accounts or alerting their financial institutions to be on the lookout for suspicious activity,  but it’s also required by state and federal data breach laws.

As a business owner, you’ll need to stay apprised of the latest legal requirements for protecting your sensitive client data. As your Creative Business Lawyer, we can advise you on what safeguards you should have in place and how to implement them. And if you’re ever hacked, we’ll defend you in court against any lawsuits and/or penalties that might result. Contact us today to learn more.

We offer a complete spectrum of legal services for businesses and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer a LIFT Start-Up Session™ or a LIFT Audit for an ongoing business, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule. Or, schedule online.