Ask Liz Weston

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Liz Weston

Q&A: Why your estate plan might need a do-over

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Dear Liz: We had a living trust done in 2006. The lawyer recently died and his office mailed us a packet with the trust document in it. We want to make a few changes. Every lawyer wants to do the whole thing over and have us sign papers giving them powers.

Answer: Your estate plan is probably ready for a do-over.

Previous columns have mentioned that estate planning laws have changed significantly since 2010. Any estate document created before that point needs to be reviewed and updated. Your previous attorney can’t do the updating, and another lawyer might be wary of being held responsible for a document they didn’t draft.

That said, it’s not clear what “powers” you’re being asked to give. What these attorneys may want to do is have you create powers of attorney that would allow a trusted person to make financial and healthcare decisions should you become incapacitated. These documents are essential and a good reason to schedule an appointment with the attorney of your choice today.

This advice is well worth repeating: Do-it-yourself estate planning can create a mess for your heirs that could incur far more in legal fees than you would have spent getting expert, personalized advice in the first place.

Friday’s need-to-know money news

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Today’s top story: What to look at before investing in a friend’s business venture. Also in the news: How Apple makes airport security less painful for some travelers, why you should stop using coupons, and 17 huge red flags from personal finance ‘influencers.’

Should You Invest in a Friend’s Business?
Examine all angles before investing in a friend’s business venture.

Apple Makes Airport Security Less Painful for Some Travelers
Residents in Arizona can now add their driver’s license to Apple Wallet to show it to TSA in Phoenix. More states will follow.

You Should Stop Using Coupons
The whole reason coupons exist is to get you to spend more money—and it works.

17 Huge Red Flags From Personal Finance ‘Influencers’
There’s good advice out there, as long as you can tell the good financial influencers from the shady ones.

Thursday’s need-to-know money news

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Today’s top story: How to keep your tax return from getting hung up. Also in the news: Why you might be rewarded if you can afford to wait to buy a home until late in the year, what to know before your business adds buy now, pay later, and how an airport car rental is more expensive than an off-airport car rental.

How to Keep Your Tax Return From Getting Hung Up
There may never be a good time to draw the IRS’ attention, but this year you really want to avoid extra scrutiny.

The Property Line: Higher Rates May Slow Down Rising Home Prices
Buyers who exercise patience might face less competition for homes later in the year.

What to Know Before Your Business Adds Buy Now, Pay Later
Here’s how much buy now, pay later costs, how it could impact your business and what to look for in a provider.

Is It Cheaper to Rent a Car at the Airport?
Fees charged to rental companies by the airport get passed on to consumers, often making on-site rentals pricier.

Wednesday’s need-to-know money news

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Today’s top story: Should your next trip mix work and play? Also in the news: The trend of no more daily housekeeping, 7 ways freelancers and small businesses can ensure they’re paid, and how it is cheaper to buy a house than rent in certain cities.

Laptop Lugging: Should Your Next Trip Mix Work and Play?
Traveling for business or pleasure? Both? Laptop luggers are reshaping the vacation.

One of the Most Basic Hotel Amenities Is Disappearing
If you enjoy daily housekeeping, your next hotel stay might feel disappointing at first glance.

7 Ways Freelancers and Small Businesses Can Ensure They’re Paid
Temporary solutions are less than ideal when unpaid invoices significantly affect your business’s cash flow.

It’s Cheaper to Buy a House Than Rent in These Cities
Purchase prices and rents are skyrocketing, but there are areas where home ownership isn’t entirely out of reach.

How to keep your tax return from getting hung up

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There may never be a good time to draw the IRS’ attention, but this year you really want to avoid extra scrutiny.

The IRS is so understaffed and overwhelmed that even a tiny mistake could delay your refund for months. A return that requires “manual processing” — basically, any action by an IRS employee — could join a massive queue that started building at the beginning of the pandemic and has yet to be resolved. If something goes wrong, good luck getting through to a human: The IRS answered about 1 in 10 calls last year, down from about 1 in 3 before the pandemic, according to the National Taxpayer Advocate.

To avoid tax hassles, the best approach is to be careful, thorough and digital when you file your return.

In my latest for the Associated Press, learn the basics of electronic filing.

Monday’s need-to-know money news

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Today’s top story: How a home improvement fund can upgrade your new house to a home. Also in the news: Single-income couples, and when to use your FSA and HSA, and how rising inflation could mean your home is underinsured.

How a Home Improvement Fund Can Upgrade Your New House to a Home
A home improvement fund can help you be ready for repairs and updates after you buy.

Smart Money Podcast: Single-Income Couples, and When to Use Your FSA and HSA
Moving from two incomes to one is a financial challenge but can offer couples a chance to build their relationship.

Rising Inflation Could Mean Your Home Is Underinsured
Rising construction costs could leave many homeowners without enough insurance. Here’s how to know you have sufficient coverage to rebuild should the worst happen.